Might take a bit of time to assess and gather/ complete the paperwork but was pretty straight forward and easy.
If you have equity in your home loan then I would certainly recommend. The process is pretty straight forward and it was a pleasure working with Gary. My rate was competitive to begin with and managed to secure an even better rate which was great.
Best interest rates around!
We recently refinanced our loans with Reduce Home Loans. Our current bank couldn’t come close to matching their rates. No ongoing fees, no establishment fees. There is an exit fee however, so I recommend you ask upfront what that will be (different packages have differing fees). Easy redraw process, good online platform. Our interest rates are now 1.99% for our home loan and 2.29% for our investment loan (both P&I variable). We are happy we made the switch, even if the loan application process can be quite lengthy.
Excellent service and very low rate.
I recently obtained a home loan from Reduce Home Loans for the purchase of a new home. Not only were they able to offer me a super-competitive interest rate, they also provided exceptional customer service. Mr David Easey and his colleagues were very friendly, responsive and professional throughout the process, and I was very impressed by the effort David made to make things happen in time for me. I'd highly recommend Reduce Home Loans to anyone considering a home loan.
Great rate. What more do you need?
Pretty happy with my refinance. Originally had a pretty good rate but after switching I'm now getting 1.89% with only minimal fees incurred. One downside is the $500 fee that I'll have to pay to exit the mortgage which of course they didn't tell me about until way into the application process. Redraws are however easy as is their website. Very basic, but that's a good thing as far as I'm concerned.
Good experience- lowest rate and good communication.
Loan was approved in a timely manner with good communication throughout process.
I would recommend them as they are also the lowest rate available.
Everything completed online via email and phone calls.
Extremely satisfied with my customer service experience. Reduce representative was always there to answer questions as required.
No extra costs or issues with the loan. Very happy with the loan setup costs compared to other lenders.
Very satisfied with the rate I received.
Incredibly Low Rate & Excellent Customer Service
Very happy with Reduce Home Loans. Not only was the rate exceptionally low but Bryce was extremely helpful supporting us during the application process. Communication was seamless throughout the process too. Highly recommend.
Hidden fees. Don't fall for the low rate trap!
Reduce Home Loans use a third party for providing the loan funds (in our case it was Adelaide Bank) as well as a third party for the mortgage administration (Mortgage Ezy). Because of this, you are lumped with a double set of fees when setting up your loan, and when you discharge/finalise your loan, another set of doubled fees. You are never told this when signing up and it will end up costing you thousands extra in fees. We also found the process of setting up the loan to be complicated for no reason, because you are made to fill in double the...amount of paperwork, one set for Reduce home loans and then another for Adelaide Bank. You never know who you need to talk to, you may ring Adelaide Bank but they then say that you need to contact Mortgage Ezy for any queries in relation to your loan. It doesn't make sense and it a flawed system. They may seem like they have a low rate, but don't get trapped by this and make sure you understand ALL the fees you will be paying to the multiple parties that will be involved in your home loan.
low loan rate with cashback program
With the help of loan manager from reduce the process from loan preparation, approval and settlement went smoothly. The only minus point is the email communication when extra documents required were not clearly presented to us e.g including the uncommon abbreviation. Thankfully the loan manager helped us to resolve this issue otherwise it would result in delaying the loan settlement.
The best interest rate on the market
Customer service was polite and professional.
All fees were transparent and communicated to me before. Do not overpaid for banks, go for the lowest rate which you can get. Cheers
Great rate on home loan. Very happy.
Great rates, low establishment fees and no on going fees. Very happy with my loan and the service of reduce home loans. Highly recommended if you want to save on your rate. Could process applications a bit faster, however only minor complaint.
The interest rate was the best on the market. The service was prompt and the account was set up in no time. I am now able to make considerable savings thanks to Reduce Home Loans. I should have made the switch sooner!
Slow and too many parties to deal with
They are just the originator of the loan, the funder is a separate party with their own lawyers which apply their own fees that aren't disclosed.
Took 9 months and 3 valuers to get a refi approved and then just before settlement they decided they wanted all my docs again because it had been so long since I submitted them. I gave at this stage and refinanced with someone else (it was completed in 6 weeks...).
The rate is absolutely incredible!
The rate is incredible. The customer service was polite and professional. There were no unexpected costs, everything went ahead as expected. We are going to refinance our investment property with them!
Their team was extremely helpful through the whole process and we’re always available to answer questions and updates. Great interest rates and flexible with all the loan setup. Would recommend
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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