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Reduce Home Loans: Variable Owner Occupied P&I 2.89% (2.89%CR)

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Reduce Home Loans: Variable Owner Occupied P&I 2.89% (2.89%CR)
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moar bargains on 02/07/2019 - 16:42 reduceloans.com.au (690 clicks)
Last edited 02/07/2019 - 16:44

After the RBA reduced rates again, Reduce Home loans has followed suit and dropped their rates. The Low Rider home loan is now available from 2.89% p.a. variable (2.89% Comparison rate), or 2.94% p.a. with offset account.

Features include:

  • Up to 80% LVR
  • Full redraw facility
  • 100% Offset available

See link for full details. Note that it has a $440 application fee, so it may be better to look at their Rate Lovers loan, which has no application fee, but base rate of 2.97% (3.02% with offset account).

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closed Comments

  • macrocephalic on 02/07/2019 - 16:51
    +12

    They're "ok", but their discharge fees are exorbitant, and they don't pass the savings on to existing customers. Once they've got you locked in they'll slowly increase your rates until they're no more competitive than the big lenders.

    I'm with them, but only because it's not worth changing now that the mortgage is mostly paid off. If I had my time over again I'd just go with loans.com.au or something.

    • bhunter101 on 02/07/2019 - 17:10
      +1

      What do you think of Athena home loans? Ever dealt with them?

      • dcep on 02/07/2019 - 17:30
        +3

        they have no back book pricing policy

        so, advertised rates = existing customer rates

    • ufoninja on 02/07/2019 - 18:37
      +2

      Was with loans.com.au and they put up their rate for existing customers. Left them for homestar who have been tardy in passing on the recent rate cut.

      • john_conner on 03/07/2019 - 08:35

        Similar experience with loans.com.au. Any good rates are “for new customers only” and frequent product changes mean rates changes are applied unevenly (eg out of cycle rises)

      • kasp on 03/07/2019 - 14:13

        Yep same experience here. They were the cheapest at the time but are now almost a percent behind other places such as reduce.

    • moar bargains on 02/07/2019 - 18:39

      Interesting to hear that, thanks for the feedback.

    • motlking on 02/07/2019 - 19:53

      How often do these guys increase the rate on average?

  • marcnunes on 02/07/2019 - 18:22
    +4

    I am with these mobs. My rates are still 3.59%
    They give you lower rates to attract you and then they increase.
    They did say they will decrease my rates 0.25% but after one month. So hopefully they will decide to decrease another 0.25% due today's change.

  • GangGang on 02/07/2019 - 18:51

    I called and spoke to them a few weeks ago. They never got back to me.

  • prax21 on 02/07/2019 - 20:09
    +1

    Does anyone have good experience with any lenders who offer good rate and does not increase later..Thanks ?

    • macrocephalic on 05/07/2019 - 14:22
      +1

      I think they all do it. Make sure you go with a lender with cheap exit fees, so when they stop being competitive you can ditch them for someone better. Reduce have high exit fees.

  • HenryGalilei on 02/07/2019 - 20:39

    Has anyone got good/bad experience with Bendigo home loan?

    • OldBugger on 02/07/2019 - 20:55
      +1

      Why you ask? Seen a good rate?

      I'm nearly finished my refinance to tictoc who are backed by Bendigo and Adelaide bank.

      • HenryGalilei on 03/07/2019 - 12:23

        Correct, they are offering 3.65% for investment property ( will be 3.45) by the end of month- it will be even lower since RBA just did another cut. So it should be lower for home owner occupied.
        The reason i asked is that i saw many neg comments about bendigo bank as they will raise the rate later on.

      • HenryGalilei on 03/07/2019 - 12:24

        Also, they waved most of the fees even account keeping fee

    • mikmac on 02/07/2019 - 21:06

      Good honest customer service but not all that competitive with loan rates. They did drop my rate on two occasions when I mentioned the competition but eventually couldn't drop to my current rate.

      • HenryGalilei on 03/07/2019 - 12:24

        What was the reason why they didnt drop your rate?

        • mikmac on 03/07/2019 - 12:43

          They couldn't match my current 3.59

  • spring89 on 02/07/2019 - 22:30

    I thought most discharge fees were the same. Looking for new home loan shortly so will make note of that thanks

    • macrocephalic on 05/07/2019 - 14:24

      For banks they generally are, but Reduce are a non bank lender and I think that allows them to bypass the rules, either that or they're just doing it illegally and relying on not being called out.

      You need to be able to churn, because it seems that all lenders stop caring about you once you get locked in.

  • CharityCase on 03/07/2019 - 00:51
    +5

    Note they have Application Fee $440 + Third Party Valuation Fee $250 + Third Party Legal Fees $330 + Settlement Fee $150.

    That's already $1179

  • Gerry H on 03/07/2019 - 14:09
    +1

    heard this mob are brokers and they pass ur loan to mortgage ezy

  • jcisecki on 05/07/2019 - 10:04

    Interesting article from the barefoot investor about reduce home loans stating:“Reduce Home Loans, by the way, is actually a white-labelled (rebadged) loan from the Bendigo Bank.

    “Let’s spare a thought for Bendigo’s head of marketing, who just spat out his morning coffee at having this revealed in the paper.”

    https://www.google.com/amp/s/au.finance.yahoo.com/amphtml/ne…

    • macrocephalic on 05/07/2019 - 14:25

      It depends. For me, they're a white label rebrand of Mortgage Ezy, and MEzy are doing their banking through ANZ (my account has an ANZ BSB).

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