Worst experience ever stay clear of these scammers
All up this process took over 2 months every time i tried to talk to my home loan manager it took over a week to for him to return my calls this should have been enough of a red flag but in my stupidity i pushed on i was told no offset acc which i could live with i was told you can b pay from your loan acc set up schedule transfers to other accounts i was told it would have same functionality as any other online banking services not true at all now im stuck with this stupid home loan that has none of the functionality i was promised thanks to t...he lies and incompetence of [Name Removed] my so called loan manager when i discovered what sort of account they had set up for me i did make a complaint about the lies had been fed i was told this would be investigated and the only way to rectify it was they would set up an off set acc free of charge at the same interest rate that was ten days ago and surprise surprise i have herd nothing no calls no emails and no off set acc the person i spoke to did seem like he had dealt with this issue many times before and new the only way to rectify was by adding an off set so probably a standard practice of their home loan managers to lie to customers and to be completely honest as a matter of full disclosure i am only writing this review at the request of my loan manager for a chance to win a $100 gift card in their monthly draw
unhappy with home loan manager !
Not happy at all with the customer service that we received from home loan manager (don't want to put his name here). He seemed to be more conscious about his consulting time than finding out best possible options for us. He was handling too many clients that he seemed to forgot us. Anyway, after emailing him couple of times, he finally gave us a borrowing loan amount and asked to upload documents. We uploaded all the required documents in the client portal but after waiting for 3/4 weeks he then emailed us that the borrowing calculator has be...en updated recently and our borrowing capacity has become much less. Anyway, we agreed to proceed with less loan amount and asked to submit our application to loan assessor. The loan assessor had few questions which I already answered to my home loan manager. Since then I have not heard anything from him. It's been for than 4 weeks now. All in all, 2 and half months gone without getting any result reduced home loan. Later I have gone with another lender and got approval for much higher loan amount within 2 weeks.
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.
Ridiculously time consuming process leading no where
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.
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...
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. ...
- Verified customer
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.
The reviewer stated that an incentive was offered for this review
- Verified customer
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.
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.
Painful and unorganised
Everything good and easy before the assessment fee was deducted.
We are a fulltime working couple with only one loan (home loan) and no credit card and a reasonable saving and continouos income (fulltime workers). No other debt or laon at all
Only thought of change to get a better rate.
Veda check came with enquiry on outcome of loan applications back from 2016 to 2018 (apparantly if you fill online details to check details on home loans, it will be assumed that you have applied for a loan with them)
Questioning every detail ...
No communication and no follow ups, Worst customer service.
Good luck if you’re going with them. I had to make 50 calls to find out about my home loan that was just for a refinance. No one calls you back no one follows up. No one bothers to do anything. Charge you $1200 approx app fees etc. and get crap service. Might as well go with other banks or online lenders but not them. Be aware. Rate is little low but service is worst!!!!
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 reviewer stated that an incentive was offered for this review
My fiance and I sought pre-approval through Reduce Home Loans which seemed relatively easy (although we did have to chase for a couple weeks...) then once our offer had been accepted on our first home it went down hill from there. We had a 30 day settlement timeline and notified RHL the same day with no indication of any issues. Two weeks in, we followed up (and this took three calls and two emails) to find out where we were at in the process and how much longer approval would take to be told we should consider looking for a different provider....Two weeks before our settlement date! They had also miscalculated our funds and forgot to factor in our deposit which would have set us back a couple days. Needless to say, we dropped RHL quicksmart and went with another provider who were absolute godsends and had us further along in the approval process within 5 hours - we were laughing at the difference in service, it was unbelievable. I wouldn't recommend RHL if you're a first-home buyer!
100% incompetent! 100% disorganised
My partner and I went with RHL because of all the advertising of low rates and recommendations by canstar... what a nightmarish mistake! There was a lack of communication right from the start and they constantly try to make excuses for their slow pace. They raised our loan amount on three separate occasions so now we are borrowing more than we actually need. They tried to delay settlement over a month after the last date that settlement could actually occur. Had to educate them on the illegal nature of changing a contract of sale after it's bee...n signed. We have to apply for a refund of stamp duty because they refused to lodge the application on our behalf. Towards the end of the process we discovered they are actually a broker and NOT a lender like they claim. Even though we're now in our own home we can't exactly relax because RHL have gone quiet on us. Told us client care would be in contact to provide all the extra information like the ACTUAL ACCOUNT SETUP. But nothing, just radio silence. How are we suppose to make extra repayments if we don't have the means to do so? They should be paying us for using their pathetic service! Completely incompetent and disorganised. We have never been this dissatisfied with an experience before. Do NOT use RHL if you are a first home buyer! Edit: we received a congratulations letter... and some basil seeds... basil!
Not a home loan provider, just a broker skimming fees. AVOID.
Reduce pretend to be a mortgage provider but they are just a broker. They provide no transparency on fees or on who the loan is funded with. We were told we had to structure our loan as 2 standard variable loans with no explanation. I now suspect this was to increase their fees. They used Mortgage Ezy for our loan who used Origin Loans who are owned by ANZ. This made it hard to know who to talk to. Our interest rate went up literally within one WEEK of signing and a second time less than 2 months later. Our rate went from excellent to mediocre very fast. We are now trying to sever all ties with these guys and it is taking weeks due to this crazy labyrinthine arrangement. AVOID LIKE THE PLAGUE.
Reduce Home Loans - processing of our settlement
We were convinced by a TV, radio personality and Money Magazine that this was the way to go. Sent in our mortgage documents in October 2019. Didn't receive any response that the papers were received until I asked. In late Nov 2019 we were told that our bank (HSBC) did not reply the settlement email and we needed to escalate the matter. Four phone calls later after escalating the matter turns out no one from Mezy the brokers for Reduce Home Loans has actually been in contact with them, although they are happy to blame them for the lack of action.... I know this because they accidentally sent the internal email to us and then tried to recall it. Turns out to settle a loan they needed to ring HSBC on 1300788918 option 3 an quote a reference number. No one has bothered to do so. Seem very disinterested in taking our loan after all the expense we have gone to switch over. Am very frustrated by the lack of action.
Missing funds from final settlement and very slow service
Reduce do have very low rates, but I'd advise any new customers to be aware of the slow application time, and once settlement occurs, to check their transactions very carefully and persist if you think you're missing any funds. My home loan took 3 months to settle, from the beginning of the application process to the actual settlement date, and required a large number of documents to be sent continuously through that entire time period. Then, when the loan finally did settle, I was missing almost $600 from my final balance. Reduce continually d...enied that they had taken it, but wasting several hours on the phone to Reduce and to my old bank, over several weeks, Reduce finally discovered they'd "accidentally" charged me twice for my property valuation and also for a solicitor's fee that they were supposed to pay for. No apology or anything and I'm still waiting on these funds to be refunded...
Keep away from this mob!
Terrible customer service. Very hard to get any information from anyone. A good rate quickly drifted to a terrible rate and was made virtually impossible to change. Refinancing with another organisation will be the best $875 I have ever spent. (Despite being told initially there would be no discharge fees). This mob will cost you $$$ in the end.
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.
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