Great Home Loan Company
Great service, and professional staff. My Broker Jacqueline was fantastic and she went above and beyond to assist me with refinancing my home load. The support staff were also outstanding and took the time to explain each step. Would definitely recommend this Company.
Great home-loan rate with great service
The teams are very professional in their approach and patiently assisted with the paper work, clarifying and explaining the process. They are very approachable and provided timely response to my queries, helped me to make informed decision, though there were delay on my end.
Great rates and friendly, helpful staff
It was a pleasure to deal with the team. Despite having all my paperwork in order there was issues with a credit reporting agency providing incorrect information about myself. The team were able to work through it and look at the paperwork showing that the agency was demonstrably incorrect and able to work through this. Several months later the agency is still yet to correct their records and I have initiated a complaint against them with the regulatory body. Meanwhile my loan with Reduce is ticking along nicely.
Reduce Home Loans
Reduce Home Loans were recommended by Scott Pape (Barefoot Investor) as one of the best value, lowest rates and award winning loan companies currently on the market. We liked the idea that they were NOT one of the big 4 who have been ripping off borrowers for decades.
I searched many loan comparison sites and none came up with better deals that Reduce Home Loans. Our consultant, Rhyse, was professional in every aspect of the process. The process of changing lenders went smoothly and efficiently and even better was that we didn’t have to deal with our old lender at all.
If you’re looking for a new loan at a great rate with all the inclusions you need, give Reduce Home Loans a try.
I found REDUCE customer service to be prompt and efficient from initial inquiry through to settlement. The lender's mortgage account website is clean and easy to use. I will be recommending Reduce to others.
Good rates but very inflexible and terrible service. Would not recommend for new customers.
Currently with reduce on an IO investment loan. (reduce/mortgage ezy/origin money and who knows who else is involved in this terrible operation)
Requested an equity cash-out back in March which would have pushed our LVR from 65% to 74% and still no confirmation on whether it is happening after repeatedly having to get documents certified and witnessed only for them to expire so had to go through the same process multiple times without progressing any further. Dealt with a "customer support" team based overseas and Gary Stimpson who promises th...
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Most reviews here are from people who have ""just"" signed up.
Reduce Home Loans put 'all' their effort to suck you in, and none after that, so yes the sign up experience and rate will be good at the start. Later is a different story and you realise you've been taken for a sucker.
Then slowly and gradually they erode any fair privilege you are due. Again, taking from you and giving all of it to 'new' customers to entice them to sign up. Check out the 'new customer' rate - almost 50 basis points lower than existing customers on variable rates. ...
Reduced interest rate
It take long time to get processed, lot of details submitted, at the middle we thought to stop the paper work. but once all paper work done, we can say interest rate is low compared to others and no other hidden fees
Best rates on the market
Pleasant staff to deal with, made the whole process easy. For us it took almost 3 months to settle, 2 months to be approved by Reduce, and 1 month for our outgoing bank. 100% happy with the service and the new rate we are on.
Reliable and Good Service
Jacqueline and the team have been very diligent and transparent in providing the details and clarifying my question. Greatly appreciate and thanks the team for their support and patience in finalizing the loan settlement.
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Thank you David & the Reduce team!
We're thrilled to have recently settled on our dream family home & couldn't have done it without you David!
Your speedy responses & ongoing support with finalising the loan are greatly appreciated.
Great service and updates
Great rate home loan. I was talked through the process. All my questions answered and things explained. David was excellent, kept me updated and told me what needed to be done to get my loan approved. Recommend highly
Punctual and persistant
I give the team top marks. My application came with quite a few difficulties and they supported me all the way. They never gave up o me. Once the loan was formally approved and all the requirements were met the loan settled very quickly.
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Best variable rate on the market
The application was very comprehensive and took about 2 months.
During which the reserve bank reduced interest rates and this was applied to our application in full.
