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Reduce Home Loans

Reduce Home Loans (page 2 of 2)

4.2 from 991 reviews · View Statistics
Listing monitored by Reduce Home Loans

Reviews

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Great service and rates

published

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.

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

Rachel K.
Rachel K.South East Queensland, QLD

A hassle but worth it in the end.

published

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.

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

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Channa P.
Channa P.Greater Melbourne (Metropolitan), VIC

Rate is good but customer care is bad

published

The interest rate is very competitive. Their customer's response is very fast. However, the process took longer than what I expected, and we had to delay our settlement 1 days. Before the settlement, the rate reduced to 2.99%. We were told that the new rate will be passed to us by 15th of Aug but up to today date (08 Sept) we still haven't got the new rate. We contacted the customer care numerous of times and the response we got is they are working on it and the lender haven't approve and they have escalated the queries. It has been almost 2 months of following up and nothing has been resolved yet. Overall, the rate is good but if you have any issue and need support, it's not going to be straight forward.

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

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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

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 Review No
Loan TypeVariable Rate
Loan Start DateAugust 2019
Loan used forFirst Home

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Next
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 Review No
Loan TypeVariable Rate
Loan Start DateJune 2019
Loan used forFirst Home

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

Sam W.
Sam W.Greater Melbourne (Outer), VIC
  • 2 reviews

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

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Low rate, more effort

published

Rate is lower than you will get mostly anywhere else. The process to get the loan, however, was not straightforward. Significant amount of complicated, hard copy paperwork, then a lot of subsequent to and fro with their solicitor (including physically driving to their office twice to submit paperwork) to get my loan documentation correct (there were errors), meaning that I had to get a settlement date extension.

Can’t really complain now that I have the loan, although the online portal is not as user-friendly as the big banks (e.g. you actually have to call them if you want to reset your password).

If your primary driver is a low interest rate and you don’t mind the hassle involved in the above, go for it.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJanuary 2018
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
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

waynek
waynekscoresby
  • 2 reviews

great service great rate

published

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

Transparency
Customer Service
Application Process
Timeliness
Incentivised Review No
Loan TypeVariable Rate
Loan used forHome Construction
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 Review No
Loan TypeVariable Rate
Loan used forFirst Home

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 Review No
Loan TypeVariable Rate
Loan used forFirst Home

Other Home Loans

 
 

0.0
(1,234)
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 Review No
Loan TypeVariable Rate
Loan Start DateJune 2016
Loan used forFirst Home
Home Loans

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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 Review No
Loan TypeVariable Rate
Loan Start DateAugust 2016
Loan used forFirst Home
Page 2 of 2

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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