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Reduce Home Loans

Reduce Home Loans

4.2 from 913 reviews · View Statistics

Reviews

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Julianok

JulianokGreater Melbourne (Metropolitan), VIC

Good service with a great rate

published

Good experience with Dane rate is great but the only con was it took to long to process the application and we had to submit payslips 3 x times along with other info due to this, very frustrating.
Mezy account setup was not explained to us, the wife and I have sperate accounts and can not pay/transfer money without the other authorizing it first, what an inconvenience to us for paying bills etc and was told this is the only option that you have! Due to this we will be finding another bank that makes it easier for us to do our everyday banking while controlling the mortgage also and they have no app in this day and age why?!

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 2020
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Easy transaction

published

Friendly staff that are more than happy to help any way they can.
It was an easy change over and a very competitive rate.
reduce took care of everything.
We would highly recommend reduce home loans

Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJanuary 2021
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

loan

published

My Husband and I got loan from Reduced Loans, we can only but recommend them, everything was clear and easy, no additional costs, It would have been nice if we did not have to pay valuation fee

The reviewer stated that an incentive was offered for this review

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Harpoon H.

Harpoon H.Greater Melbourne (Inner), VIC

Competitive rates secure web site

published

Pro : Good competitive rates . Origin funder loan with 4k cashback ( Higher rates with Bendigo). Secure banking site with 2 step authentication ( powered by ANZ). Free redraw . Con: Settlement took 5 months from initial approval due to complexity and miscommunication with funder Origin. Origin only allows max daily withdrawal of 5k electronically or up to 10k with a written request from either redraw or offset accounts.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateFebruary 2021
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Anonymous

Anonymous

  • 10 reviews
  • 1 like

Competitive interest rates, great customer service

published

The interest rates are some of the lowest in the market, after a number of years they tend to never be as low as the rate you enter but they did offer an internal re-finance to secure a better rate without moving to another mortgage provider

Customer service through mortgage ezy / MEZY is excellent, I've never had an issue there.

The fees to discharge/open a mortgage are relatively high so worth keeping in mind, overall I would recommend this provider

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
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Refinancing made easy

published

Gary and his team were very accommodating throughout the process and always kept us up to date. The rate we received was great and was reduced during our application.
During Covid time the online process was very suitable and worked well.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateJanuary 2021
Loan used forRefinancing
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Michael H.

Michael H.Greater Melbourne (Inner), VIC

Great customer service and got the rates we wanted

published

Getting a good and competitive rates was high on our list and we found it with Reduce Home Loans. From the initial application right through to settlement the whole process with smooth and transparent thanks to the help from Jacqueline. We got the loan approval now and couldn't be happier.

The reviewer stated that an incentive was offered for this review

Rowena

Rowena Greater Melbourne (Metropolitan), VIC

  • Verified customer

Happy with service

published

Great rate and timely in settlement. Happy with service.
Love the new digital way of completing application and identification check, make the whole process quicker and easier.
Highly recommended for the low rate and digital process.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeFixed Rate
Loan used forSecond Home
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The reviewer stated that an incentive was offered for this review

Good rates and Jacqueline was excellent

published

Good rates and Jacqueline was excellent. The approval process took a while but once it was approved we are very happy with the interest rate and post approval support experience.

Customer Service
Loan TypeVariable Rate

The reviewer stated that an incentive was offered for this review

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Very happy.

published

Everything progressed smoothly. Was kept well informed of progress. Everything that was promised was delivered. They're even passing on the full rate reduction just announced by the RBA. Website is a little clunky but it's not too much of an issue.

Application Process
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateOctober 2020
Loan used forRefinancing
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Communication was good

published

- Our representative was available when needed with flexible times to suit my working hours
- The interest rate did increase from the original rate provided on two occasions throughout our application process in .1% increments, with a total .2% increase from original rate provided, which wasn't ideal

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateSeptember 2020
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Monica VA

Monica VAGreater Melbourne (Outer), VIC

Easy & fast

published

As a FHB I was quite stressed about the loan application process and deadlines. David got my loan pre-approved and final approved within less than one month! He also helped me negotiating a rate and package suited for me. Thank you! I found the process quite simple, easy and smooth. Definitely recommend.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateAugust 2020
Loan used forFirst Home
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The reviewer stated that an incentive was offered for this review

Perfectly suited to us

published

The staff were prompt in their responses and factual. We received a great rate with flexibility to pay the loan off early. The system is easy to use. Our only issue - was with the nitpicking repetitive detail of information required throughout the approval process. Once it was approved all went well and we are happy with the resulting service.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateAugust 2020
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Alex Vais

Alex VaisGreater Melbourne (Metropolitan), VIC

Great communication

published

Great communication and follow up but turn around time was slow from lender. Due to this documentation became outdated and requested multiple times. Great product and fantastic rate. Overall very satisfied with Reduce Home loans.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateAugust 2020
Loan used forRefinancing
See all answers

The reviewer stated that an incentive was offered for this review

Sss

SssQueensland

4 stars!

published

Great customer service
Always followed up with us on every matter along the way
Very good rates
Always very helpful and Always willing to help
Consultants were easy to talk to

Transparency
Customer Service
Loan TypeVariable Rate
Loan used forInvestment Property
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The reviewer stated that an incentive was offered for this review

Home Loans

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Keith

KeithSouth East Queensland, QLD

Provided a real home loan option

published

Reduce home loans were quick to provide service and keep in contact with us throughout the process. Documents were provided promptly and they were up front with setting our expectations on what we could afford. We received an interest rate that was far better than the our previous provider.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateAugust 2020
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The reviewer stated that an incentive was offered for this review

Great product.

published

We went with Reduce because they were the most competitive. The application process overall was a little lengthy, but other than that, I could not fault them. The service was very responsive and the product was exactly as stated. Very happy overall.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeSplit
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Jen

JenSouth East Queensland, QLD

Reduce staff are great help

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan used forFirst Home
See all answers

The reviewer stated that an incentive was offered for this review

Amber

AmberGreater Melbourne (Inner), VIC

  • 2 reviews

Easy to deal with

published

Reduce home loans was easy to deal with. My broker Lisa was always available to answer any questions I had and always available to contact. Although there was a lot of paperwork needed, she talked me through everything. The interest rate is quite competitive. So far so good!

Loan TypeVariable Rate

The reviewer stated that an incentive was offered for this review

Petr V.

Petr V.South East Queensland, QLD

Good rates but you might need to wait :)

published

Good points:
The brokers are polite, provide detailed information and easy to reach.
The rates are good.
Negative points:
The process takes around 50% longer than in other banks.
Valuation team requires some babysitting.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forFirst Home
See all answers
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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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