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Reduce Home Loans

Reduce Home Loans

4.2 from 977 reviews · View Statistics

Reviews

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Brandon P.
Brandon P.Greater Melbourne (Metropolitan), VIC
  • Verified

Cheapest rates

published

Cheapest rates our of any lender. They even gave me the cheapest rate when I didn’t completely qualify. Very responsive customer service and always able and willing to answer my questions.

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

David B
David B
  • 2 reviews
  • 4 likes

Avoid

published

I sensed something was not quite right when they charged my card before authorisation was provided. Luckily I was running two applications in parallel because it turned out what the loan officer was saying and what they could do were two different things - don’t waste your time or money. Scammed me of nearly $500.

Transparency
Customer Service
Incentivised ReviewNo
Loan TypeFixed Rate
Other Home Loans

 
 

0.0
(1,234)

AVOID at all costs - Pre-Approval doesn't mean anything either - Constant stress and lost dream home

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeFixed Rate
Loan used forSecond Home
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Ruds
RudsPerth, WA
  • 4 reviews
  • 1 like

Good rate

published

Good interest rate. Process was efficient up to the Settlement Agent which needed some management. Offering and features were better than expected for the entity. All good in the end.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeSplit
Loan Start DateJanuary 2021
Loan used forFirst Home
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The reviewer stated that an incentive was offered for this review

Rowena
Rowena Greater Melbourne (Metropolitan), VIC
  • Verified

Happy with service

published

Great rate and timely in settlement. Happy with service.
Love the new digital way of completing application and identification check, make the whole process quicker and easier.
Highly recommended for the low rate and digital process.

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

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Next

Great experience!!

published

I would like to thank Nick Freney for assisting me to negotiate a better deal with my bank. I sent him an email and he was very efficient, he spent approximately 45 minutes on the phone to find the best options according to my needs, objectives, and financial situations. He is easily contactable, friendly with a warm attitude. He negotiated the best deal very quickly, and I must admit that I am extremely happy with the outcomes, no doubt, he has been exceptional. I would highly recommend his services to anyone. Thank you Nick!!!

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeFixed Rate
Loan used forInvestment Property
Edson S.
Edson S.Perth, WA
  • 2 reviews

Great rate and customer service

published

Excellent customer service, Reduce Home Loans team provided the best mortgage rate in the market. I was paying 4.32% with Macquarie bank and now I am paying only 2.49% with them. Thank you Guys!

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeFixed Rate
Loan Start DateSeptember 2020
Loan used forInvestment Property

Communication was good

published

- Our representative was available when needed with flexible times to suit my working hours
- The interest rate did increase from the original rate provided on two occasions throughout our application process in .1% increments, with a total .2% increase from original rate provided, which wasn't ideal

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateSeptember 2020
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

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0.0
(1,234)

Great product.

published

We went with Reduce because they were the most competitive. The application process overall was a little lengthy, but other than that, I could not fault them. The service was very responsive and the product was exactly as stated. Very happy overall.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeSplit
Home Loans

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Bao
BaoSydney, NSW

Best rates, very helpful and great support and service

published

Cheapest rates around and loan was with Adelaide / Bendigo bank which gave me some comfort.

Lisa Whitla was great and very helpful throughout the whole process, especially given the tougher lending conditions and turn around times with COVID.

Would respond promptly and help explain each step of the process and any alternatives available. Highly recommended and referred a friend to her who had their loan approved and settled easily as well.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeFixed Rate
Loan used forInvestment Property
Similar opinion? Write a review on ProductReview.com.au!

The reviewer stated that an incentive was offered for this review

Dane
DanePerth, WA
  • 2 reviews

Excellent Service & Great Rate

published

We refinanced with Reduce home loans and got a fantastic fixed rate deal. We were assisted by Jacqueline who was amazing throughout the entire process and always kept us updated on the progress and was happy to discuss any questions or queries we had. We ended up getting a low property valuation however Jacqueline helped us challenge it and we got it revised up. The home loan application and approval took a few short weeks, we were then handed over to mortgage ezy & galilee solicitors for settlement. Not very impressed by Galilee (didn't take the time to explain anything and the communication was very poor), but highly recommend Reduce Home Loans

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan Start DateJune 2020
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Real reviews
Real reviewsSouth East Queensland, QLD
  • 4 reviews
  • 3 likes
  • Verified

Exemplary Service Throughout

published

We were managed by Lisa Whitla from the outset and throughout the process for our investment properties. Lisa was exceptional with her service, follow-ups and assistance for any question. Even the questions we wanted clarification from the credit team, Lisa would mediate this in a very timely manner. Pre-approvals and formal approval periods are a matter of urgency and transparency is very important also (which is a rare commodity), Lisa also viewed these matters the same.

I would recommend Reduce for not only the Great rates for investment properties but also the service given, this makes it a smooth, stress free process (as much as possible) from what we have endured with other providers.

Highly recommend Lisa and the Reduce team.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeFixed Rate
Loan Start DateAugust 2020
Loan used forInvestment Property
Chris
ChrisLaunceston, TAS

Very happy customer

published

Reduce Homeloans was recommended to me by a work colleague. I compared interest rates with my bank and theirs. After discovering that I was paying a much higher rate I went back to my bank and asked for a better rate. After being a customer for over 20 years they still could not match the rate Reduce Homeloans was offering me.
I decided to make the switch from one of the big 4 banks and the process could not have been easier.
I was guided throughout the whole process and was continually kept informed of how the application was going.
The only thing I regret is that I didn’t make the switch to them earlier. I highly recommend everyone talk to Reduced Homeloans if you are looking for a new home loan or wanting to switch lenders.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeFixed Rate
Amol
AmolSydney Surrounds, NSW
  • 3 reviews

Very happy customer from 3 years!

published

Started with fresh loan with lowest rate and again dealt with my finance manager Noel for refinance at lowest rate in the market. Flawless experience, great support, great online platform, peace of mind.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeFixed Rate
Loan Start DateNovember 2017
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Other Home Loans

 
 

0.0
(1,234)

Great rates

published

Got a wonderful fixed rate. Happy with the service provided to settlement and with the online banking system. Switched lenders to Reduce to save money. Have achieved that. Thanks Reduce.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
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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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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