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Reduce Home Loans

Reduce Home Loans

4.2 from 991 reviews · View Statistics
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Reviews

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Gibbsey
GibbseySouth East Queensland, QLD

Good out come all parties need patients in the refinancing process over all we were satisfied clients.

published

Reduce Home Loans live up to their Name
Working with Gary & Andrew & Jet in there in there parts of our loan process by being team players well done guys see yous in the future for further service

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Chris
Chris
  • 3 reviews

Great rate & customer service

published

Great rate, one of the best in the market. Good customer service from Lisa was a bonus. This is the second time I’ve gotten a mortgage with Reduce and it’s been a pleasant experience again.

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0.0
(1,234)

Low interest rate good service

published

Good customer service and plenty of opportunities to ask questions and clarify my queries. Easy process to follow and best rate I could find. I'm glad I changed from one of the big four banks.

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Competitive rate and good customer service, though eventually contracts out a different company which is less ideal

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HomerSimpson
HomerSimpsonGreater Melbourne (Outer), VIC
  • 5 reviews
  • 6 likes

Great rate. What more do you need?

published

Pretty happy with my refinance. Originally had a pretty good rate but after switching I'm now getting 1.89% with only minimal fees incurred. One downside is the $500 fee that I'll have to pay to exit the mortgage which of course they didn't tell me about until way into the application process. Redraws are however easy as is their website. Very basic, but that's a good thing as far as I'm concerned.

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Tam.c
Tam.cGreater Melbourne (Inner), VIC

low loan rate with cashback program

published

With the help of loan manager from reduce the process from loan preparation, approval and settlement went smoothly. The only minus point is the email communication when extra documents required were not clearly presented to us e.g including the uncommon abbreviation. Thankfully the loan manager helped us to resolve this issue otherwise it would result in delaying the loan settlement.

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Loan TypeVariable Rate
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The best interest rate on the market

published

Customer service was polite and professional.
All fees were transparent and communicated to me before. Do not overpaid for banks, go for the lowest rate which you can get. Cheers

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D. Oliver
D. OliverSouth East Queensland, QLD
  • 3 reviews
  • Verified

Slow and too many parties to deal with

published

They are just the originator of the loan, the funder is a separate party with their own lawyers which apply their own fees that aren't disclosed.

Took 9 months and 3 valuers to get a refi approved and then just before settlement they decided they wanted all my docs again because it had been so long since I submitted them. I gave at this stage and refinanced with someone else (it was completed in 6 weeks...).

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Tim M.
Tim M.South East Queensland, QLD

Easy refinance

published

Their team was extremely helpful through the whole process and we’re always available to answer questions and updates. Great interest rates and flexible with all the loan setup. Would recommend

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Brandon P.
Brandon P.Greater Melbourne (Metropolitan), VIC
  • Verified

Cheapest rates

published

Cheapest rates our of any lender. They even gave me the cheapest rate when I didn’t completely qualify. Very responsive customer service and always able and willing to answer my questions.

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Glenn
GlennGreater Melbourne (Outer), VIC

Great communication, great low rate

published

One of the lower rates I found on the market. Bryce was brilliant at working around my busy schedule and kept in regular contact. Happily answered all my questions and made sure everything ran smoothly.

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Ruds
RudsPerth, WA
  • 4 reviews
  • 1 like

Good rate

published

Good interest rate. Process was efficient up to the Settlement Agent which needed some management. Offering and features were better than expected for the entity. All good in the end.

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Carlos J
Carlos JGreater Melbourne (Metropolitan), VIC
  • 4 reviews
  • 2 likes

Good rates but painful process!! Not recommended

published

Commercial part was excellent.However,the pre-settlement team and 'customer care' team are terrible. We missed our settlement date due to their lack of processes. Not worth the stress. After 1 month still waiting for the etfpos card (not even a proper debit card).

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Reduce Home Loans
Reduce H.Reduce Home Loans

Hi there, can you please email your details to info@reduceloans.com.au so we can look into this for you. Thank you, Reduce Support

Matthew K.
Matthew K.South East Queensland, QLD

Very helpful staff and low rates

published

This is our second loan though reduce. Just like last time the service was personal and helpful.
They gave us a number of great products to choose from.
The approval process was quick and easy, even in a time when the banks are all very busy.

Application Process
Loan TypeVariable Rate
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Other Home Loans

 
 

0.0
(1,234)

Very Good

published

Dane was so good, my loan process was so quick and easy. Dane was very helpful, got a very good response. I had some issue with settlement, other than that it is good.

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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.

3 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?

bmarshall
bmarshall

$895!
Most big banks average $300!
My mortgage will be discharged in 3 weeks. Yey.

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.

3 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.

bmarshall
bmarshall

They don’t reward loyalty. It’s disgusting they advertise new loans 0.5% lower than loyal customers. Also the discharge fees are excessive!

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