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Reduce Home Loans

Reduce Home Loans

4.2 from 1,000 reviews · View Statistics
Listing monitored by Reduce Home Loans

Reviews

4.1
115 reviews
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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.

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

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.

Transparency
4/5
Customer Service
4/5
Loan TypeVariable Rate
Loan used forFirst 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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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.

Transparency
4/5
Customer Service
4/5
Application Process
5/5
Timeliness
3/5
Loan TypeSplit
Loan Start DateJanuary 2021
Loan used forFirst Home
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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
5/5
Customer Service
4/5
Application Process
5/5
Timeliness
5/5
Online Tools
3/5
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

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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

Jen
JenSouth East Queensland, QLD

Reduce staff are great help

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

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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
5/5
Customer Service
5/5
Application Process
4/5
Timeliness
3/5
Online Tools
4/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forFirst Home

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Next

Good rates, professional and easy to setup.

published

Broker answered all our questions and was very responsive. Easy to setup and good mortgage rate for first home owner-occupier. All associated costs were listed in the brochures and website.

Transparency
4/5
Customer Service
4/5
Application Process
3/5
Timeliness
4/5
Online Tools
4/5
Loan TypeVariable Rate
Loan Start DateMay 2020
Loan used forFirst Home
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)

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
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

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Kristy
KristyPerth, WA
  • 2 reviews

Reduce Home Loan was pretty good under the current conditions of covid19.

published

Reduce Home Loan was pretty good themselves with the covid19 changes and updates. Being a first home buyer it was a very stressful, not too great communication between all parties and not very organised process. My settlement date was moved twice and lucky settled on the third attempt. The actual loan it's self they offer is a good deal compared to the big four banks but the main banks deal with the first home buyers grant and Reduce Home Loans do not.

Transparency
5/5
Customer Service
4/5
Application Process
1/5
Timeliness
1/5
Online Tools
3/5
Loan TypeFixed Rate
Loan Start DateJune 2020
Loan used forFirst Home
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The reviewer stated that an incentive was offered for this review

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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

Other Home Loans

 
 

0.0
(1,234)
Sam B
Sam BSydney, NSW

Helpful Staff - (Lisa and Lindsey)

published

Lisa Whitla was very nice to deal with and helped me with the process. It was my first time getting a loan and there were a heap of documents to sort through and it was quite overwhelming. She was very patient with me and helped me get through the initial set of documents.

Lindsey from the settlements team also helped me with understanding some of the terms and paperwork.

I know it was a testing time with COV-ID but all the staff i talked with were very patient and nice.

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

The reviewer stated that an incentive was offered for this review

Home Loans

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Good rate but took a lot of work

published

David was very helpful and attentive throughout the entire process, however there was a lot of difficulty getting the loan approved on time which resulted in the settlement being pushed back a couple of weeks, but I still ended up with an exceptional homeloan rate by the end of it

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

The reviewer stated that an incentive was offered for this review

Tomek
TomekGreater Melbourne (Metropolitan), VIC
  • 2 reviews
  • Verified

Best rates and great product!

published

Great rates, great protal and product. Takes a bit of time to set-up but completely worth it in the end with the cheapest rate on the market! They told me they are working to improve on that so definitely the place to go for a loan.

Transparency
5/5
Customer Service
5/5
Application Process
3/5
Timeliness
3/5
Online Tools
5/5
Loan TypeVariable Rate
Loan Start DateFebruary 2020
Loan used forFirst 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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