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Reduce Home Loans

Reduce Home Loans

4.2 from 926 reviews · View Statistics

Reviews

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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.

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David wiley

David wileyGreater Melbourne (Metropolitan), VIC

  • 2 reviews
  • 3 likes

Worst experience ever stay clear of these scammers

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NHD

NHDSydney, NSW

unhappy with home loan manager !

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Chris

ChrisPerth

  • 5 reviews
  • 1 like

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.

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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.

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Shrey

ShreyGreater Melbourne (Outer), VIC

  • 4 reviews
  • 6 likes

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

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sam

samPerth, WA

  • 2 reviews
  • 2 likes

Absolute Rubbish

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Richie W.

Richie W.

  • 4 reviews
  • 2 likes
  • Verified customer

Such a delay in getting the loan

published

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.

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

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The reviewer stated that an incentive was offered for this review

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Hason

HasonSydney, NSW

  • 55 reviews
  • 21 likes
  • Verified customer

They took 4 months for my application. Went to a new lender and got approved in 4 days.

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Wasted 6 months trying to move application forward

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Matty R.

Matty R.South East Queensland, QLD

Painful and unorganised

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Romeo

Romeo

  • 7 reviews
  • 6 likes

No communication and no follow ups, Worst customer service.

published

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!!!!

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1 comment
Reduce Home Loans
Reduce H.Reduce Home Loans

Great rate, its a shame the service doesn't match

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Ange

Ange

  • 2 reviews
  • 1 like

Disappointing experience

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100% incompetent! 100% disorganised

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aqua67

aqua67Sydney, NSW

  • 3 reviews
  • 1 like

Not a home loan provider, just a broker skimming fees. AVOID.

published

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.

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SMC

SMCPerth, WA

Reduce Home Loans - processing of our settlement

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Emma J.

Emma J.

  • 2 reviews

Missing funds from final settlement and very slow service

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Ryan B.

Ryan B.Sydney, NSW

Keep away from this mob!

published

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.

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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.

2 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.

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