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Reduce Home Loans

Reduce Home Loans

4.2 from 950 reviews · View Statistics

Reviews

4.3

6 reviews
2
(0)
1
(0)
  • Transparency
    5.0 (1)
  • Customer Service
    5.0 (2)
  • Loan TypeFixed Rate, Variable Rate and Split (3)
  • Application Process
    5.0 (3)
  • Timeliness
    4.7 (3)
  • Loan used for
  • Loan Term27.5 years
  • Online Tools
    4.3 (3)
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Minh Tran

Minh TranGreater Melbourne (Outer), VIC

  • 4 reviews
  • 1 like

Home loan with a good rate and with great flexibility, great customer service

published

RHL offers a great rate and flexibility with 100% offsets for both fixed and variable rate loans which is exactly what I am after. Customer service has been great. All communications via email and phone was prompt. Always returning my missed calls. The settlement process has completed smoothly, though it took longer than I initially expected. The total process was 6 weeks in total. My only recommendation would be that RHL should consider implementing an online system as a single point to track the entire application process from start to settlement.

Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeSplit
Loan used forRefinancing
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Mohamed

MohamedVictoria

A Fantastic broker efficient, reliable extremely professional and very experienced. Honest all the way

published

Very honest and experienced . Very professional and knows his products really well. Very helpful and precise . Recommended to others who said the same. The best broker in 21 yrs. Excellent customerservice

Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeSplit
Loan Start DateFebruary 2020
Loan used forRefinancing
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Sandy G.

Sandy G.Sydney, NSW

stunning customer service online.

published

my experience with customer service was great.
No i did not receive any extra cost or other issues with this loan.
I am extremely satisfied and content with the interest rate for my loan.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeSplit
Loan Start DateSeptember 2019
Loan used forRefinancing
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The reviewer stated that an incentive was offered for this review

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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.

2 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?

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.

2 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.

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