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Reduce Home Loans

Reduce Home Loans

4.2 from 926 reviews · View Statistics

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Ross D

Ross DGreater Melbourne (Outer), VIC

  • 2 reviews

Great people, slow process

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

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Megan

MeganBendigo

  • 3 reviews
  • 2 likes

Great Rate, ok service.

published

Great rate for refinancing. Found service a little more complicated than dealing with bank direct. Could be improved by having one consultant providing clear information and returning calls in a more timely manner. Service during settlement was great.

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Immi

ImmiGreater Melbourne (Metropolitan), VIC

+ great rate - slow process - online portal

published

The interest rate is great, one of the best in the market.
The refinancing process took a very long time.
The online banking portal feels outdated and is not user friendly.

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Ange

Ange

  • 2 reviews
  • 1 like

Disappointing experience

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Emma J.

Emma J.

  • 2 reviews

Missing funds from final settlement and very slow service

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Yuen

YuenGreater Melbourne (Metropolitan), VIC

The rate is good, services ok.

published

good interest rate with offset, nil other application fee. Valuation fee is $250 but will refund to you later, but but $900 discharge fee just too high. Online application so you have to do all the documents yourself. Otherwise its good

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Channa P.

Channa P.Greater Melbourne (Metropolitan), VIC

Rate is good but customer care is bad

published

The interest rate is very competitive. Their customer's response is very fast. However, the process took longer than what I expected, and we had to delay our settlement 1 days. Before the settlement, the rate reduced to 2.99%. We were told that the new rate will be passed to us by 15th of Aug but up to today date (08 Sept) we still haven't got the new rate. We contacted the customer care numerous of times and the response we got is they are working on it and the lender haven't approve and they have escalated the queries. It has been almost 2 months of following up and nothing has been resolved yet. Overall, the rate is good but if you have any issue and need support, it's not going to be straight forward.

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M Fisher

M FisherPerth, WA

Great rates. Slow application process.

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Great rates. It took a very long time to get there but the application is almost complete. Recommended if you want a very low rate and are prepared/able to wait through a long application process.

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Rain

RainPerth

  • 4 reviews
  • 8 likes

Not what it seems

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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.

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Elaine
Elaine

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

Great rates but be CAREFUL!!!! Very misleading!!!!!

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Low rate, more effort

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Rate is lower than you will get mostly anywhere else. The process to get the loan, however, was not straightforward. Significant amount of complicated, hard copy paperwork, then a lot of subsequent to and fro with their solicitor (including physically driving to their office twice to submit paperwork) to get my loan documentation correct (there were errors), meaning that I had to get a settlement date extension.

Can’t really complain now that I have the loan, although the online portal is not as user-friendly as the big banks (e.g. you actually have to call them if you want to reset your password).

If your primary driver is a low interest rate and you don’t mind the hassle involved in the above, go for it.

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ABC67

ABC67Perth, WA

  • 20 reviews
  • 21 likes

Reduce by name only!

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Tone

ToneMelbourne

  • 2 reviews
  • 1 like

Slack with some things

published

First off although they offer a great rate their service was anything but that. No one actually told me when settlement was, my old mortgage just disappeared from my account. I still haven't received a list of the disbursements. They sent the pin no for the account but no card for 3 weeks!! They don't do fortnightly repayments like they do on their calculators on their sites, which was very frustrating and misleading. They chased us for the loan but when it was done very slack and no attention to detail. Pitty, it's a great product run by not so great individuals.

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David G

David GGreater Melbourne (Metropolitan), VIC

  • 2 reviews
  • 1 like

Does not pass on rate cuts to existing customers

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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.

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simon

simonPerth, WA

  • 3 reviews

Best Rates Available

published

Most competitive rates going, customer service was reasonably good. Attention to details could have been a tad better and dealing with many people rather then one focal point throughout the whole process would have made it much easier. Also the valuation fee in WA was much higher then quoted.

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  • Verified customer

Many things that require improvement including rates for existing clients

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Mario K

Mario KDocklands

  • Verified customer

Lack of response. No follow up

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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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