My Husband and I got loan from Reduced Loans, we can only but recommend them, everything was clear and easy, no additional costs, It would have been nice if we did not have to pay valuation fee
Competitive rates secure web site
Pro : Good competitive rates . Origin funder loan with 4k cashback ( Higher rates with Bendigo). Secure banking site with 2 step authentication ( powered by ANZ). Free redraw . Con: Settlement took 5 months from initial approval due to complexity and miscommunication with funder Origin. Origin only allows max daily withdrawal of 5k electronically or up to 10k with a written request from either redraw or offset accounts.
Competitive interest rates, great customer service
The interest rates are some of the lowest in the market, after a number of years they tend to never be as low as the rate you enter but they did offer an internal re-finance to secure a better rate without moving to another mortgage provider
Customer service through mortgage ezy / MEZY is excellent, I've never had an issue there.
The fees to discharge/open a mortgage are relatively high so worth keeping in mind, overall I would recommend this provider
Refinancing made easy
Gary and his team were very accommodating throughout the process and always kept us up to date. The rate we received was great and was reduced during our application.
During Covid time the online process was very suitable and worked well.
Great customer service and got the rates we wanted
Getting a good and competitive rates was high on our list and we found it with Reduce Home Loans. From the initial application right through to settlement the whole process with smooth and transparent thanks to the help from Jacqueline. We got the loan approval now and couldn't be happier.
Happy with service
Great rate and timely in settlement. Happy with service.
Love the new digital way of completing application and identification check, make the whole process quicker and easier.
Highly recommended for the low rate and digital process.
Good rates and Jacqueline was excellent
Good rates and Jacqueline was excellent. The approval process took a while but once it was approved we are very happy with the interest rate and post approval support experience.
Everything progressed smoothly. Was kept well informed of progress. Everything that was promised was delivered. They're even passing on the full rate reduction just announced by the RBA. Website is a little clunky but it's not too much of an issue.
Communication was good
- Our representative was available when needed with flexible times to suit my working hours
- The interest rate did increase from the original rate provided on two occasions throughout our application process in .1% increments, with a total .2% increase from original rate provided, which wasn't ideal
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.
Perfectly suited to us
The staff were prompt in their responses and factual. We received a great rate with flexibility to pay the loan off early. The system is easy to use. Our only issue - was with the nitpicking repetitive detail of information required throughout the approval process. Once it was approved all went well and we are happy with the resulting service.
Great communication and follow up but turn around time was slow from lender. Due to this documentation became outdated and requested multiple times. Great product and fantastic rate. Overall very satisfied with Reduce Home loans.
Great customer service
Always followed up with us on every matter along the way
Very good rates
Always very helpful and Always willing to help
Consultants were easy to talk to
Provided a real home loan option
Reduce home loans were quick to provide service and keep in contact with us throughout the process. Documents were provided promptly and they were up front with setting our expectations on what we could afford. We received an interest rate that was far better than the our previous provider.
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.
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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