who are Reduce Home Loans

Discussion in 'Loans & Mortgage Brokers' started by tgan, 6th Jul, 2017.

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  1. Gypsyblood

    Gypsyblood Well-Known Member

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    Wow thats amazing, is it for your PPOR or IP? i am at 4.33 with westpac even at P&I and thats the bank i am switching from! :rolleyes:
     
    Gypsyblood, 14th Jul, 2017
    #21
  2. mikey7

    mikey7 Well-Known Member

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    PPOR at that rate.
    4.15% for all IP splits (4.89% for CBA IP loans)
     
    mikey7, 14th Jul, 2017
    #22
  3. Gypsyblood

    Gypsyblood Well-Known Member

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    That's a great rate for the PPOR, and with big 4! And just IO, well done!
     
    Gypsyblood, 14th Jul, 2017
    #23
  4. Investa

    Investa New Member

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    Hi Gypsyblood
    I am looking at Reduce. The hefty setup fee 1300+ and discharge fee 795 is the worry. Even they charge application for pre-approval. How are your rates going after joining Reduce?
     
    Investa, 8th Mar, 2018
    #24
  5. meme plecko

    meme plecko Well-Known Member

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    sydney
    Late 2015 I got 3.99% investor IO rate with them. Blew up to 4.84%, but recently I've got them to 'reduce' the rate down to 4.19%...
     
    meme plecko, 8th Mar, 2018
    #25
  6. Gypsyblood

    Gypsyblood Well-Known Member

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    So far I’m good, still at the rate I had.

    You might also want to try loans.com.au, I’ve been with them longer since feb 2015 and currently at 3.71 %

     
    Gypsyblood, 9th Mar, 2018
    #26
  7. Gypsyblood

    Gypsyblood Well-Known Member

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    I don’t remember an application fee?
     
    Gypsyblood, 9th Mar, 2018
    #27
  8. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Think about how long you'll keep the loan for. With those fees, you'd want to hold it for ages or the low rate doesn't work out.

    That loan is funded by Mortgage Ezy. I did a comp for a client recently, and once fees and so on were accounted for had an alternative that was substantially better in her situation.
     
    Jess Peletier, 9th Mar, 2018
    #28
  9. jyeung80

    jyeung80 Well-Known Member

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    The application fee gets refunded if the loan is >$500K. There is a non-refundable funders fee though but it's only $150.
     
    jyeung80, 10th Mar, 2018
    #29
  10. Gypsyblood

    Gypsyblood Well-Known Member

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    My loan is 330k, don’t remember any fee I refinanced in aug 2017, will double check my documents
     
    Gypsyblood, 10th Mar, 2018
    #30
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