Great service and extremely cheap rate
The home loan rate provided was very attractive and is initially why I went with Reduced Home Loans.
I had a short settlement date and was worried it may not be met however the team at Reduced Home Loans was able to complete the application and have contracts ready for my review and signing within 4 weeks.
Was an easy process! Guaranteed lowest interest rates!!
Lowest Interest rate and We save up to $400 monthly:) great customer service and so easy to approach them. Very transparent and no hidden charges. Highly recommended to anyone looking for new housing loan or switching loans:)
Lowest interest rate available
Reduce offer the best rate around without compromising on customer service. They keep in regular contact with you and help you through every step of the way. The fees are a little pricey but this is more than offset by the amazing rate so if you are looking for a mortgage of over 10 years...look no further.
100% incompetent! 100% disorganised
My partner and I went with RHL because of all the advertising of low rates and recommendations by canstar... what a nightmarish mistake! There was a lack of communication right from the start and they constantly try to make excuses for their slow pace. They raised our loan amount on three separate occasions so now we are borrowing more than we actually need. They tried to delay settlement over a month after the last date that settlement could actually occur. Had to educate them on the illegal nature of changing a contract of sale after it's bee...n signed. We have to apply for a refund of stamp duty because they refused to lodge the application on our behalf. Towards the end of the process we discovered they are actually a broker and NOT a lender like they claim. Even though we're now in our own home we can't exactly relax because RHL have gone quiet on us. Told us client care would be in contact to provide all the extra information like the ACTUAL ACCOUNT SETUP. But nothing, just radio silence. How are we suppose to make extra repayments if we don't have the means to do so? They should be paying us for using their pathetic service! Completely incompetent and disorganised. We have never been this dissatisfied with an experience before. Do NOT use RHL if you are a first home buyer! Edit: we received a congratulations letter... and some basil seeds... basil!
Not a home loan provider, just a broker skimming fees. AVOID.
Reduce pretend to be a mortgage provider but they are just a broker. They provide no transparency on fees or on who the loan is funded with. We were told we had to structure our loan as 2 standard variable loans with no explanation. I now suspect this was to increase their fees. They used Mortgage Ezy for our loan who used Origin Loans who are owned by ANZ. This made it hard to know who to talk to. Our interest rate went up literally within one WEEK of signing and a second time less than 2 months later. Our rate went from excellent to mediocre very fast. We are now trying to sever all ties with these guys and it is taking weeks due to this crazy labyrinthine arrangement. AVOID LIKE THE PLAGUE.
Great service and rates
The staff was great taking me start to end getting a good loan but also supporting me throughout the whole process. Tight settlement times were always a worry for me but we made it in time too. Highly recommended.
A hassle but worth it in the end.
They required A LOT more information from me than my previous bank and it was a couple of months of emails back and forth almost daily but it was worth it for the money I'm now saving. The same loan is now costing me $150 a fortnight less so I definitely feel it will be worth my trouble over the life of the loan :)
Also they sent me a kit to grow your own chives as a welcome present so that was a cute touch.
Gave up after 12 weeks. Settlement elsewhere in under 3 weeks.
Quick version - No brainer loan, after dragging on for 12 weeks, despite providing all documents in "fast track" online original process we gave up around 13 week mark & went back to a broker we'd used in Tassie, even though we're in Perth, and they sorted it in 2 and a half weeks. Only a $48 fee for a desktop valuation.
Shout out to Yellow Brick Rd Andrew & Kate
Slow version -We were looking at borrowing 200k which was a third of the property value. We have other property which is valued at about the same as loan (and is owned in full)..s...o no real danger of them being left high and dry. We found the process slow & frustrating. We'd been waiting 3 months even after we submitted all requested paperwork quickly. We were asked to provide quite a number of things which seem unnecessary...bank statements & pay slips 2 or 3 times because they were now out of date as the process had taken so long, redo of verification of Id's because the person who signed shared the same surname as parents (so that is a maiden name and not our surnames) even though we said they are not a blood relative (which btw their forms dont stipulate), letters stating house sale process & settlement docs (despite them having a copy of the title to the property), etc.even signed statements regarding the sale process. We had gone for weeks without hearing a thing from them & it seemed that if you contacted them, they just asked you to jump through more hoops, which weren't there until you hurry them on. We provided all of the initial requested paperwork in full, leaving nothing out but then they keep asking for more and more, which again, we quickly provided. Our loan is a no brainer with us having a perfect credit history. The only flag had been that we had been loaned 140k from parents to secure the property when we moved interstate. We didn't need to do this but it seemed easier & quicker at the time rather than changing state, job, house etc and organising loan on top. Had we known the trouble it would cause here, we'd have gone elsewhere initially. The bank of mum and dad is pretty common these days & shouldn't have us flagged as criminals or something. Customer service is polite when they call but just don't progress things.
