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Reduce Home Loans

Reduce Home Loans (page 2 of 3)

4.2 from 926 reviews · View Statistics

Reviews

4.1

41 reviews
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SKD

SKDGreater Melbourne (Outer), VIC

  • 2 reviews
  • 4 likes

Nightmare - worst experience so far

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeSplit
Loan Start DateSeptember 2019
Loan used forInvestment Property
Abhinav B.

Abhinav B.Greater Melbourne (Metropolitan), VIC

  • Verified customer

Great rates and service on home loans

published

Have been with them for over 3 years - always provide best rates, are knowledgeable and prompt in their response. They take the time to review, listen and understand the situation and respond promptly

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forInvestment Property

Highly Recommend

published

Reduce Home Loans have been so easy to deal with and their follow up has been wonderful. Highly recommend them. Very competitive interest rates and great customer service from Bryce

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forInvestment Property
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Awesome Rate and friendly Service!

published

If your looking for a great rate, you cannot go past Reduce Home Loans. No nasty fees either. Their customer service was good and friendly. Only downside, I had to chase them up a few times, but they always got back to me eventually.
The rate was awesome and they also offered no application fee on the loan saving me hundreds!
Very satisfied customer, thank you Reduce Home loans!

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan used forInvestment Property

The reviewer stated that an incentive was offered for this review

Kevin

KevinGreater Melbourne (Inner), VIC

Quick and easy

published

Excellent service, professional staff, help was always available for any queries.
No hidden costs and refund of valuation
Very competitive rates
I would definitely recommend this company as this is the second time I have used them and both times went very smoothly.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJune 2019
Loan used forInvestment Property

The reviewer stated that an incentive was offered for this review

Very unhappy

Very unhappyCentral Queensland, QLD

  • 2 reviews
  • 1 like

Reduce Home Loans - 5 STARS

published

It was great to be able to assess whether or not we were eligible for a loan online, without having anyone calling us to hassle us. The application process was all online and therefore painless, the rates are excellent. The loan is basic, with an offset account attached to a debit card, so we're not having to put up with all the 'bells and whistles' that we're not interested in. The most competitive rates in the market, they have a very efficient and simple offset facility.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forInvestment Property
Rajiv Karnik

Rajiv KarnikSydney, NSW

Best interest rate for investment property loan

published

Customer experience was good, however there is room for improvement. Particularly in the vetting of documents that are initially submitted, as later on the Settlements team / lawyers ask for more documents.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJuly 2019
Loan used forInvestment Property

The reviewer stated that an incentive was offered for this review

James S.

James S.

  • 2 reviews

Fantastic service

published

Great company, dedicated people, simplified the lending process, some of the best rates currently available, with minimal setup setup and ongoing fees, pleasure to deal with, would highly recommend if you are in the market for a new home loan.

Transparency
Customer Service
Timeliness
Loan TypeVariable Rate
Loan used forInvestment Property

The reviewer stated that an incentive was offered for this review

Darren

DarrenNorth-West & West coast, TAS

I went with another lender

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan used forInvestment Property
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RKS

RKSSydney, NSW

Great Rates and service

published

The rate savings are well worth the move. There was timely communication and service is friendly.
Highly recommend. They answered all the questions I had and were very patient as well.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateApril 2019
Loan used forInvestment Property
Scott

ScottSydney, NSW

Great introductory rates, but they dont last long! Very dishonest

published

I went with these guys because of the great reviews online, however i soon learned that the deal was too good to be true. Within months of getting the loan, they increased my interest rate by 0.2%, they did this several more times till i went from 3.79% (investor, interest only loan) in May 2017, to where i am now which is paying 4.54%!! I was promised by Gary the broker that the rates i would be getting were those that were shown on the website, but this was not the case. I am now in the process of moving my loans elsewhere, hopefully to a more honest bank.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateMay 2017
Loan used forInvestment Property

Cheap rates!

published

Not bad service for an online lending agency, a lot of documents were required and a long process but hey it’s cheap and that’s what counts when it’s all set up.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateMarch 2019
Loan used forInvestment Property

The reviewer stated that an incentive was offered for this review

Ron

RonSydney, NSW

Easy set and access.

published

Excellent before and after service. No unexpected costs and very fast and easy set up of loan. Extremely easy to access redraw and receive money within 24 hours. Very satisfied with the loan.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan used forInvestment Property

