Reduce do have very low rates, but I'd advise any new customers to be aware of the slow application time, and once settlement occurs, to check their transactions very carefully and persist if you think you're missing any funds. My home loan took 3 months to settle, from the beginning of the application process to the actual settlement date, and required a large number of documents to be sent continuously through that entire time period. Then, when the loan finally did settle, I was missing almost $600 from my final balance. Reduce continually d...Read more

I went with reduce because of it's low rate which was at the time, the lowest in the market. At the seventh month of having the loan they increased my interest rate separately to the RBA by 0.15%. Even though they were still selling their loans at the same rate I got initially. When I queried it I was fobbed off with the 'line' your loan was funded from a different line of credit and that now costs more but the new loans don't. They then reduced it by 0.05 as my loan was more expensive than UBank and I complained so it was now equitable with UB...Read more

I was happy when I first signed up to Reduce Home Loans but soon realised that once the RBA starting cutting interest rates that existing customers are discriminated against as opposed to "new" customers. So far Reduce Home Loans have passed on pretty much all the RBA rate cuts to new customers but as an existing customer I have only received partial cuts each time. As of today (15/10/2019) its been 2 weeks since the RBA cut rates by another 0.25%. This was passed on to new customers within minutes however I have received no responses to my ema...Read more