The best interest rate on the market
Customer service was polite and professional.
All fees were transparent and communicated to me before. Do not overpaid for banks, go for the lowest rate which you can get. Cheers
Great rate on home loan. Very happy.
Great rates, low establishment fees and no on going fees. Very happy with my loan and the service of reduce home loans. Highly recommended if you want to save on your rate. Could process applications a bit faster, however only minor complaint.
The interest rate was the best on the market. The service was prompt and the account was set up in no time. I am now able to make considerable savings thanks to Reduce Home Loans. I should have made the switch sooner!
Slow and too many parties to deal with
They are just the originator of the loan, the funder is a separate party with their own lawyers which apply their own fees that aren't disclosed.
Took 9 months and 3 valuers to get a refi approved and then just before settlement they decided they wanted all my docs again because it had been so long since I submitted them. I gave at this stage and refinanced with someone else (it was completed in 6 weeks...).
The rate is absolutely incredible!
The rate is incredible. The customer service was polite and professional. There were no unexpected costs, everything went ahead as expected. We are going to refinance our investment property with them!
Their team was extremely helpful through the whole process and we’re always available to answer questions and updates. Great interest rates and flexible with all the loan setup. Would recommend
Simple and does what it needs to do
I had no issues whatsoever during the onboarding process, and since being onboard, no complaints with the online portal. I'm very content with the experience and service. I have no concerns referring Reduce Home Loands to others.
Home loan pre-approval
Recently obtained a pre-approval with Reduce. Leon was a pleasure to deal with and was very efficient, helpful and responsive. With such a great interest rate, I would definitely recommend Reduce to my friends and family
Glad we made the swap!!!
Great rate and it was an easy process to swap from our previous bank. Very knowledgeable staff, who were easy to talk to and happy to answer any questions. Thanks heaps Jess!
Cheapest rates our of any lender. They even gave me the cheapest rate when I didn’t completely qualify. Very responsive customer service and always able and willing to answer my questions.
Worst experience ever.. Do not go with them!
From the get go it was slow and very laid back process from this organisation. No one cares about your finances, deadlines, or any other commitments that you made by purchasing a property. Paid twice
For the valuation of 2 properties and I was asked to pay again.
No follow ups! No customer service and no intervention of management to expedite the process.
No advise on what rates you’re getting, what offers you’re getting and you can’t even see anything online or any application process updates.
Please please stay away!!! Unless you have 2 months to 3 months to wait for the loan to get approved.
no response, no update, no communication, no approval, missed the property I love
I have apply for home loan from reduce home loan, but after my finance date,no approval,no reject,no communication, cannot find the lender to get update.I missed the property I want to buy.
Great refinancing experience
I refinanced my home loan with Reduce home loans and I am very happy with their great customer service and fast process. It took only couple of days to finalizing loan.
I sensed something was not quite right when they charged my card before authorisation was provided. Luckily I was running two applications in parallel because it turned out what the loan officer was saying and what they could do were two different things - don’t waste your time or money. Scammed me of nearly $500.
Great customer service and product
Bryce was understanding and helpful with all aspects of the loan process. I would highly recommend reduce home loans to anyone refinancing their loan as their loan was very competitive.
Good refinancing experience, saved $1000s
We refinanced with Reduce Loans earlier this year, so I've now been using their services for a couple of months. It is a no-frills service, but it does what the name says - reduces your interest rate so that you can pay more principal off your loan, and thereby reduce everything about your loan - the monthly interest, the total amount you pay and the time you take to pay it off. We will save over $4000 in the first year alone (even after factoring in the cost of the re-finance). Do it. Its a no-brainer and well worth the effort. Leon was great and very helpful, even though I have some non-standard income, they were still able to get it through.
Consultants were helpful and friendly. Application process was simple actually, I expected it to take much longer than it did. No hidden or unexpected costs
First time I have tried a non-bank lender and has it been a possitive experience.
Great communication, great low rate
One of the lower rates I found on the market. Bryce was brilliant at working around my busy schedule and kept in regular contact. Happily answered all my questions and made sure everything ran smoothly.
Great service ans information provided in a timely manner during the process. We got good communication about how the application was progressing and had no issues to obtain the loan
Quite helpful staff, phones answered quickly (no frustratingly long queues), good communication. Gary Stimpson is fantastic, simplifying the whole application and set-up process. Turnaround times are the fastest of any financial institution I ever dealt with.
Nothing short of outstanding
I was very nicely surprised at the excellent service I received from Reduce Home Loans. From their branding on their web-site I initially perceived them to be a cheap, cut corners, internet brokerage. Truth of it is that I received VIP treatment from them. David, who was the Reduce broker I first made contact with, gave me his mobile number and was always super-quick to respond, whether I texted, called of emailed. He had a solid sense of urgency as things needed to move quickly with the short settlement period. If there were any delays (not due to the fault of Reduce) David immediately escalated and got things resolved right away. The rate they got me for my home loan was also head and shoulders better than the rest.
AVOID at all costs - Pre-Approval doesn't mean anything either - Constant stress and lost dream home
Would strongly encourage anyone to look elsewhere. Despite having pre approval months prior. When contract was signed for a house and subject to finance, reduce home loans kept requesting documents to be sent in which had already provided not only since pre-approval but again after contract was signed. I responded to all requests straight away. It appeared they were very disorganised organisation. They then left it up to the FINAL DAY of finance date to deny the application! This will likely result in the seller moving and the whole contract F...ALLING APART. I do not mind the fact that finance was denied, as I could have placed this elsewhere, but their service was diabolical and leaves me in a terrible position. Had they told me at any time in the last 2 months that there would be an issue, since having the same documentation they relied upon, then I would not be in this predicament. It appears internally the actually sign off is by some "credit manager" whom you will never talk too, and they leave this to the last day to obtain their approval internally. Don't bother with pre-approval as it is not worth the piece of paper it is written on and you will be sweating on their decision until actually finance date. Avoid at all costs and don't be fooled with their rates, comes at a price.
Application process from start to finish was a pleasant experience. Great rates too, BTW! :-D
Lisa was our agent from Reduce Home Loans: she was always on the top of our application, following up, checking if all documents are up to date and lodged on time, always coming back within a few hours of asking any question via email - calling back actually! I always felt I was dealing with a professional team Lisa was a face of, and that our application was in good hands. The process was quite smooth and painless, and did not take too much time. And I was also pleased with the options presented, such as for instance the "no fees" one, at the cost of a 0.1% loan, which was also a nice touch.
Friendly broker, poor process
This review written April 2020 then subject to mediation, published now after going with another bank. Money Mag should try to take out home loans with recommended lenders before awarding them gongs.
"5 months into application process to refinance and are no closer.
Have re-submitted required documents 3 times.
Have been requested to re-value house a second time at my cost.
Hard to believe really.
Broker has been friendly but clearly over-worked".
As an update March 2021- Mediation did not speed up process. Cancelled refinance with Reduce and reconsidered options.
Have just had conditional approval with AMP in 4 weeks as of March 2021.
You may or may not hear from them.
Theres virtually no communication either by phone or email.
A frustrating mob to deal with.
You may or may not get anywhere with these people.
In the end, you may have to just quit it.
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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