Would definitely recommend!
My husband and I recently refinanced with Reduce Home Loans and it was a fantastic process end to end! Bryce was extremely responsive, helped us every step of the way and made what can sometimes be a bit of a stressful time completely smooth sailing. The turnaround was also really quick! Would definitely recommend.
Great customer serice
Very competitive rate.The mortgage broker Dane was very helpful, responsive and made the whole process very easy. The initial contact was through Zoom which assured me it was a fair dinkum company.
Excellent Rate Excellent Customer Service
Really happy with the ease of the application process and the great rapport built up with Jacqueline who stayed in touch throughout. Great rate. Couldn’t be happier. Thank you Reduce
Great value and easy to use website
I refinanced to reduce homeloan from my previous lender. Much better interest rate and great functional website.
Personally really like the ability to pay BPAY directly from the loan account. Makes scheduling bill payments really easy, and means I can keep interest payments down by having my salary going into the loan.
Suggestion for website future development would be the inclusion of two factor authentication for payments to new bank accounts.
Might take a bit of time to assess and gather/ complete the paperwork but was pretty straight forward and easy.
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.
Best interest rates around!
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.
Incredibly Low Rate & Excellent Customer Service
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.
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!
Simple and does what it needs to do
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.
Great customer service and product
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.
Good refinancing experience, saved $1000s
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.
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.
Application process from start to finish was a pleasant experience. Great rates too, BTW! :-D
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.
You will struggle to find a better rate than this
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
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.
Questions & Answers
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?
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?
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.
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.
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.
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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