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Reduce Home Loans

Reduce Home Loans (page 2 of 39)

4.2 from 765 reviews

Reviews

(442)
(205)
(15)
(24)
(79)
  • Transparency
    4.2 (298)
  • Customer Service
    4.2 (308)
  • Loan TypeVariable Rate (293) · Fixed Rate (10) · Split (5)
  • Application Process
    3.8 (299)
  • Timeliness
    3.7 (289)
  • Loan used for:
    • Refinancing (166)
    • First Home (40)
    • Investment Property (27)
    • Second Home (24)
    • Home Construction (2)
    • Renovation (1)
  • Loan Term27.37 years (154)
  • Online Tools
    3.8 (125)


Excellent deal - making it possible to own our own home!

published

We are very happy with our awesome deal, low interest rates and the extra effort made to meet our short settlement time. The only reason this is not a 5 star review is while the people and broker are lovely people to talk too we found our broker quite hard to contact at necessary times. This meant our settlement was 3 days late. Thankfully all worked out ok and we are happy with our overall experience so far.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan Start DateDecember 2019
Loan used for:First Home
See all answers

The reviewer stated that an incentive was offered for this review


Amanda

AmandaCrace 2911, ACT

  • 2 reviews

Best move we ever made

published

Reduce have been so helpful getting us our new home loan, they took the time to fully explain every step and we there to support us at each one. We are saving hundreds each month and couldn’t be happier!

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used for:Refinancing
See all answers

The reviewer stated that an incentive was offered for this review

great interest rate and quick approval process

published

easy application process. However some smaller stuff ups due to lack of accuracy, which got resolved eventually from Reduce Home Loans.
Overall a great interest rate and quick approval process though.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
See all answers

Great Service

published

Easy to deal with. Open communication with regular updates about the status of the application. Highly recommend given the large reduction of the interest on my previous home loan with one of the major banks.

Loan TypeVariable Rate

The reviewer stated that an incentive was offered for this review


Best alternative to the Big 4 Banks

published

Reduce HL has the lowest comparison interest rate that I could find. Reviews showed that they were great to deal with and had even won some industry awards.
The application process took a little longer than I had anticipated, but I now have the loan I want at a great interest rate.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used for:Refinancing
See all answers

The reviewer stated that an incentive was offered for this review


Andrea Boot

Andrea BootPerth, WA

Great home loan rates

published

Reduce Home Loans offered us a market beating rate and the option of an offset account (great if you've got savings with current low returns on savings accounts). The application process is straightforward and completely online. Account managers are responsive when needed (not that we needed much assistance). We had to pay $250 valuation fee, up front which was refunded upon settlement. Online banking is available; there aren't many whistles and bells with the online accounts but that really isn't an issue.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateNovember 2019
Loan used for:Refinancing
See all answers

The reviewer stated that an incentive was offered for this review


Lauren L.

Lauren L.Greater Melbourne (Outer), VIC

Great help for a first home buyer!

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used for:First Home
See all answers

Michelle

MichelleGreater Melbourne (Inner), VIC

Great rate, great loan.

published

Very happy with my Reduce Home Loan. The process took about 9 weeks which was a bit longer than hoped, but with the lowest interest rate I could find, I can’t really complain. Online banking available but no app, but still for the low interest rate it’s a compromise I’m happy to make. Would definitely recommend Reduce.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used for:Refinancing
See all answers

The reviewer stated that an incentive was offered for this review

Great Interest rate Reduce Home Loans

published

The customer service was great, online submitting of documents was easy and overall it was a good experience. I would recommend others look at Reduce as the interest rate is very competitive.

Transparency
Customer Service
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used for:Refinancing
See all answers

The reviewer stated that an incentive was offered for this review

Martin

MartinSouth East Queensland, QLD

Great company

published

What a great company. I am always so confused when it comes to home loans, but Reduce Home loans communicated with me in simple language so even I could understand it. There were some communication issues along the way where a request was made by reduce but not received by us, so the application was stalled for a short while (hence why they only get 4 stars). But all in all one of the best companies I have dealt with when it comes to mortgages. We got a great rate and I am happy with the outcome.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
See all answers

The reviewer stated that an incentive was offered for this review


Martin W.

Martin W.South East Queensland, QLD

Great Rate! A couple of hiccups but well worth it :-)

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used for:Refinancing
See all answers

The reviewer stated that an incentive was offered for this review


Very good service

published

Take longer time than other banks (5 weeks for us) but worth the time as the interest rate is low. Good service. Get response promptly from the case manager or credit team.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used for:Second Home
See all answers

The reviewer stated that an incentive was offered for this review


Steve G.

