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Reduce Home Loans

Reduce Home Loans (page 3 of 3)

4.2 from 991 reviews · View Statistics
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Reviews

4.2
69 reviews
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Simon
SimonGreater Melbourne (Inner), VIC

Great rate with full offset and good service.

published

Customer service was good, a little complicated and disorganised at times.
No unexpected setup costs, great rate. Exit fees are a little high, though, which is only a problem if you’re leaving and give them the rate (and 10% offset) that’s unlikely.
The loan application and approval process could have been smoother, but worth working through for the rate, though!

Sam H
Sam H
  • 2 reviews

Decent service given the low rate

published

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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.

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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

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.

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Peter A
Peter ASouth East Queensland, QLD

Very helpful staff. I found a very good solution to my request. Happy outcome.

published

Customer service was very good. I found a very competitive solution to my enquiry. Interestingly enough, it is still one of the best in the market after a year and a half. I would recommend.

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.

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.

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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.

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Page 3 of 3

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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