1 photo
Reduce Home Loans

Reduce Home Loans

4.2 from 977 reviews · View Statistics

Reviews

Previous
Next
D. Oliver
D. OliverSouth East Queensland, QLD
  • 3 reviews
  • Verified

Slow and too many parties to deal with

published

They are just the originator of the loan, the funder is a separate party with their own lawyers which apply their own fees that aren't disclosed.

Took 9 months and 3 valuers to get a refi approved and then just before settlement they decided they wanted all my docs again because it had been so long since I submitted them. I gave at this stage and refinanced with someone else (it was completed in 6 weeks...).

Transparency
Customer Service
Carlos J
Carlos JGreater Melbourne (Metropolitan), VIC
  • 4 reviews
  • 2 likes

Good rates but painful process!! Not recommended

published

Commercial part was excellent.However,the pre-settlement team and 'customer care' team are terrible. We missed our settlement date due to their lack of processes. Not worth the stress. After 1 month still waiting for the etfpos card (not even a proper debit card).

Transparency
Customer Service
1 comment
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

Other Home Loans

 
 

0.0
(1,234)

Yep its a very low rate. And the service and expertise is equally low rate.

published
Transparency
Customer Service
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Home Loans

Find out how Reduce Home Loans compares to other Home Loans

Know better, choose better.

Compare all
Ange
Ange
  • 2 reviews
  • 1 like

Disappointing experience

published
Transparency
Customer Service
Emma J.
Emma J.
  • 2 reviews

Missing funds from final settlement and very slow service

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
Rain
RainPerth
  • 4 reviews
  • 8 likes

Not what it seems

published
Transparency
Application Process
1 comment
Reduce Home Loans
Reduce H.Reduce Home Loans
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Elaine
ElaineGreater Melbourne (Inner), VIC
  • 2 reviews
  • 1 like

Buyer beware; Getting the loan was ok, afterwards, not so

published

I signed for a loan with a repayment of $605 per fortnight. When I got the paperwork back after settlement the repayment was $651. I was advised the Funder uses different Calculators to the ones on the Reduce Loans site. Completely misleading. If I could afford to get out, I would.

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

Hi, sending a response regarding this issue. I see no reason why I cannot pay fortnightly, 26 payments per year.
Thank you

ABC67
ABC67Perth, WA
  • 20 reviews
  • 25 likes

Reduce by name only!

published
Other Home Loans

 
 

0.0
(1,234)
David G
David GGreater Melbourne (Metropolitan), VIC
  • 2 reviews
  • 1 like

Does not pass on rate cuts to existing customers

published
Transparency
Customer Service
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Home Loans

Find out how Reduce Home Loans compares to other Home Loans

Know better, choose better.

Compare all

refinancing process . ouch.....

published

rates low.
refinance process one of the most disorganised and complicated events i have had the displeasure to be part of. Still not complete 2 months later. Hope to close out soon to move on.

Transparency
Customer Service
  • Verified

Many things that require improvement including rates for existing clients

published
Mario K
Mario KDocklands
  • Verified

Lack of response. No follow up

published
dann2768
dann2768Wodonga
  • 2 reviews
  • 5 likes
  • Verified

Communication

published

Contacted Reduce Home Loans over 3 months ago in relation to getting our home loan for a new build. We own the land. They kept misplacing our paperwork, then that went out of date and we had to supply them with it again. Then they weren't happy about how the builders wanted to draw down the loan. Was told on the 20/12/2018 that I would hear back from them with full approval and after contacting them via email and phone (both the broker and the company) still do not have an answer. Very frustrating. If I don't here from them by the end of the week I will be telling the where to put the loan and go to a different provider. I dont know how they won money magazines award for one of the best lenders 3yrs in a row!!!!!!

Brendon
BrendonBlaxland
  • Verified

Rate increase above those for new applications!!

published

I've been with Reduce Home Loans over 18 months and found the application process challenging. The support was generally good but as others have mentioned further information requests come in dribs and drabs prolonging the whole process. Overall it took about 3 months from starting the process to settlement.

However, in June this year they hiked my interest rate from 3.44% to 3.59% whilst still advertising my exact home loan for new applications at 3.49%. This is totally unacceptable - beware!

Other Home Loans

 
 

0.0
(1,234)
KG in Brisbane
KG in BrisbaneBrisbane
  • 18 reviews
  • 23 likes

At the end of the day they are just another mortgage broker

published
4 comments
Reduce Home Loans
Reduce H.Reduce Home Loans
KG in Brisbane
KG in Brisbane
Reduce Home Loans
Reduce H.Reduce Home Loans
Home Loans

Find out how Reduce Home Loans compares to other Home Loans

Know better, choose better.

Compare all
Page 1 of 2
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.