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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

4.3
91 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

Rowena
Rowena Greater Melbourne (Metropolitan), VIC
  • 2 reviews
  • Verified

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

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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
4/5
Customer Service
5/5
Loan TypeVariable Rate
Loan used forInvestment Property
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The reviewer stated that an incentive was offered for this review

Newton K.
Newton K.Sydney, NSW

Best packaged fixed home loan on the market

published

I engaged Reduce home loans because they had the best fixed package home loan for my requirements. I chose the 3 year fixed home loan 2.19%. 100% offset and up to $20k additional repayments per annum.
What more could you want during the Covid-19 economy?

Transparency
5/5
Customer Service
4/5
Application Process
3/5
Timeliness
3/5
Loan TypeFixed Rate
Loan Start DateJuly 2020
Loan used forSecond Home
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The reviewer stated that an incentive was offered for this review

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Reduced interest rate

published

It take long time to get processed, lot of details submitted, at the middle we thought to stop the paper work. but once all paper work done, we can say interest rate is low compared to others and no other hidden fees

Transparency
4/5
Customer Service
4/5
Application Process
3/5
Timeliness
2/5
Loan TypeVariable Rate
Loan used forInvestment Property
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The reviewer stated that an incentive was offered for this review

Best customer service

published
Customer Service
4/5
Application Process
5/5
Timeliness
5/5
Incentivised Review No
Loan TypeFixed Rate
Loan Start DateJune 2020
Loan used forSecond Home
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Great personalised help all the way

published

Customer service by Lisa was excellent. She was always ready to help, keep us up to date, patiently explain everything and said we could keep in touch. Great interest rate. Very satisfied.

Transparency
4/5
Customer Service
5/5
Application Process
4/5
Timeliness
4/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateApril 2020
Loan used forInvestment Property

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Harry M
Harry MSydney, NSW
  • 2 reviews
  • 1 like

Great customer service but disappointed with change in lenders resulting in increased interest rate

published

Reduce were really easy to deal with, transparent and super responsive. The rate got increased as the lender changed its rating of apartment to high risk. The rate at the end was OK and still competitive but not as great as we expected. We will try again with Reduce for our next home.

Customer Service
5/5
Application Process
5/5
Timeliness
5/5
Loan TypeVariable Rate
Loan Start DateApril 2020
Loan used forSecond Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

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Grant B.
Grant B.South East Queensland, QLD

Good home loan

published

All round a good experience switching to Reduce just the time it took to get the loan in place was the only negative , but the low rate makes it worthwhile.

Transparency
4/5
Customer Service
4/5
Application Process
4/5
Timeliness
3/5
Online Tools
4/5
Loan TypeVariable Rate
Loan Start DateMarch 2020
Loan used forSecond Home
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The reviewer stated that an incentive was offered for this review

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Evie
EvieSouth East Queensland, QLD
  • 3 reviews

Good!

published

Saved heaps! Great customer service, lovely people and quick phone pickup! Only downside is the loan docs are more painful than from my bigger bank. But well worth the pain!

Transparency
5/5
Customer Service
5/5
Application Process
2/5
Timeliness
3/5
Loan TypeVariable Rate
Loan Start DateMarch 2020
Loan used forInvestment Property
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The reviewer stated that an incentive was offered for this review

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Alkesh Patel
Alkesh PatelPerth, WA
  • 3 reviews
  • Verified

Real deal....gr8 BIG 4 killer.

published

Gr8 dealing with Reduced homeloans when was going through difficult time for land settlements matters, but they speed up process to next level and finish it.Prompt responses all the time.

Transparency
5/5
Customer Service
4/5
Application Process
5/5
Timeliness
5/5
Online Tools
4/5
Loan TypeVariable Rate
Loan Start DateDecember 2019
Loan used forInvestment Property
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
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Michael
MichaelGreater Melbourne (Outer), VIC

Great rate - long process

published

Great rate and good communication throughout the application/approval process. Took a really long time from first contact to settlement (3 months) but now that it is done I am happy we made the move.

Transparency
4/5
Customer Service
4/5
Application Process
4/5
Timeliness
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forRenovation
Home Loans

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Ron F
Ron FGreater Melbourne (Metropolitan), VIC

Well worth the effort

published

A very helpful and attentive experience - at times a bit of a slow process but well worth it due to the low interest rate:) I'm glad I stumbled across Reduce Home Loans!

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

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Very good service

published

Take longer time than other banks (5 weeks for us) but worth the time as the interest rate is low. Good service. Get response promptly from the case manager or credit team.

Transparency
4/5
Customer Service
4/5
Application Process
4/5
Timeliness
3/5
Loan TypeVariable Rate
Loan Start DateJanuary 2020
Loan used forSecond Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

M Patterson
M PattersonSouth East Queensland, QLD

Excellent Rate

published

The interest rate was very competitive.
Customer service staff were pretty good but there loan approval took some time and caused a bit of stress which we could have done without.

Transparency
4/5
Customer Service
4/5
Application Process
3/5
Timeliness
3/5
Loan TypeVariable Rate
Loan Start DateMay 2019
Loan used forSecond Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Page 1 of 2

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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