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Reduce Home Loans

Reduce Home Loans

4.2 from 959 reviews · View Statistics

Reviews

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Vikram Kachiya

Vikram KachiyaGreater Melbourne (Outer), VIC

Great refinancing experience

published

I refinanced my home loan with Reduce home loans and I am very happy with their great customer service and fast process. It took only couple of days to finalizing loan.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
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Brett Packham

Brett PackhamHunter Region, NSW

Great customer service and product

published

Bryce was understanding and helpful with all aspects of the loan process. I would highly recommend reduce home loans to anyone refinancing their loan as their loan was very competitive.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateDecember 2020
Loan used forRefinancing
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Justin W.

Justin W.Sydney, NSW

  • Verified

Good refinancing experience, saved $1000s

published

We refinanced with Reduce Loans earlier this year, so I've now been using their services for a couple of months. It is a no-frills service, but it does what the name says - reduces your interest rate so that you can pay more principal off your loan, and thereby reduce everything about your loan - the monthly interest, the total amount you pay and the time you take to pay it off. We will save over $4000 in the first year alone (even after factoring in the cost of the re-finance). Do it. Its a no-brainer and well worth the effort. Leon was great and very helpful, even though I have some non-standard income, they were still able to get it through.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJanuary 2021
Loan used forRefinancing
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Easy refinance

published

Consultants were helpful and friendly. Application process was simple actually, I expected it to take much longer than it did. No hidden or unexpected costs
First time I have tried a non-bank lender and has it been a possitive experience.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
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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
Customer Service
Loan TypeVariable Rate
Loan used forFirst Home
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Betty

BettyGreater Melbourne (Metropolitan), VIC

Great service

published

Great service ans information provided in a timely manner during the process. We got good communication about how the application was progressing and had no issues to obtain the loan

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateFebruary 2021
Loan used forSecond Home
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ian8h

ian8hSouth East Queensland, QLD

  • 2 reviews

No fuss

published

Quite helpful staff, phones answered quickly (no frustratingly long queues), good communication. Gary Stimpson is fantastic, simplifying the whole application and set-up process. Turnaround times are the fastest of any financial institution I ever dealt with.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateFebruary 2021
Loan used forRefinancing
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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
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateApril 2021
Loan used forFirst Home
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Roman

RomanMelbourne

  • 2 reviews
  • Verified

Application process from start to finish was a pleasant experience. Great rates too, BTW! :-D

published

Lisa was our agent from Reduce Home Loans: she was always on the top of our application, following up, checking if all documents are up to date and lodged on time, always coming back within a few hours of asking any question via email - calling back actually! I always felt I was dealing with a professional team Lisa was a face of, and that our application was in good hands. The process was quite smooth and painless, and did not take too much time. And I was also pleased with the options presented, such as for instance the "no fees" one, at the cost of a 0.1% loan, which was also a nice touch.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateJanuary 2021
Loan used forRefinancing
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Great service and great rates

published

Seamless application process with great rates and quick responses to questions. I was a bit nervous trying something other than the mainstream lenders, however, I have been very impressed with the service that I have received this far.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
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Adam M.

Adam M.Greater Melbourne (Metropolitan), VIC

You will struggle to find a better rate than this

published

Cheapest variable rate on offer if you don't need / want a fully featured home loan. Some upfront fees but better off in the long run compared to loans with a package fee

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

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Great value, professional service.

published

We took out a construction loan with Reduce home loans to build a new home for our family. We found Gary to be friendly, professional and very responsive. Great value service

Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateJanuary 2021
Loan used forHome Construction
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Matthew K.

Matthew K.South East Queensland, QLD

Very helpful staff and low rates

published

This is our second loan though reduce. Just like last time the service was personal and helpful.
They gave us a number of great products to choose from.
The approval process was quick and easy, even in a time when the banks are all very busy.

Application Process
Loan TypeVariable Rate
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Jodi

Jodi Greater Melbourne (Outer), VIC

great rate!

published

We went with Reduce home loans recently because they had a fantastic rate that couldn't be beaten! Customer service is good. So far we are really satisfied with our loan.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateFebruary 2021
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

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Reduce Home Loans - Excellent Experience

published

We used Reduce Home Loans to fund construction of our forever home and had the pleasure of working with Lisa as our Finance Manager. Our experience was very smooth and Lisa went above and beyond to have everything in place and all the information we needed. To the extent that Lisa was updating our documentation late afternoon on Christmas Eve and New Years Eve, which was greatly appreciated. We recommend engaging Reduce Home Loans to discuss your financing needs.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateFebruary 2021
Loan used forHome Construction
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Home loan rate excellent and great customer service

published

We settled a loan recently with the reduce home loan team and the experience was overall very good. Customer service was prompt in responding to queries and very helpful. With an excellent rate for the loan to top it off. Thanks again to the home loan team

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

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
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateFebruary 2020
Loan used forInvestment Property
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The reviewer stated that an incentive was offered for this review

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LC Lu

LC LuSouth East Queensland, QLD

Good choice for refinance

published

We recently settled on Rate Cutter Home Loan. Customer service was professional and responsive. Nick Freney the personal finance manager and his team monitored our refinance application to ensure smooth transaction. Highly recommend product and service!

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

Kevin

Kevin

  • 2 reviews
  • 1 like

Best interest rate

published

We managed to secure an unbeatable interest rate for our home loan with Reduce Home Loans and we are very happy with this. Overall we are very satisfied with the value and responsiveness of them, specifically with the allocated finance manager to our case. He managed our relatively complicated application very efficient and quickly and was able to respond our queries over the sms or email almost immediately. Perhaps for home loans, the low interest rate is the most important factor and for this reason I rate Reduce Home Loans the best in the market for the time being.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateFebruary 2021
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

Page 1 of 21
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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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