1 photo
Reduce Home Loans

Reduce Home Loans

4.2 from 977 reviews · View Statistics

Reviews

Previous
Next

Hidden fees. Don't fall for the low rate trap!

published
Transparency
Customer Service
1 comment
Reduce Home Loans
Reduce H.Reduce Home Loans

Hi Steph, sorry to hear about your experience. Can you please send your details to info@reduceloans.com.au so we can look into your file and see how we can resolve any issues you have had.

Romeo
Romeo
  • 7 reviews
  • 2 likes

Worst experience ever.. Do not go with them!

published

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.

Transparency
Customer Service
Other Home Loans

 
 

0.0
(1,234)
james q.
james q.Far North Queensland, QLD

no response, no update, no communication, no approval, missed the property I love

published

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.

Transparency
Customer Service
Home Loans

Find out how Reduce Home Loans compares to other Home Loans

Know better, choose better.

Compare all
David B
David B
  • 2 reviews
  • 4 likes

Avoid

published

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.

Transparency
Customer Service

AVOID at all costs - Pre-Approval doesn't mean anything either - Constant stress and lost dream home

published
Transparency
Customer Service
Related Articles
Previous

Best Super Funds in 2020!

A good super fund can make a substanial difference to the amount you retire with. From retail super funds to self managed super funds, view reviewer ratings for the best super funds of 2020!

Wendy Z.
Wendy Z.7 Nov 2019
best-super-funds-in-2020

Best Credit Cards in 2020!

Whether it's the sign up bonus, rates and fees, or reliable customer service that you look for in a credit card, a credit card is often used everyday, so it's important you choose one that meets your needs and that you're happy with. These are the best credit cards this year, as decided by ProductReview.com.au reviewers.

Wendy Z.
Wendy Z.19 Nov 2019
best-credit-cards-in-2020

What Is Peer-To-Peer Lending?

Peer-to-peer lending is quickly gaining popularity among Australian borrowers and investors. If you've never heard of it before, this 2 minute read will give you a quick rundown so you can decide if P2P lending is right for you.

Nathan S.
Nathan S.14 Nov 2019
what-is-peer-to-peer-lending
Next
Stu B
Stu B
  • 6 reviews
  • 5 likes

Friendly broker, poor process

published

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.

Incentivised ReviewNo

Time wasters

published

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.

Incentivised ReviewNo
1 comment
Reduce Home Loans
Reduce H.Reduce Home Loans

Hi beastly.fl, we are sorry to hear about your experience. Please send your details to info@reduceloans.com.au and we can look into this for you. Thank you, Reduce Support.

Where are they? Still in business??

published

Selected Reduce as their rates looked competitive. However where have they gone? Commenced a home loan refinance which has been the longest process i have experienced, paid for the valuation myself and received approvals. Last heard they were working with their lender. Now, nothing?! Their office phone goes to voicemail, they arnt answering mobile phone and extensions are going to voicemail. Be wary, not sure it they are still in business.

Transparency
Customer Service
2 comments
Reduce Home Loans
Reduce H.Reduce Home Loans

Hi there, can you please email your details to info@reduceloans.com.au so we can look into this for you. Thank you, Reduce Support

Reduce Home Loans
Reduce H.Reduce Home Loans

Hi there, following you up again, I have checked with our management team and there is no files that match your description. If you can please email your details to info@reduceloans.com.au. Thank you.

Other Home Loans

 
 

0.0
(1,234)
Sabrina Williams
Sabrina WilliamsVictoria
  • 8 reviews
  • 7 likes

Don’t loan to Rural Areas !! ACCC need to know about this ....

published

Spoke with lovely chap at Reduce only to learn if you are in a certain postcode ie: rural you won’t meet the lenders criteria so cannot apply for home loan.

Transparency
Customer Service
Home Loans

Find out how Reduce Home Loans compares to other Home Loans

Know better, choose better.

Compare all
David wiley
David wileyGreater Melbourne (Metropolitan), VIC
  • 2 reviews
  • 3 likes

Worst experience ever stay clear of these scammers

published
Transparency
Customer Service
NHD
NHDSydney, NSW

unhappy with home loan manager !

published
Transparency
Customer Service
Chris
ChrisPerth
  • 5 reviews
  • 2 likes

Terrible

published

it took over 3 months for to finalise my loan. They lost the paperwork twice and I had to supply the same information to different people in the process, multiple times. The fees are far too high and when you ask for a breakdown you dont get a reply or the information. Was meant to receive an email or call to setup my loan with 24-48 hours. After 6 days I have nothing and no-one will reply. Processes are flawed and inconsistent, customer service is terrible and they cant organise or preform a simple task. If it was possible to give you 0 stars I honestly wouldn't hesitate in doing it.

Transparency
Customer Service
T.TO
T.TOMetropolitan Adelaide, SA

Ridiculously time consuming process leading no where

published

After nearly 5 month process of applying for home loan refinancing with this loan broker, (yes they are online loan broker) I gave up. I had to continuously sending updated payslips, and bank statements every 3 weeks over these 5 months, countless number of email exchanges and files to send. They are very quick at the begining to book a property valuer and charge you for it . By doing this they lock you into a rediculous long process. I gave up at the end and went with another face to face loan broker and my re finance got approved within 5 weeks.

Transparency
Customer Service
Shrey
ShreyGreater Melbourne (Outer), VIC
  • 4 reviews
  • 7 likes

Good rates but very inflexible and terrible service. Would not recommend for new customers.

published
Transparency
Customer Service
Other Home Loans

 
 

0.0
(1,234)
sam
samPerth, WA
  • 2 reviews
  • 2 likes

Absolute Rubbish

published
Transparency
Customer Service
Home Loans

Find out how Reduce Home Loans compares to other Home Loans

Know better, choose better.

Compare all
Page 1 of 7
See all Reduce Home Loans reviews

Questions & Answers

Aussiebloke34
Aussiebloke34asked

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?

No answers
Alex D
Alex Dasked

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?

Thanks.

3 answers
Edson S.
Edson S.

Hi Alex, I’m on 3 years fixed rate. I’m not sure how much are the exit fees but I don’t think it’s higher than my precious bank.

Aussiebloke34
Aussiebloke34

I was told exit fees were made illegal from 2011?

bmarshall
bmarshall

$895!
Most big banks average $300!
My mortgage will be discharged in 3 weeks. Yey.

Simmo
Simmoasked

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.

3 answers
Debstar
Debstar

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.

ALS
ALS

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.

bmarshall
bmarshall

They don’t reward loyalty. It’s disgusting they advertise new loans 0.5% lower than loyal customers. Also the discharge fees are excessive!

See all Reduce Home Loans questions

Get an answer from our members and Reduce Home Loans representatives

ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.