Good rate and responsive service
Excellent customer service, best rate available and very responsive. Made a complex process simple to navigate. Offered some good ideas that allowed us to structure our loans in a cost effective way. Highly recommended.
Easy & fast
As a FHB I was quite stressed about the loan application process and deadlines. David got my loan pre-approved and final approved within less than one month! He also helped me negotiating a rate and package suited for me. Thank you! I found the process quite simple, easy and smooth. Definitely recommend.
Reduce staff are great help
I chose Reduce because their rates were the most competitive, but be prepared to submit a lot more documents than other lenders, and multiple times if the process gets drawn out. Otherwise, the service I received from Jacqueline from Reduce Home Loans was fantastic. She was very helpful, even helping me to change to a lower interest option with a higher LVR midway through the application at my request and gave regular updates on how my application was progressing since my case was unique. All while she was very patient and thorough and answered...my many questions. However, I would ask the lender (mortgageez) to avoid using Galilee in future as their solicitors, since their communication was poor and unprofessional, if they had spent the time to explain what needed to be done ahead of time it would not have drawn out the time to settle. The settlement day got delayed twice as a result, and the second time was because they miscalculated the shortfall!
Made our first home easy and stress free!
We used reduce home loans for our first home. The process was super easy, stress free and professional. We were also given extensive information that made the whole process simple and straightforward. Reece was really attentive at answering questions and his years of experience and knowledge raised points we hadn’t yet considered.
Good rates but you might need to wait :)
The brokers are polite, provide detailed information and easy to reach.
The rates are good.
The process takes around 50% longer than in other banks.
Valuation team requires some babysitting.
This was our second application with Reduce Home Loans, again great rate and supportive customer services. A big thank you to Dane, the Personal Finance Manager for my case and to the Settlement Department team.
Great home loan rates & no fees
We looked into numerous lenders & found Reduce had a great rate & no fees. We switched to Reduce & made significant savings each fortnight that is now going directly toward reducing our debt faster. Lisa helped us through the process which made it easy to switch.
Good rates, professional and easy to setup.
Broker answered all our questions and was very responsive. Easy to setup and good mortgage rate for first home owner-occupier. All associated costs were listed in the brochures and website.
Reduce Home Loan was pretty good under the current conditions of covid19.
Reduce Home Loan was pretty good themselves with the covid19 changes and updates. Being a first home buyer it was a very stressful, not too great communication between all parties and not very organised process. My settlement date was moved twice and lucky settled on the third attempt. The actual loan it's self they offer is a good deal compared to the big four banks but the main banks deal with the first home buyers grant and Reduce Home Loans do not.
They took 4 months for my application. Went to a new lender and got approved in 4 days.
To start with, Reduce Home Loans is just the broker but is falsely advertised as a non-bank lender on their website. In my case, the actual mortgage lender is Mortgage Ezy and the funder is Bendigo Adelaide Bank. And none of that was explained upfront until my solicitor got involved. The multiple layers meant that response was slow (non-existent in some cases), and the process was robotic, inefficient, duplicated, and frustrating.
Disappointed to say the least. Made me anxious and couldn’t sleep as we got closer to the settlement date. They we...re first engaged 4 months ago. I was initial told a 3-4 week approval timeframe. But by the end of the 6 week settlement period, I was still answering their questions on the day before settlement and even the week after which demonstrates that they do not talk to each other. So I had to make other last minute arrangements to settle this on time. Needless to say, the approval didn’t arrive in time and I didn’t end up taking up their loan and went to another lender and got fully approved in 4 days (not weeks). In order to save time while I’m sorting out the contracts, I had applied for the pre-approval 2 months ago. I was told I can go straight for the full approval instead once the contracts are signed. Provided them the draft contract for review at that time. Since the full approval application was submitted, the credit check and the valuation were only requested 2 and 3.5 weeks after the application respectively. The valuation was further delayed when they realised the loan is for a vacant land and there is no house to inspect. They had asked for a house insurance certificate when there is no house to insure. They had also asked me to provide a signed letter for my exit strategy when it is only required if this property will be my principal place of residence which it is not. My bank statements and payslips were submitted with the application to the broker, but the same documents were requested again when it went to the lender for review. All my responses were provided within 2 hours of their requests. Then there would be no response or feedback from them for a few days and then I would get the next question and so on. This went on for the whole time right up to the day before settlement. The lender had also requested a change to the contract 4 weeks after the application (after it has been signed). And then changed their mind on what needs to be changed. I was told they could go to another bank as backup but never acted on it. The cooling off period for the purchase was resurrected 3 times from 1 week to 4 weeks. My solicitor and the vendor’s solicitor were frustrated in dealing with them and with their lack of response to the point that they have lost all confidence and reliability in their words and ability. I was reassured multiple times the full approval is coming in the next few days but that kept slipping.
Helpful Staff - (Lisa and Lindsey)
Lisa Whitla was very nice to deal with and helped me with the process. It was my first time getting a loan and there were a heap of documents to sort through and it was quite overwhelming. She was very patient with me and helped me get through the initial set of documents.
Lindsey from the settlements team also helped me with understanding some of the terms and paperwork.
I know it was a testing time with COV-ID but all the staff i talked with were very patient and nice.
Good rate but took a lot of work
David was very helpful and attentive throughout the entire process, however there was a lot of difficulty getting the loan approved on time which resulted in the settlement being pushed back a couple of weeks, but I still ended up with an exceptional homeloan rate by the end of it
Outstanding service and excellent support
I have been dealing with Dane, one of the finance manager from day 1 when I first called up to understand the process and timeframe so I can confidently secure our property when making an offer. The team at Reduced has been wonderful, offering me continuous follow ups and support with the administrative paperwork. Joel from the back office has been extremely helpful and prompt given our tight deadlines to meet Finance and B&P conditions. Without any doubts in my mind, I can strongly recommend Reduce Home Loans as your lender they have the most competitive rate currently, they know what they are doing and they value you as a customer which is the biggest difference if you compare it to other lenders including the big banks.
Very Helpful to this First Home Buyer
Dealing with Leon was such a pleasure. I'm a 25 year old first home buyer and I wasn't too understanding of the world of property purchasing. It's good to know that I'm getting one of the lowest interest rates in the country. I was a bit nervous throughout the whole property purchase dealing with the sales agent, solicitors and contracts; but Leon was very responsive in getting back to me and very helpful with all my questions.
Very low rates
I found the customer service very responsive whenever I rang with questions. There were no hidden costs and I could not find a better rate on the market and I looked very hard.
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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