?
? !
1 photo
Reduce Home Loans

Reduce Home Loans

4.2 from 977 reviews · View Statistics

Reviews

Previous
Next
Shan
ShanVictoria
  • 2 reviews
  • 2 likes

Might take a bit of time to assess and gather/ complete the paperwork but was pretty straight forward and easy.

published

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.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateJuly 2020
Loan used forRefinancing
Professional Partners

Looking for Home Loans?

Read the reviews for Professional Partners

174 reviews
Ad
Hayles
Hayles
  • 2 reviews

Best interest rates around!

published

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.

Loan TypeVariable Rate
Loan used forRefinancing
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

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
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateMay 2021
Loan used forFirst Home
Home Loans

Find out how Reduce Home Loans compares to other Home Loans

Know better, choose better.

Compare all
HomerSimpson
HomerSimpsonGreater Melbourne (Outer), VIC
  • 5 reviews
  • 6 likes

Great rate. What more do you need?

published

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.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateMarch 2021
Loan used forRefinancing
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

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
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forFirst Home
Related Articles
Previous

Best Super Funds in 2020!

A good super fund can make a substanial difference to the amount you retire with. From retail super funds to self managed super funds, view reviewer ratings for the best super funds of 2020!

Wendy Z.
Wendy Z.7 Nov 2019
best-super-funds-in-2020

Best Credit Cards in 2020!

Whether it's the sign up bonus, rates and fees, or reliable customer service that you look for in a credit card, a credit card is often used everyday, so it's important you choose one that meets your needs and that you're happy with. These are the best credit cards this year, as decided by ProductReview.com.au reviewers.

Wendy Z.
Wendy Z.19 Nov 2019
best-credit-cards-in-2020

What Is Peer-To-Peer Lending?

Peer-to-peer lending is quickly gaining popularity among Australian borrowers and investors. If you've never heard of it before, this 2 minute read will give you a quick rundown so you can decide if P2P lending is right for you.

Nathan S.
Nathan S.14 Nov 2019
what-is-peer-to-peer-lending
Next
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
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateMarch 2021
Loan used forFirst Home
Professional Partners

Looking for Home Loans?

Read the reviews for Professional Partners

174 reviews
Ad
Stephen K
Stephen K
  • 3 reviews
  • 2 likes

Incredibly Low Rate & Excellent Customer Service

published

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.

Application Process
Timeliness
Loan TypeVariable Rate
Loan used forRefinancing
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Hidden fees. Don't fall for the low rate trap!

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
1 comment
Reduce Home Loans
Reduce H.Reduce Home Loans

Hi Steph, sorry to hear about your experience. Can you please send your details to info@reduceloans.com.au so we can look into your file and see how we can resolve any issues you have had.

Tam.c
Tam.cGreater Melbourne (Inner), VIC

low loan rate with cashback program

published

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.

Customer Service
Timeliness
Loan TypeVariable Rate
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Home Loans

Find out how Reduce Home Loans compares to other Home Loans

Know better, choose better.

Compare all

The best interest rate on the market

published

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

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRefinancing

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
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateMarch 2021
Loan used forFirst Home
Daniel B
Daniel BGreater Melbourne (Inner), VIC

Great Rates

published

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!

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRefinancing
Professional Partners

Looking for Home Loans?

Read the reviews for Professional Partners

174 reviews
Ad

The rate is absolutely incredible!

published

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!

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forSecond Home
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Cameron W.
Cameron W.Metropolitan Adelaide, SA

Simple and does what it needs to do

published

I had no issues whatsoever during the onboarding process, and since being onboard, no complaints with the online portal. I'm very content with the experience and service. I have no concerns referring Reduce Home Loands to others.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateApril 2021
Loan used forRefinancing
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Jasmine S.
Jasmine S.Greater Melbourne (Metropolitan), VIC
  • 4 reviews

Home loan pre-approval

published

Recently obtained a pre-approval with Reduce. Leon was a pleasure to deal with and was very efficient, helpful and responsive. With such a great interest rate, I would definitely recommend Reduce to my friends and family

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forSecond Home
Home Loans

Find out how Reduce Home Loans compares to other Home Loans

Know better, choose better.

Compare all
Page 1 of 31
See all Reduce Home Loans reviews

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!

See all Reduce Home Loans questions

Get an answer from our members and Reduce Home Loans representatives

ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.