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Reduce Home Loans

Reduce Home Loans

4.2 from 1,015 reviews · View Statistics
Listing monitored by Reduce Home Loans

Reviews

4.2
102 reviews
Previous
Next

Great homeloan

published

Was an easy process to get this mortgage everyone at Reduce were very helpful and worked hard to get things in place even with a reduced timeline.
The website is basic but has all the function you need
The rate is unbeatable and will save me $1000's :-)

Transparency
5/5
Customer Service
5/5
Application Process
5/5
Timeliness
5/5
Online Tools
5/5
Loan TypeVariable Rate
Loan Start DateAugust 2021
Loan used forFirst Home
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The reviewer stated that an incentive was offered for this review

Daz
DazSydney Surrounds, NSW
  • 4 reviews
  • 1 like

Great value home loan

published

From pre approval right through to the settlement Jackie from Reduce home loans keeped us update during every step. We did have some issues due to current lockdown in NSW but would still highly recommend them for a loan.

Customer Service
4/5
Application Process
4/5
Timeliness
3/5
Loan TypeVariable Rate
Loan Start DateAugust 2021
Loan used forInvestment Property
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The reviewer stated that an incentive was offered for this review

Other Home Loans

 
 

0.0
(1,234)

Great rates and knowledgeable broker

published

I commend Nick as a broker. He was able to explain to me the entire loan process and best way forward given I was refinancing a loan and buying an investment property. His knowledge and expertise was great. This was also tied in with competitive market rates.

The application process is much simpler than it was 5 or so years ago (where it was paper based). It is all completed on an online portal where you can also keep a track on the progress. Was sweating on settlement day. There were minor issues with communication between mortgage solicitor and the discharge bank but Nick along with his colleague were very quick to get on top of it to ensure settlement proceeded smoothly.

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

Low interest rates with high service

published

Very smooth application process with excellent service. Most importantly, the very low interest rates. Excellent experience.

Bryce was very helpful and ensured it went smoothly. Didn't have to go anywhere physically, all online or on the phone, which is great.

Transparency
5/5
Customer Service
5/5
Application Process
5/5
Timeliness
5/5
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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Daham K.
Daham K.
  • 3 reviews
  • 2 likes

Worst ! worst! Their rates are just a trap

published

Their rates are just low only for the first few months then it is higher than others. They will not give a crap about you once the loan is set up. If you ask for a rate review they will not reply at all. MEzy customer service is bad. I am trying to get out of this trap.

Transparency
1/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Online Tools
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateJune 2019
Loan used forFirst Home
Reduce Home Loans
Reduce H.Reduce Home Loans

Hi Daham, can you please email your details to info@reduceloans.com.au so we can look into your loan and get this sorted for you.

Amos Saraber
Amos SaraberSouth East Queensland, QLD
  • 2 reviews

Excellent service and very low rate.

published

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.

Transparency
5/5
Customer Service
5/5
Application Process
5/5
Timeliness
5/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateMay 2021
Loan used forFirst Home
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Luke B
Luke B
  • 2 reviews

Good experience- lowest rate and good communication.

published

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.

Transparency
5/5
Customer Service
5/5
Application Process
5/5
Timeliness
5/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forFirst Home

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Simon N.
Simon N.Perth, WA

Seamless process

published

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.

Transparency
5/5
Customer Service
5/5
Application Process
5/5
Timeliness
5/5
Online Tools
5/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateMarch 2021
Loan used forFirst Home

Other Home Loans

 
 

0.0
(1,234)

Great rate on home loan. Very happy.

published

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.

Transparency
5/5
Customer Service
5/5
Application Process
4/5
Timeliness
5/5
Online Tools
4/5
Incentivised Review No
Loan TypeVariable Rate
Loan Start DateMarch 2021
Loan used forFirst Home
Home Loans

Find out how Reduce Home Loans compares to other Home Loans

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Glad we made the swap!!!

published

Great rate and it was an easy process to swap from our previous bank. Very knowledgeable staff, who were easy to talk to and happy to answer any questions. Thanks heaps Jess!

Transparency
5/5
Customer Service
5/5
Application Process
5/5
Timeliness
5/5
Online Tools
5/5
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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Romeo
Romeo
  • 7 reviews
  • 2 likes

Worst experience ever.. Do not go with them!

published

From the get go it was slow and very laid back process from this organisation. No one cares about your finances, deadlines, or any other commitments that you made by purchasing a property. Paid twice
For the valuation of 2 properties and I was asked to pay again.

No follow ups! No customer service and no intervention of management to expedite the process.

No advise on what rates you’re getting, what offers you’re getting and you can’t even see anything online or any application process updates.

Please please stay away!!! Unless you have 2 months to 3 months to wait for the loan to get approved.

Transparency
1/5
Customer Service
1/5
Application Process
1/5
Timeliness
1/5
Online Tools
1/5
Incentivised Review No
Loan TypeVariable Rate
Loan used forInvestment Property

Other Home Loans

 
 

0.0
(1,234)
Glenn
GlennGreater Melbourne (Outer), VIC

Great communication, great low rate

published

One of the lower rates I found on the market. Bryce was brilliant at working around my busy schedule and kept in regular contact. Happily answered all my questions and made sure everything ran smoothly.

Transparency
4/5
Customer Service
4/5
Loan TypeVariable Rate
Loan used forFirst Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Home Loans

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Edan
EdanGreater Melbourne (Inner), VIC

Nothing short of outstanding

published

I was very nicely surprised at the excellent service I received from Reduce Home Loans. From their branding on their web-site I initially perceived them to be a cheap, cut corners, internet brokerage. Truth of it is that I received VIP treatment from them. David, who was the Reduce broker I first made contact with, gave me his mobile number and was always super-quick to respond, whether I texted, called of emailed. He had a solid sense of urgency as things needed to move quickly with the short settlement period. If there were any delays (not due to the fault of Reduce) David immediately escalated and got things resolved right away. The rate they got me for my home loan was also head and shoulders better than the rest.

Transparency
5/5
Customer Service
5/5
Application Process
5/5
Timeliness
5/5
Online Tools
4/5
Loan TypeVariable Rate
Loan Start DateApril 2021
Loan used forFirst Home
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The reviewer stated that an incentive was offered for this review

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Brendan
Brendan Sydney, NSW

Great Loan and Best Rate!

published

Recently settled on a loan with Noel. Was a fairly easy process and with relatively short time frame was able to get loan and approved in time! Thanks Noel for your efforts and sorting out bits and pieces when you were on leave!

Transparency
5/5
Customer Service
5/5
Application Process
5/5
Timeliness
5/5
Online Tools
5/5
Loan TypeVariable Rate
Loan Start DateFebruary 2020
Loan used forInvestment Property
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Sam R
Sam RSydney, NSW
  • 4 reviews
  • 1 like

Love the best rate in all over Australia

published

Process was well explained and easy to follow. Rhyse guided us all the way through, he was just an email away, attended to our inquiries almost immediately . I wouldn’t hesitate a single moment to recommend Reduced Homeloan to my family and friends.

Transparency
5/5
Customer Service
5/5
Application Process
5/5
Timeliness
5/5
Online Tools
5/5
Loan TypeVariable Rate
Loan Start DateDecember 2020
Loan used forFirst Home
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The reviewer stated that an incentive was offered for this review

Page 1 of 4

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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