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Reduce Home Loans Home loan reviews

Overall rating
8.0/10
Price
9.3/10
Features
7.3/10
Customer service
7.7/10
Convenience
8.5/10
Trust
6.9/10
Based on 7 reviews as rated by the Mozo community.

Recent Reduce Home Loans home loan reviews

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  • Reduce Home Loans Low Rider Home Loan (LVR<75%, Owner Occupier, Principal & Interest) review

    Overall rating   0 / 10
    Applied for variable loan, got fixed. Do not trust

    Summary: applied for variable rate loan, got signed up to fixed rate loan without telling me. I applied to Reduce Home Loans for a variable loan to refinance my existing one. Their website indicates the loan is variable rate. I did not indicate verbally or in writing that I wanted a fixed rate loan. Neither the mortgage broker or any other person I communicated with gave any indication that the loan would be fixed. My assumption is if I applied for a loan advertised as variable rate (and only variable rate), I would be receiving a variable rate loan. Near to completion of the process, the prevailing interest rate had already dropped. Early March, I contacted and asked a nameless customer service person if the loan would commence at the new lower rate. I was assured over the phone that the lower rate would kick in on the 27th March. I checked shortly after that date and to my surprise the lower rate had not kicked in and on closer investigation of the loan account details at the Adelaide Bank website, I was shocked to find the interest rate marked as 'fixed'. I contacted the mortgage broker, who after some time got back to me that I had 'signed off' on a fixed rate loan because the conditional loan approval document said it was fixed. I went over this document and it does not indicate fixed, all it says is the name of the Adelaide Bank loan product that was being used for the loan was called "Home Owners Dream 3 Yr Fixed Fee Free 80." I took no notice of that, why would I? The name of their loan product means nothing to me - maybe it means there are no fees for the first 3 years? So without a direct word verbally or on paper, they have slipped this 3 year fixed rate past me in the guise of loan product name, for a mortgage product clearly and only identified as a variable rate loan. I can only guess at the motivations of the individual broker and/or company he works for, in doing this. I am livid.

    Customer service
    3 / 10
    Trust
    0 / 10
    Less
    Steven, Victoria, reviewed 5 months ago
  • Reduce Home Loans Rate Slasher Variable Home Loan (LVR 80-90%) review

    Overall rating   8 / 10
    Competitve interest rates and value for money

    First time using a non-bank lender. Was relatively smooth transition but did take longer than I had expected. A lot of emails so you need to stay on top of your application, but the communication between myself and case manager was clear and consistent. One of the best on-going interest rates so can't complain. Keep in mind that your offset account isn't a "true" offset (ie: in a financial crisis they could pool that money directly into your home loan account).

    Price
    9 / 10
    Features
    2 / 10
    Customer service
    8 / 10
    Convenience
    6 / 10
    Trust
    5 / 10
    Less
    Theodore, Western Australia, reviewed 7 months ago
  • Reduce Home Loans Home Loan review

    Overall rating   10 / 10
    Happy Camper

    Refinanced and was a bit sceptical at 1st as it was the first time I had dealt with a non bank, let alone online so I checked them out on various Review sites and to my surprise found the were rates 5 stars by Canstar which my Bank wasn't. I am happy to say dealing with Reduce was leagues above my Bank who have known me for over 15 years and they have the lowest 'genuine' rate by a Country mile.

    Price
    10 / 10
    Features
    8 / 10
    Customer service
    7 / 10
    Convenience
    8 / 10
    Trust
    7 / 10
    Less
    Pete, New South Wales, reviewed over 4 years ago
  • Reduce Home Loans Home Loan review

    Overall rating   10 / 10
    Reduced home loans reduced my rate!

    I received a great rate and great service from Reduced HL. Compare if you like, but you won't get service like this from the big banks! I got a great rate on a fixed term & they're only a phone call away if I have any questions. 10/10.

    Price
    10 / 10
    Features
    10 / 10
    Customer service
    10 / 10
    Convenience
    10 / 10
    Trust
    10 / 10
    Less
    Christopher, New South Wales, reviewed about 5 years ago
  • Reduce Home Loans Home Loan review

    Overall rating   10 / 10
    Very helpful and such a great interest rate.

    I just got my loan through Reduce and I can say I would happily recommend them to anybody, Rhyse was very knowledgeable and helped guide me through everything. Thank you.

    Price
    10 / 10
    Features
    8 / 10
    Customer service
    10 / 10
    Convenience
    9 / 10
    Trust
    8 / 10
    Less
    Jess, Queensland, reviewed about 5 years ago
  • Reduce Home Loans Home Loan review

    Overall rating   10 / 10
    True to name reducing my rate and the red tape!

    Awesome service, great rate, free ATM transactions and no interest Visa even for cash advances had me laughing all the way away from the Bank!

    Price
    10 / 10
    Features
    9 / 10
    Customer service
    9 / 10
    Convenience
    10 / 10
    Trust
    10 / 10
    Less
    Edward, Queensland, reviewed over 5 years ago
  • Reduce Home Loans Home Owners Dream Fixed 90% (Owner Occupier) review

    Overall rating   8 / 10
    Best when compared to rest

    Good, reliable .

    Price
    7 / 10
    Features
    7 / 10
    Customer service
    7 / 10
    Convenience
    8 / 10
    Trust
    8 / 10
    Less
    Pramatha, Victoria, reviewed over 5 years ago
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    Home loan comparisons on Mozo - rates updated daily

    • Smart Booster Home Loan

      interest rate
      1.99% p.a.variable for 12 months and then 2.48% p.a. variable
      comparison rate
      2.47% p.a.

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    • Celebrate Variable Home Loan

      interest rate
      2.19% p.a. variable
      comparison rate
      2.19% p.a.

      Promoted
    • UHomeLoan - Discount Offer

      interest rate
      2.34% p.a. variableApply now to get this rate from 29 Nov
      comparison rate
      2.34% p.a.Apply now to get this rate from 29 Nov

      Promoted
    • Fixed Home Loan Special Offer Home Package Plus

      interest rate
      1.89% p.a.
      fixed 2 years
      comparison rate
      2.94% p.a.

      Promoted
    • Discount Fixed Rate

      interest rate
      1.99% p.a.
      fixed 4 years
      comparison rate
      2.90% p.a.

      Promoted

    WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

    Want more? Compare all 541 home loans in the Mozo comparison engine.

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    Mozo gives you the inside story on the best banking, energy and insurance products as rated by thousands of real customers around Australia. We don't make subjective judgments, nor do advertisers influence our ratings. Although our reviews may be moderated to improve quality standards, they are moderated independently of any of Mozo’s commercial relationships.