Almost lost deposit because their pre-approval means nothing
Takes weeks to respond, doesn't answer the phone to contact the loan manager. Gave preapproval after seeing all our income and paperwork, then rejected the loan without any circumstances changing.
Excellent service from the Reduce Home Loans team
Nick was great to deal with, took care of everything for me, Barely had to lift a finger.
Great rates are also.
Very satisfied customer, thank you Nick and Marvin for all your help!
Great rates and great customer service
A great company to set up a mortgage with. The process went very smoothly and our sales rep was always available on the phone (Rhyse Taylor in Brisbane) to answer any questions we had)
We were worried about going with a 'non big 4 lender' bit so far so good and the interest rate is much better than any of the established banks were offering
Great rates..That Don't Last! Beware.
We all know that if you take on a variable rate the lender can change the rates whenever they like, so there is an element of trust taken on by the borrower.
I refinanced from a very good rate at Ubank to a great rate (at the time) at Reduce/Adelaide Bank about 18 months ago. At the time it was 0.18 lower than Ubank a reputable discount lender. As the last poster stated Reduce then claw this initial discount rate back quite quickly (especially with the recent 0.35% Reduce drop when Ubank gave 0.5% drop).
Notice they never publish what exist...
Best Interest Rate
Best rate in the market after RBA cut, have received first rate cut and pending for the second rate cut, call centre is helpful and provide quite response to the question.
My partner and I went through Reduce Home Loans for our first purchase. Being our first home, we had a lot of queries. Leon Clark was incredibly helpful and patient with us. Highly recommend him + his team!
Low interest rate but much lower standards of customer service
Extremely poor standards of customer-service. Baffling, I had to frustratingly chase even the brokers to respond to my calls/emails. Then, receive contradictory information. Low rates come at terrible customer service
Reduce helped us to get a great rate on a home loan, and settle in a very short time frame
Reduce helped us to get a great rate on a home loan, and settle in a very short time frame. Thanks for your help. The online loan management web app is good also.
Better than the big 5 banks
Just better service seen and better rates
I went to the banks out of interest and they were just a waste of my time. Even when they tried to match they couldn't
Good low cost product
Good customer service, good communication and responsive to phone calls etc. There were no unexpected costs. They were thorough with paper work and ensuring affordability. Happy with a low interest rate.
great service great rate
great service great rate very happy with the service and the rate was very competitive I would recommend to my friends I was recommended by one of my friends and they happy too
Loving everything about the switch to Reduce Home Loans
Couldn’t be happier after moving our home loan to Reduce Home Loans. Have saved a fortune compared to what we were paying before. Customer service was fantastic, it was like having a personal loans manager at call every step of the way.
Reduce home loan. Really helpful, professional and great rate. Extremely happy
Really helpful, professional and great rate. Extremely happy!
I am planning on another loan with them and have also referred them to a few friends. I dealt with David and he was honest, available to help in an instant, and really knowledgeable.
Zero haggling required
Best rate in australia, zero ongoing weekly fees.
Application process was straight forward.
This loan is the best of the best for owner-occupiers, no frills, same payment every week.
Feels good to know you are getting the best rate in australia whenever current affair shows the Top5 list, reduce is always there.
I would choose Reduce Home Loans.
I was previously with one of the big five banks paying way too much interest. Then I found out about Reduce Homw Loans. Cheap rates. Simple application process. I’d recommend others considering a home loan to speak to Reduce Home Loans.
cheating their customers
I have refinance my home loan through reduced home loans at a competitive rate. within 6 moths they have increased my rates twice and now they are now more expensive than all 4 big banks. This means that I have to expend more time and money to refinance my mortgage again :(
Questions & Answers
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?
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?
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.
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.
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.
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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