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Reduce Home Loans

Reduce Home Loans (page 2 of 2)

4.2 from 959 reviews · View Statistics

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Gave up after 12 weeks. Settlement elsewhere in under 3 weeks.

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateOctober 2019
Loan used forFirst Home
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Robert Hughes

Robert HughesGreater Melbourne (Inner), VIC

  • 2 reviews
  • 1 like

Almost lost deposit because their pre-approval means nothing

published

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan used forFirst Home
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Excellent service from the Reduce Home Loans team

published

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!

Customer Service
Application Process
Timeliness
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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David M.

David M.Western Australia

Great rates and great customer service

published

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

Thanks

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateAugust 2019
Loan used forFirst Home
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local1

local1Greenwich

  • 2 reviews
  • 6 likes

Great rates..That Don't Last! Beware.

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan Start DateJune 2018
Loan used forFirst Home
1 comment
Reduce Home Loans
Reduce H.Reduce Home Loans
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Michael

MichaelSouth East Queensland, QLD

  • 2 reviews
  • 3 likes

Best Interest Rate

published

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.

Transparency
Customer Service
Application Process
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateJune 2019
Loan used forFirst Home
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Fantastic Service!!!

published

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!

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forFirst Home
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The reviewer stated that an incentive was offered for this review

Upkar S.

Upkar S.South East Queensland, QLD

Low interest rate but much lower standards of customer service

published

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

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateMay 2019
Loan used forFirst Home
1 comment
Reduce Home Loans
Reduce H.Reduce Home Loans
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Sam W.

Sam W.Greater Melbourne (Outer), VIC

Reduce helped us to get a great rate on a home loan, and settle in a very short time frame

published

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJanuary 2019
Loan used forFirst Home
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The reviewer stated that an incentive was offered for this review

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Steve C.

Steve C.Greater Melbourne (Outer), VIC

Better than the big 5 banks

published

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

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateJanuary 2019
Loan used forFirst Home
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The reviewer stated that an incentive was offered for this review

Sarah Mac

Sarah MacSydney Surrounds, NSW

Good low cost product

published

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.

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

Johnny

JohnnySouth East Queensland, QLD

Loving everything about the switch to Reduce Home Loans

published

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.

Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forFirst Home
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Reduce home loan. Really helpful, professional and great rate. Extremely happy

published

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.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forFirst Home
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Mike B

Mike BMetropolitan Adelaide, SA

Zero haggling required

published

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.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateJune 2016
Loan used forFirst Home
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I would choose Reduce Home Loans.

published

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateAugust 2016
Loan used forFirst Home
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Home Loans

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sos

sos

  • 2 reviews
  • 2 likes

cheating their customers

published

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 :(

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forFirst Home
Similar opinion? Write a review on ProductReview.com.au!
Page 2 of 2
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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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