Reduce Home Loans Questions & Answers

I was told it will be passed on straight away.

Their rates have been slashed only for new customers, not existing ones. I emailed their customer service team & got the response that they cannot confirm yet & are still coordinating with the funder. Dunno how much longer that's going to take.

I’m sure if rates were going up they would pass on the rate increase immediately! I wasn’t aware that ‘variable’ rate product meant it can go up but not down!
Given I have the exact same product as the one they are advertising as 2.44% online, how can it be ethical that they charge us a different price??

20th April

They were slower than the majority last rate cut too!

The last rate cut was not passed on in full. I have not received a rate cut from the March RBA cut yet.

did they finally pass the rate cut to you ?

Yes, the rates are amazing. 3.19 for investment loan

I think it is part of their duty of care to mention that so the process is transparent. Almost every interaction Ive had with big and small banks and any sort or realestate settlements usually mentions this. Pretty standard, nothing to fear.

Thanks Kit, much appreciated. If you don't mind me asking, did you speak to a Solicitor? We're wondering if we can trust perpetual without seeing a solicitor.

Totally understand that it's a personal choice, just wondering if people take the risk.

Hi Jim,
We did receive the $250 refund at settlement. I’m not sure how much you are borrowing but a lot of the fees don’t apply if you borrow over a certain amount.

As you are borrowing only 30% of the value of your property, it may not have reached the threshold where most of the fees are waived.

Regarding them needing a valuation. Yes we did find them very thorough with their checks. I guess it’s because everything is done online with no face to face contact. Also with these low margin loans, they want to make absolutely sure it’s low risk.

We did find the process a bit of a drawn out drag but in the end it was worth it for us. Some of these issues are the price we pay for to get these low rates.

Good luck

They forgot to refund our fee but did so when reminded them.

In the beginning the salesman stated to us that if an interest rate cut were to occur that we would receive the full entitlement. When we signed up it was 3.44% and we've just been told that it will reduce to 3.24% but not until the end of July. There was no good reason given to us why we were not able to get the full interest rate cut. Existing customers don't get the new rates offered - it seems it is at the lenders discretion as to how much of a cut is passed on to the customer. Hope this helps you.

We signed up one year ago. Currently on 3.39%, so 0.3% higher than what is advertised (not taking into account early July rate cut). Not particularly happy with the obvious focus on new customers as opposed to existing.

Same as P. Abbott.

Mezy called me today and said it is only going to be 0.2% decrease through Adelaide Bank

Is it managed by Mezy? We are with a different broker but the loan is managed by Mezy.

I just heard yesterday I am getting an additional decrease to 3.66%.... mine is managed by Mezy, but the lender is Adelaide Bank apparently

No nasty surprises. They rely on customer satisfaction for future business. Most customers changed from another financier to them and they know that can happen again if they don’t keep customers happy.

Ahh not really Paul. Signed up with them about a year ago 2 weeks after they put the rates up .20% while still advertising the lower rate. Now 2 weeks since rba dropped the cash rate no word of any corresponding rate cut from them. They're your best mates when you're new business but afterwards they don't want to know you. Gary the broker is a next level fair weather friend also. Tried to discuss the broken promises but never returns emails or calls. You'll have a better chance getting an audience with the Queen. Avoid!

Ohh really.

All good they gave us final approval 3 hour just before the end of the end of our cooling off period. Thank you guys finally i can sleep again. Keep up the hard work in particular like our aproval before the easter holidays

Craig, this is a very good question. I wish Reduce Home Loans/Mortgage Ezy would answer it, as I have recently put a large amount of my hard-earned money into my offset account with them.

probably not https://www.fcs.gov.au/which-adis-are-covered

If it is the Gary that I am thinking of, you may wish to go to the Financial Ombudsman after all. I would also suggest that you view the responses in this section and see if his name appears on any other section.

Lol kumar you cant seriously expect a low rate from a small lender and expect to not pay a fee to refinance your property (two properties). If you didnt want to pay the up front fee you should of just go to one of the big four banks. You would of been eligble to avoid up front fees but would reveive a higher interest rate which would in the long term been a lot less financially beneficial for you. I don't work for this company but thought i might make the situation a little clearer for you because I can understand why the process is at a stand still if your refusing to pay the up front cost. As a law student i know your complaint to the obmussan would be thrown out instantly.

Lol lol lol lol lol lol lol lol lol lol lol lol lol lol lol lol lol lol lol