We now have a low upfront cost, no annual fee loan with one of the lowest variable rates on the market.
The best investment loan interest rate in town
The application process was straight forward with great assistance from Gary Stimpson. Thank you Gary!
The problem I had was the delays caused by the lawyer who settled the loan. Some documents were not required but later was told they must be completed. They also lost some of my completed documents.
Awesome interest rate
The lowest interest rate that I could find in the market. Fairly professional to deal with. My only grievance is that my rate is higher than what their new customers are getting (although they attempted to get it reduced by the lender). Hopefully, in the long-run, Reduce (or their funders) won't penalise their back book customers like many other lenders in town.
Such a delay in getting the loan
Took 5 weeks to hear requesting for another 3 weeks when they promised me can get it done in 4 weeks initially. Requesting sign a disclaimer letter of not responsible for delay interest, but never thought about your work in delaying the loan will cost big money to the borrower.
Be sure to have 3 months settlement time before considering this company. Good interest rate, but with a price to pay. Do your own maths if it worths it.
Yep its a very low rate. And the service and expertise is equally low rate.
My loan application took weeks. Once pre-approval was provided, I thought things would be OK, unfortunately pre-approval was just the beginning of a very tedious and stressful experience. On more than 3 occasions my "pre-approved" loan was questioned and re-examined by the finance provider with me having to provide multiple supporting documents and explanations. This would have been fine if that was what I was expecting, but unfortunately, it seems that my broker did not understand what was required by the finance provider. Furthermore, it was ...always me that was chasing up the broker and constantly wondering where my approval was up to. Ultimately, my loan amount had to be reduced despite the "pre-approval", which would be OK, but when it is at the last minute and your settlement date is fast approaching then it is very unsettling. I was a day away from abandoning the entire process. My expectations were managed very poorly. If you are capable of weathering this sort of experience though, than the rate is very good.
Cheapest rate around!
If you want to pay as less as possible, they were the cheapest rates when I did my research.
All online so pretty straight forward. Once you get the documentation in order etc it is downhill from there.
Refinance and new loan.
Rhyse did a really good job of assisting me through the application process
I had direct communication with him and he always came back to me.
I’m very happy to recommend using reduce Homeloans.
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.
Great Customer service from Dane & the team. Our loan has settled and with the rate received we are saving $3,000 pa
Great customer service.
Costs as expected. Followed Barefoot Investor and went for a vanilla loan with the ability to add or withdraw cash as required.
Very competitive rate from a non-bank lender with no hidden admin charges/fees or annual package costs. Why would anyone go the one of the big four Banks.
Amazing home loan we’ve never looked back
We switched to reduce home loans and we’ve honestly never looked back. They have been so supportive through the process of switching loans. And the money we are saving from their fantastic rate has been a life changer for our little family. We are just so glad we found them.highly recommend to anyone looking for a new home loan or looking to switch home loans to a better rate and better experience .
Great personalised help all the way
Customer service by Lisa was excellent. She was always ready to help, keep us up to date, patiently explain everything and said we could keep in touch. Great interest rate. Very satisfied.
Wasted 6 months trying to move application forward
I tried to refinance with reduce for their great rate. In short, they failed to respond to multiple follow ups. I routinely had to call in 3-4 times before I was able to speak with anyone. They rarely responded to messages. I had to submit my loan paperwork 3 times because they were so slow to process paperwork. I work in finance and did my best to 'baby' them through the process and work with them in order to get the great rate but in the end it was just impossible. I've also read online in other places their existing customers suffer from 'ra...te creep'. They really left me no choice but to go elsewhere and wasted a great deal of my time. They promised to refund my application fees due to the unreasonable delays but to date have failed to do that. They failed to respond to 3 enquiries where I noted I wanted to formally complain. I've now lodged the matter with the ombudsman. I'm surprised by others who talk about how great they are because my personal experience has been very bad and it's hard to image that this is an isolated event.
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