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Reduce Home Loans

Reduce Home Loans

4.2 from 1,021 reviews · View Statistics
Listing monitored by Reduce Home Loans

Reviews

4.5
12 reviews
5
(7)
4
(4)
3
(1)
2
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Communication was good

published

- Our representative was available when needed with flexible times to suit my working hours
- The interest rate did increase from the original rate provided on two occasions throughout our application process in .1% increments, with a total .2% increase from original rate provided, which wasn't ideal

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

Brian J.
Brian J.Greater Melbourne (Outer), VIC

Great rates

published

Yes it took a while to complete all the required paperwork but was worth it in the end . I had 2 applications running side by side and Reduce offered me - better rates, better terms and less conditions than the second application

Transparency
4/5
Customer Service
4/5
Application Process
3/5
Timeliness
3/5
Loan TypeFixed Rate
Loan Start DateOctober 2019
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

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0.0
(1,234)
Peter
PeterMetropolitan Adelaide, SA
  • 2 reviews

Great rates!

published

Reduce Home loans were the most competitive we found on the market since switching over we have also had a letter saying we have had a rate reduction. The process, although lengthy, was well supported and very clear. Great customer service and support. We really Recommend!

Transparency
5/5
Customer Service
5/5
Application Process
5/5
Timeliness
5/5
Online Tools
4/5
Loan TypeFixed Rate
Loan Start DateNovember 2019
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Jack
JackSydney, NSW

Good service great rates

published

Good service excellent rates. I would recommend to all my friends.i have already passed on their details to family and relatives. Much better than any of the big and small banks.

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

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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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