Great customer service and an unbeatable rate.
I had a very positive experience with Reduce Home Loans. Gary was very prompt and explained everything very clearly. Nothing was too much trouble. The rate was the best I found. Highly recommend.
Hidden gem for home loans
I found Reduce home loans very professional and were working for the best interests of the client. The customer service was great with Gary fielding calls even when on holidays.
I love the lower interest rate
I am very happy with my low interest rate, making my repayments lower and more manageable. The broker was excellent but there was a hold up with the settlement which then didn't settle until after Christmas. There appeared to be some communication break downs during this process, but overall the customer service is excellent.
+ great rate - slow process - online portal
The interest rate is great, one of the best in the market.
The refinancing process took a very long time.
The online banking portal feels outdated and is not user friendly.
Best move we ever made
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!
Best alternative to the Big 4 Banks
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.
Great home loan rates
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.
Great rate, great loan.
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.
Great Interest rate Reduce Home Loans
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.
Great Rate! A couple of hiccups but well worth it :-)
We recently refinanced with Reduce Home Loans. Once the loan was setup I am very happy with the end result and the rate is highly competitive. TWO THUMBS UP!
We did however have a couple of stumbling blocks along the way which caused the process to take quite a while, I think in the end almost 4 months from engaging Reduce til settlement. My mortgage broker from Reduce however worked diligently with the financiers and kept me informed appropriately along the way. The issues experienced were in regards to serviceability checks and approvals bein...
Best rate on the market!
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.
Fantastic Rate but a slow process
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!
Good customer service
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.
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.
Good if you are not in a hurry
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.
Great rate - long time to get there
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.
Good rate but the process took way too long
I got really frustrated with all the back-and-forth over many months of application process. It took waaaaay too long. They kept asking for more and more information, it was really inconsistent, they should have asked for everything they need upfront. Great rates though and we are happy now we have finally finished.
The interest rate was really good. It event got reduced with the cash rate cut that happened during the application period. Not the whole .25% but final rate was still very competitive. We had to fill quite a few documents, but it wasn't too hard. Customer support answered all the questions we had. We've got approved in 3 weeks and it took another 8 weeks to settle. I'm not sure is it wast or not, but in the end, for us it was the rate that mattered, not the speed or other fancy features, so we are happy.
Great rate, its a shame the service doesn't match
Although Reduce offer one of the best rates on the market, this is about the only good point in a very disappointing experience with Reduce Home Loans.
From the first contact by Dane who forgot to include the documents to be completed in his initial email, all phone calls were left unanswered or sent to voicemail, responses were very slow even when a quick reply was required.
After filling in the application form which took hours to complete (rather than the 15 minutes) we paid $250 for a property valuation but then receive an email requesting...
The customer service of Reduce Home Loans was good!
Unfortunately some of the third party companies they use are not as professional as Reduce Home Loans. There was a lot of paper work to do to get the loan even though I had well over 50% equity. Also the settlement agency used was pretty terrible. Since these companies do work with/for Reduce Home Loans I do hold them a little responsible.
Overall, now that I am with Reduce Home Loans, I am very happy with a rate second to none.
Best Rates on the market
Definitely the best rates on the market, and great features too. Four loan splits, allows us to have four offset accounts to save for holidays, school fees etc. Process was a bit slow, but worth waiting for.
Finally a fair deal!
Moved from the big four banks into Adelaide Bank. Great reduction of the interest rates. Our savings are over $6 K a year! Couldn't be any better!! Thanks for your help team!
They have an awesome rate, customer service was pretty good but instead of the 15 days they said it would take it was 3 months and you need to do the paperwork yourself which if you get something wrong holds up the process but they were very friendly and you can’t beat the rates
Yes, they did give me the attractive rate they were advertising
Great interest rates not just in their marketing materials, they actually offer the attractive rates they advertise.
I have two home loans and secure income, but when I approached few other online lenders with cheap rates, they wasted my time and after few weeks came back with a NO (saying you are too risky or exceeding your borrowing capacity.)
Hence, I was skeptical when I applied with Reduce Home Loans. However, within a few days of submitting my application, I got the conditional offer.
The Personal Finance Manager assisting me was ver...y prompt and patient to answer all my question (which I had a lot.) He was assisting me all the way to settlement. I felt the loan process was a bit slow though. However, when I called/emailed and pushed for an update, things moved rather quickly. However, there were no multiple follow-ups I had to do to move it. I felt it was well worth it for the best rate in the market. Hence, be prepared to chase them to move your application to settlement.
We refinanced with RHL and it was a good experience.
At first it was a little daunting (first time refinancing), but Dane was really good at responding to all my questions and responded very quickly every time!
For anyone that's reading, it basically goes in a few steps.
- Apply for product (be prepared for lots of paperwork)
- Conditional Approval (more paperwork)
- Property Evaluation
- Formal Approval (then fill in your discharge paperwork)...
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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