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Reduce Home Loans

Reduce Home Loans

4.2 from 908 reviews · View Statistics

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

published
Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
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The reviewer stated that an incentive was offered for this review

Ange

Ange

  • 2 reviews
  • 1 like

Disappointing experience

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeSplit
Loan used forFirst Home
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Emma J.

Emma J.

  • 2 reviews

Missing funds from final settlement and very slow service

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used forRefinancing
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Rain

RainPerth

  • 4 reviews
  • 8 likes

Not what it seems

published
Transparency
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forRefinancing
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1 comment
Reduce Home Loans
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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
Application Process
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateJuly 2019
Loan used forRefinancing
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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
  • 21 likes

Reduce by name only!

published
David G

David GGreater Melbourne (Metropolitan), VIC

  • 2 reviews
  • 1 like

Does not pass on rate cuts to existing customers

published
Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

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
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
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  • Verified customer

Many things that require improvement including rates for existing clients

published
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Mario K

Mario KDocklands

  • Verified customer

Lack of response. No follow up

published
dann2768

dann2768Wodonga

  • 2 reviews
  • 5 likes
  • Verified customer

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 customer

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!

KG in Brisbane

KG in BrisbaneBrisbane

  • 18 reviews
  • 21 likes

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

published
4 comments
Reduce Home Loans
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KG in Brisbane
KG in Brisbane
Reduce Home Loans
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Louise Curtis

Louise CurtisBrisbane

  • 2 reviews
  • 4 likes
  • Verified customer

Unprofessional and inflexible - poor experience

published
1 comment
Reduce Home Loans
Reduce H.Reduce Home Loans

Hi Louise,

We are sorry to hear about your experience, can you please email us directly at info@reduceloans.com.au so can investigate your concerns and look at getting this fixed as soon as possible. Kind Regards, Reduce team.

Leigh

LeighAdelaide

  • Verified customer

Start Cheap then hike Rates

published
1 comment
Leigh
Leigh
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Steve

SteveStdbey

  • 2 reviews
  • 3 likes

Wasted 7 weeks in application time

published

After being told they could help with an investor loan on interest only and using parents house as guarantor for deposit, then going through righteous process of sending documents , emails and phone calls back and forth over 7 weeks, I was then told that their lender doesn’t do investor loans on interest only with parents as guarantor , they only do it for owner occupier. This could of been told at the beginning of the whole process and saved loads of wasted time. The 2 star rating is because the guy I dealt with was nice.

Caution, rate is higher than advertised

published

I found the signup process to be quite easy. When I signed up they offered 3.79% about 8 months ago. Since then I have had 3 rate increases, the latest just arriving in the mail and it is now 4.49%. They are currently offering 3.74% to new clients.

1 comment
Reduce Home Loans
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Sunnyskies

SunnyskiesGold Coast

  • 6 reviews
  • 9 likes

Misleading and inconsistent rates

published

I refinanced in February. The legal fees estimated were considerably more than quoted. I went with 2 loans. 1 P&I at 3.44% and the other interest only at 3.74%. On Easter Monday 17th April they increased the Interest only loan to 3.99%. I received a letter on the 19th dated 9 days before advising they were increasing. Seriously 9 days to send a letter from the same City. Another colleague who I recommended at the time refinanced a week after mine also with the same loan structure. It is now 2nd June and his rates have not increased ! Go figure !

2 comments
Reduce Home Loans
Reduce H.Reduce Home Loans

Hi Sunnyskies, Can you please email us your details so we can do an investigation into your file. Please email info@reduceloans.com.au. Thank you.

Sunnyskies
Sunnyskies

I emailed my details to this response on 13 June. They advised they would endevour to get back within 24 hours. It is now 19 June and still no response ! Now 10 July still no response and another interest rate rise on Interest only loan to 4.24%.

Loan rates may rise after you sign up

published

Loan rates are very competitive. But, note that your rates may go up after you sign up. Overall, rates are still lower compared to the big 4.

Mr Oz

Mr OzGreater Melbourne (Inner), VIC

  • 2 reviews

Lack of response

published

I went to the chat on the weekend to get a mobile banker to call me and hopefully come around. They confirmed that this would be ok. I called again on Tuesday as I hadn't heard anything and they told me they don't do visits . Then they agreed to call me on Thursday at 5.30pm. Thursday no phone call. Not very good service if this is what I will be experiencing. Contacted chat again and they marked urgent and would get someone to call by 9pm. That didnt happen. Will take my business elsewhere.. I would hate to want to deal with them when there is a problem.

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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.

2 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?

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.

1 answer
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.

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