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Reduce Home Loans

Reduce Home Loans (page 2 of 2)

4.2 from 959 reviews · View Statistics

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GOB

GOB

  • 2 reviews
  • 1 like
  • Verified

Good Rates

published

Reduce Home Loans have some excellent advertised rates. I found the process of securing a loan to be good. However it can be quite a process. In saying that, both written and telephone responses to any questions is quite good in regards to timeliness.

Transparency
Customer Service
Loan TypeFixed Rate
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Sonika

SonikaFar North Queensland, QLD

Awesome!

published

Great interest rate and low fees!! Highly recommend this institution to anyone. My previous rate with a different bank was over 6%. Now it's only 3.39%. Saving so much $$$. Best move I've ever made.

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

K Lacey

K LaceySydney, NSW

  • 3 reviews
  • 1 like

The team from Reduce were very helpful in making sure everything went to plan.

published

Applying for a mortgage can be a bit of an ordeal, but the team at Reduce made sure I had all my ducks in a row before sending on to the lenders.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeFixed Rate
Loan Start DateAugust 2018
Loan used forRefinancing
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Jack

JackSydney, NSW

Good service great rates

published

Good service excellent rates. I would recommend to all my friends.i have already passed on their details to family and relatives. Much better than any of the big and small banks.

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

Page 2 of 2
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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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