Steve G.Greater Melbourne (Outer), VIC

Awesome

published

The process took a while but worth the effort and time in the end..! Dane and the team helped us through the process all the way - it was super duper..!

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateAugust 2014
Loan used for:Refinancing
See all answers

The reviewer stated that an incentive was offered for this review


Adam

AdamNew South Wales

  • 2 reviews

Best rate on the market!

published

There is a bit off effort that goes into the approval process, but once you are through, this is the best interest rate you can get! Would get all of my future loans through Reduce.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used for:Refinancing
See all answers

The reviewer stated that an incentive was offered for this review

Carmen

CarmenVictoria

Fantastic Rate but a slow process

published

Customer Service was good, helpful and friendly but requires more communication between different departments-same paperwork requested multiple times and slowed things down. Rates are the lowest I have found to date! The whole process of refinancing was very slow and at times frustrating, but it was worth the wait!

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used for:Refinancing
See all answers

The reviewer stated that an incentive was offered for this review

Sajina

SajinaMetropolitan Adelaide, SA

Good customer service

published

All the staff were helpful with whole process. The refianancing process took bit longer than expected but other than that it was good. All our queries and questions were well addressed.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used for:Refinancing
See all answers

The reviewer stated that an incentive was offered for this review


Paul F.

Paul F.Victoria

Amazing.

published

Fantastic, easy to deal with.had a very smooth transaction refinancing my home loan and saving thousands on interest. My interest rate was second to none. No hidden costs everything explained.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used for:Refinancing
See all answers

The reviewer stated that an incentive was offered for this review


Ken W

Ken W

  • 2 reviews

Good if you are not in a hurry

published

Other than the rate received for the loan, which contributes to 80% to why I went with Reduce Home Loan, my experience have not been fair. In the end I had to do most of the leg work to lock in a settlement date, while the staff at Reduce just kept saying it was the out going lenders problem.

Fortunately I was refinancing so I wasn't in a hurry to settlement the loan. But I can understand why I have seen reviews elsewhere that some lenders missed their opportunity on landing their dream home because of the Reduced/Galilee.

I would recommend Reduced if you are looking for the lowest rate and if you are not in a rush.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used for:Refinancing
See all answers

The reviewer stated that an incentive was offered for this review


Damien

DamienGreater Melbourne (Inner), VIC

Great rate - long time to get there

published

The rate is best in market, so the end result is what we wanted, however the process in getting there is very frustrating. The same details requested multiple times, over a period of time that got increasingly long. We were refinancing, so time was not ultra critical, but I would not use if I was purchasing a property and required finance by a certain date in order to fulfil a contract.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used for:Refinancing
See all answers

The reviewer stated that an incentive was offered for this review


I got a great rate and am happy with the end result

published

I got a great rate and am happy with the end result. My only issue was the slow response rate - other than my broker, all other enquiries needed to go through generic email addresses, so the response was extremely slow.

Transparency
Customer Service

The reviewer stated that an incentive was offered for this review


Page 2 of 39

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Questions & Answers

sayus

sayusasked

how long did it take you from sending the contract of sale and loan application to reduce home loans to getting unconditional approval?

A bit of background- I have found it hard getting an extension on a cooling off period in the past since you have to wait for confirmation of formal approval from the bank before allowing the cooling off to end.

No answers

Clayton K.

Clayton K.asked

When will you be reducing the rates for your existing customers for P and I investor loans for the October RBA cut? I see you have reduced the rates for new customers but have passed zero to existing.

2 answers
Omar M.
Omar M.

did they finally pass the rate cut to you ?

Clayton K.
Clayton K.

Yes, the rates are amazing. 3.19 for investment loan


Lottie

Lottieasked

Is it usual for the lender, Perpetual trust, to recommend that we engage a solicitor to check the documents? (another extra cost) Have never had to do this when refinancing with the banks. Have other customers done this?

3 answers
Kit
Kit

I think it is part of their duty of care to mention that so the process is transparent. Almost every interaction Ive had with big and small banks and any sort or realestate settlements usually mentions this. Pretty standard, nothing to fear.

Lottie
Lottie

Thanks Kit, much appreciated. If you don't mind me asking, did you speak to a Solicitor? We're wondering if we can trust perpetual without seeing a solicitor.

Lottie
Lottie

Totally understand that it's a personal choice, just wondering if people take the risk.


Get an answer from our members and Reduce Home Loans representatives

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