Good interest rate. Process was efficient up to the Settlement Agent which needed some management. Offering and features were better than expected for the entity. All good in the end.
We went with Reduce because they were the most competitive. The application process overall was a little lengthy, but other than that, I could not fault them. The service was very responsive and the product was exactly as stated. Very happy overall.
Home loan with a good rate and with great flexibility, great customer service
RHL offers a great rate and flexibility with 100% offsets for both fixed and variable rate loans which is exactly what I am after. Customer service has been great. All communications via email and phone was prompt. Always returning my missed calls. The settlement process has completed smoothly, though it took longer than I initially expected. The total process was 6 weeks in total. My only recommendation would be that RHL should consider implementing an online system as a single point to track the entire application process from start to settlement.
Great Low Rate home Loan
Great value, low rate loan company. Would recommend if you are able to get everything done yourself. Process took a while from start to finish, but overall satisfied with the outcome. Will be saving 000's over the years now.
A Fantastic broker efficient, reliable extremely professional and very experienced. Honest all the way
Very honest and experienced . Very professional and knows his products really well. Very helpful and precise . Recommended to others who said the same. The best broker in 21 yrs. Excellent customerservice
Best Mortgage Rates in the Market
Overall, I was satisfied with my home loan experience with Reduced Home Loans and have also recommended them to colleagues and friends. Costs were minimal, however the application process can take some time. Though I was advised that this will be rectified in the near future. Definitely would recommend in order to save money on your home loan.
My fiance and I sought pre-approval through Reduce Home Loans which seemed relatively easy (although we did have to chase for a couple weeks...) then once our offer had been accepted on our first home it went down hill from there. We had a 30 day settlement timeline and notified RHL the same day with no indication of any issues. Two weeks in, we followed up (and this took three calls and two emails) to find out where we were at in the process and how much longer approval would take to be told we should consider looking for a different provider....Two weeks before our settlement date! They had also miscalculated our funds and forgot to factor in our deposit which would have set us back a couple days. Needless to say, we dropped RHL quicksmart and went with another provider who were absolute godsends and had us further along in the approval process within 5 hours - we were laughing at the difference in service, it was unbelievable. I wouldn't recommend RHL if you're a first-home buyer!
stunning customer service online.
my experience with customer service was great.
No i did not receive any extra cost or other issues with this loan.
I am extremely satisfied and content with the interest rate for my loan.
Nightmare - worst experience so far
Thoroughly unprofessional and unscrupulous bunch of mobs. Finally received loan approval today after countless follow ups and resending documentation multiple times over the lengthy processing period of over 3 months. Alas, the approval is full of errors completely ignoring our finance requirements and the required loan structure which we advised in our loan application and subsequently on multiple occasions. In the meantime, we have been paying interests on our titled land awaiting construction which is pending finance. What a nightmare! So so...rry I approached RHL. ** Update 22/11/2019: The saga still continues not knowing when it'll end. Feels like we're stuck, helpless - going 2 steps forward and then 3 steps back. Finally, received loan contract about 2 months ago, again with several errors needing corrections, reissues and then more corrections, reissues ... 3rd round so far and still awaiting. Such a pain, not to mention about the financial losses due to these delays. Nobody seems to care! :( ** Update 30/05/2020: Finally our loans settled back in December 2019, however, not without surprises. No one bothered confirming the settlement date, we only found out from our outgoing lender. They completed the settlement without confirming the settlement figures/disbursement advise prior to the settlement. We subsequently found various anomalies including unauthorised transfer of fund between investment/construction and owner-occupier loans. Nightmare continues. Just shocking !!!
Great to deal with
Simpl and easy to deal with, customer service better than the banks and far better rates! Would highly recommend looking at alternate options such as these non bank lenders, we’ll worth checking
Great rates but be CAREFUL!!!! Very misleading!!!!!
Very misleading, false and unprofessional company!!!!! They advertise great rates with nil fees but deliver higher rates with fees galore.
Let me start by saying they do offer great rates if you are after a simple loan. As far as the positive points go, that's about it.
My circumstances may be different to most as I was trying to refinance three separate loans (ie 3 properties) to the one lender to simplify my finances. This was explained to Reduce from the first time I contacted them. I was told I would receive the great advertised rate...s they were offering with nil fees but I would have to pay for the 3 x $250 valuation fee for each of the 3 x properties upfront (which covered up to $330 per property) but if/when I proceeded with Reduce for the loans I would be reimbursed. So after Reduce was satisfied I could service the loans, they asked for my bank details to pay for the 3 x valuations. That's where they now had me and started taking the ... !!! They deducted the 3 x $250 for the valuations plus an additional fee which when I questioned was told that was because the val cost was higher than expected. So now I am about $1,000 into the process.
Questions & Answers
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?
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?
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.
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.
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.
They don’t reward loyalty. It’s disgusting they advertise new loans 0.5% lower than loyal customers. Also the discharge fees are excessive!
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