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Reduce Home Loans

Reduce Home Loans

4.2 from 1,013 reviews · View Statistics
Listing monitored by Reduce Home Loans

Reviews

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Daz
DazSydney Surrounds, NSW
  • 4 reviews
  • 1 like

Great value home loan

published

From pre approval right through to the settlement Jackie from Reduce home loans keeped us update during every step. We did have some issues due to current lockdown in NSW but would still highly recommend them for a loan.

Customer Service
4/5
Application Process
4/5
Timeliness
3/5
Loan TypeVariable Rate
Loan Start DateAugust 2021
Loan used forInvestment Property
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The reviewer stated that an incentive was offered for this review

Patrick S.
Patrick S.Greater Melbourne (Inner), VIC

Great experience!

published

I found the customer service to be really good. Any questions were answered promptly and the loan officers were experienced and helpful. The whole approval process took a few months, but I think that’s the same everywhere. The interest rate is very competitive across the market.

Transparency
5/5
Customer Service
5/5
Application Process
4/5
Timeliness
4/5
Online Tools
3/5
Loan TypeVariable Rate
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

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Janelle P.
Janelle P.South West, WA

Not your typical online lender

published

I had approached a couple of online lenders to get a better rate than my bank was offering, but they all fell through because of conditions and hoops. My loan wasn’t standard and Reduce stuck with me on it and we worked through issues until we got a result. It took time and effort, but I re-settled at a competitive low rate so now my extra payments are going to me and to the bank! So Reduce lived up to its name …

Transparency
5/5
Customer Service
4/5
Application Process
4/5
Timeliness
3/5
Online Tools
5/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateAugust 2021
Loan used forRefinancing
Joe
JoeSouth East Queensland, QLD

Great Rate Home Loan- good service

published

Got a great rate off Reduce Home Loans, took 1% off my variable comparison rate. It seemed to take a while to get the loan set up but once set it up, easy to use interface. The only downside was dealing with multiple entities, reduce home loans, the lender and the mortgage manager but once the loan is established no issues.

Transparency
5/5
Customer Service
4/5
Application Process
5/5
Timeliness
3/5
Loan TypeVariable Rate
Loan Start DateJuly 2021
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

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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

Transparency
4/5
Customer Service
4/5
Application Process
4/5
Timeliness
3/5
Online Tools
4/5
Loan TypeVariable Rate
Loan Start DateJuly 2021
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

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.

Transparency
3/5
Customer Service
4/5
Application Process
3/5
Timeliness
3/5
Online Tools
4/5
Loan TypeVariable Rate
Loan Start DateMarch 2021
Loan used forRefinancing
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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

Transparency
4/5
Customer Service
4/5
Application Process
4/5
Timeliness
2/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forRefinancing

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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

Transparency
4/5
Customer Service
4/5
Application Process
4/5
Timeliness
4/5
Incentivised Review No
Loan used forRefinancing

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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.

Customer Service
5/5
Application Process
5/5
Timeliness
4/5
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

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Smooth process from start to finish

published

Started the process in late 2020 to refinance to a better rate. Company reps very responsive despite it being a very busy time. Very smooth process with clear instructions along the way. Costs were detailed up front and there was nothing unexpected. Disappointed in the convenience of redraw being web-only - no app. But otherwise very happy with the process and the final rate!

Customer Service
4/5
Application Process
4/5
Timeliness
4/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forRefinancing
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Scott
ScottGreater Melbourne (Metropolitan), VIC

Great rate.

published

Reduce home loans offer a fantastic home loan rate which is far better than any of the big 4 can offer. The process of getting all your documentation can be a bit tedious but the reward of a great rate at the end of it is worth it. Customer service was always able to get through to them really quickly when needed. Would recommend Reduce.

Transparency
4/5
Customer Service
5/5
Application Process
3/5
Timeliness
5/5
Online Tools
4/5
Loan TypeVariable Rate
Loan used forRefinancing
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Other Home Loans

 
 

0.0
(1,234)
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
3/5
Customer Service
3/5
Application Process
3/5
Timeliness
1/5
Online Tools
2/5
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

Home Loans

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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
5/5
Timeliness
4/5
Online Tools
4/5
Loan TypeVariable Rate
Loan Start DateJanuary 2021
Loan used forRefinancing
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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
4/5
Customer Service
4/5
Application Process
3/5
Timeliness
2/5
Loan TypeVariable Rate
Loan Start DateFebruary 2021
Loan used forRefinancing
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

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
4/5
Customer Service
4/5
Application Process
4/5
Timeliness
3/5
Online Tools
4/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateJanuary 2021
Loan used forRefinancing
Page 1 of 5

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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