The Reduce Process

Guiding your online loan journey

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    Leave your details and one of our Personal Finance Managers will contact you within one business day.

    How home loans happen at Reduce

    Ever wonder what goes on behind the scenes when you’re getting a mortgage? We’re here to guide you.

    Keep on reading to find out the process of applying for a home loan. From your first thought, right through to settlement.

    Did you know how much you could save

    1. You’re thinking about getting a home loan

    We understand at any stage in your life, you can be considering getting a home loan – or refinancing your existing one. It all stems from the thought.

    No matter what stage you’re at, Reduce has the tips and personalised advice you need.

    Give our Personal Finance Managers a call on 1300 REDUCE (733 823). We’ll happily answer any of your lending questions. Alternatively, you can visit our FAQs for easy to answer questions.

    2. You’re weighing your options

    There are over a hundred lenders across Australia. Reduce operates nationally so you know you can get a low-rate loan, wherever you’re from.

    Compare us on Australia’s leading financial comparison sites such as Rate City, Canstar, Finder, and Mozo to find out how much you could save by choosing Reduce Home Loans over the Big Banks!

    You can also compare our different home loan products directly to find a loan that suits your needs.

    3. You’ve made your decision and are ready to apply… great!

    This is the biggest step for any home loan application. You can apply for any Reduce loan by visiting our home loan pages and choosing the product that’s right for you, or give us a call on 1300 REDUCE (733 823) and chat to one of our accredited Personal Finance Managers if you’re not sure. We don’t bite, promise.

    By calling us directly, your Personal Finance Manager will provide advise, complete a servicability check, answer any lending questions and send you the forms you need to complete and send back to us.

    Loan application form

    4. Application forms returned

    It’s an easy digital process applying with Reduce. You’ll get your own digital portal to communicate, receive and send all your necessary docs.

    Once your Personal Finance Manager has received all the paperwork needed, we submit it to Credit Approval Officers to be Conditionally Approved.

    If Credit requires any further details, your Personal Finance Manager will let you know immediately.


    Typically, documents required to secure a home loan include: 

    • Identification
    • Payslips & proof of sustainable income
    • Assets and Liabilities
    • Miscellaneous documents – may apply depending on your own circumstances. Call our Finance Managers to find out what’s required in your situation.

    5. Conditional Approval

    Great, the first step toward home loan approval is done. With your loan Conditionally Approved, it gives you an idea how much the funder is willing to lend you. According to your application papers, you’ve proven to the funder you can service the loan amount you applied for once it settles.

    There may be some further documentation you will need to complete, in order to achieve Formal Approval. Your Personal Finance Manager will contact you at every stage to collect required information and answer any questions you may have.

    Valuation for your home is also booked at this stage.

    6. Valuation of your home

    A valuation company representative will contact you after Conditional Approval. They will provide a valuation of your home you are looking to buy or refinance. This is a more accurate pricing guide of your home, as opposed to looking at local and suburb trending data on real estate websites.

    The valuation representative will inspect the property and report back to the lender and your Personal Finance Manager.

    Things to consider when applying

    7. You’re Formally Approved!

    Your loan application has been Formally Approved by the funder, congratulations! This means the funder has accepted your property purchase as an acceptable security for the loan amount and terms you have requested.

    You will need to provide your Personal Finance Manager with purchase documents from the Real Estate and agree on a settlement date.

    Many lenders offer different waiting periods between Formal Approval and Settlement. It can take between 6 weeks to 3 months to settle a loan.

    8. Settlement of your loan

    Finally, the long haul is over. When reaching Settlement date, all parties (buyer, seller, realtor and lender) sign the purchase or property transfer documents. You receive the loan funds, the keys and the property is in your name.

    If you refinanced, sit back and enjoy your better rate! The savings will amaze you!

    Find the Cheapest Home Loan that’s right for you

    No matter what stage of the home loan journey you’re at, we’re here to help you find a great rate across variable, fixed or a mix of both.

    Our home loan range also offer great features and flexibility, so you can apply with confidence.

    Crunch the Numbers

    We’ve got a number of home loan and finance calculators available for you to easily crunch those hefty numbers. Give it a try!



    Compare rates, features and fees across all our home loans in this easy table.