The reviewer stated that an incentive was offered for this review

Very Competitive

published

Great prompt service, email responded to quickly not only for this loan but also other inquiries. Exceptional value for money, the best I could find. Best of all no hassles.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJanuary 2018
Loan used forInvestment Property

The reviewer stated that an incentive was offered for this review

Ping

PingGippsland, VIC

  • 2 reviews
  • 3 likes
  • Verified customer

Great service again

published

I took out my investment loan from Reduce Home Loan the second time in April 2019. I have my loan pre-approved in October 2018. However, I was unable to find a suitable house until February 2019. Then I resent some updated documents as per request and got another pre-approval within a few days. Unfortunately, I had to withdraw my purchase due to unsatisfactory house inspection report. Then I found another property in March and needed a fast settlement. Reduce has managed to settle my loan within 3 weeks which I was so impressed with their service.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateApril 2019
Loan used forInvestment Property

The reviewer stated that an incentive was offered for this review

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best rates on the market

published

I currently have two investment home loans with them one of them for 2 years. So far the rates are very competitive to the market and what my product offers. Good customer service. Broker that handled my loan was very helpful. Though their online portal still needs some improvement. Very happy overall.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJuly 2017
Loan used forInvestment Property

The reviewer stated that an incentive was offered for this review

Great interest rates

published

Reduce home loans have very competitive interest rates compared to the market. I’ve been with several different banks for my interest only investment loan and reduce home loans have some of the best rates on offer

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan used forInvestment Property

The reviewer stated that an incentive was offered for this review

LanaPayne

LanaPayneGreater Melbourne (Metropolitan), VIC

Reduce home loan

published

Been with reduce for over a year haven’t had any problems, the mezy online portal is easy to use and rate is competitive. Would recommend to anyone looking for a good rate.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan used forInvestment Property

The reviewer stated that an incentive was offered for this review

Easy to deal with

published

Don’t be put off by all the names i.e. Reduce/ Mortgage Ezy/ Columbus, the product is a good no-fuss loan at a cheap rate. The web site is accessible and reliable.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan used forInvestment Property

The reviewer stated that an incentive was offered for this review

Filomena

FilomenaSydney, NSW

Great service and rates

published

Immediate response from
Customer service. Easy access to phone calls and emails . Person looking after me would always follow up on what was needed. Even though there was a Time difference between Brisbane and Sydney - it all worked out well

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateMay 2017
Loan used forInvestment Property

The reviewer stated that an incentive was offered for this review

Page 2 of 3
See all Reduce Home Loans reviews

Questions & Answers

Aussiebloke34

Aussiebloke34asked

Why are the fees so huge and why are so many members accusing you of bait and switch, where months after they have their loans established they get a letter advising their interest rates are going up?

No answers
Alex D

Alex Dasked

Some of the comments are quite serious and places doubts on whether Reduce can then be trusted or not if they sign you up on one rate, only to increase it in a few months. Has many people experienced it?

Also people are saying their exit fees are very high. How high are they compared to others?

Thanks.

2 answers
Edson S.
Edson S.

Hi Alex, I’m on 3 years fixed rate. I’m not sure how much are the exit fees but I don’t think it’s higher than my precious bank.

Aussiebloke34
Aussiebloke34

I was told exit fees were made illegal from 2011?

Simmo

Simmoasked

I am considering refinancing soon with reduce and I was wondering if there rates go up soon after changing over. I was convinced a few years ago by a broker to refinance with AFG and 2 days after my loan changed over the rate went up quite a bit and I would have been better off staying with Peoples choice. I don't want to waste my time changing if this will happen again.

2 answers
Debstar
Debstar

I am an existing customer my rate was 2.42% it will soon reduce to 2.27%. I have not experienced any issues with rates, although I have noticed they are now advertising at 1.77% so do not reward loyalty. The process to refinance is beyond slow, frustrating and you need to jump through hoops expect it to be even months before it is finalised. So you need to weight that up.

ALS
ALS

I am also an existing customer at current rate of 3.94% IO Investor loan when current advertised is 3.19% for the same product. Contacted my manager who said that no improvements to rate are possible. I'm now looking at refinance for 2 loan products elsewhere closer to the advertised Reduce interest rate. No reward once you are signed up.

Get an answer from our members and Reduce Home Loans representatives

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