Click Loans blames Pepper Money who blames Click Loans
After writing my last review here on ProductReview AND also emailing the office of the Prime Minister & Cabinet about these mongrels, I was phoned then emailed by Pepper Money (through Click Loans) trying to rationalise why they weren’t passing on ANY of the COVID-19 emergency RBA late March 25 basis points rate cut & just 20 of the 25 basis point RBA rate cut announced in early March. I have 12 qualifications including 4 uni quals in business & Pepper thinks I’m stupid enough to believe they aren’t passing on the RBA rate cuts because of high ...overseas borrowing costs. At a time when the entire planet is in recession because of COVID-19??!! What a joke! They hedge funds when the dollar is high. Liar liar liar! Pepper CEO & board directors, you are the scum of the Earth ripping off people at a time of global economic collapse when everyone has lost their job or is about to lose their job. Anyone getting a loan through you should just point a gun at their head so you can pull the trigger then sell their gun on eBay after first rifling through their pockets for loose change, taking their grandmother’s engagement ring and $2 shop bangles. You are the shame of Australia. You seek higher profits at a time when people are on their knees. And now everyone knows how you operate. If you’re reading this review, do not take out a loan with Pepper Money or Click Loans who they are partnered with.
Have not passed on the RBA Interest Rate Cut on 3rd March 2020
Click Loans have not passed on the RBA interest rate cut on 3rd March 2020 of 0.25% which is appalling given they have also increased my variable rate out of cycle with the RBA. Don't touch this lender with a barge pole. They are Capital "D" dodgy.
No internet security features
I am refinancing due to security concerns.
I got this loan through a mortgage broker who helped me finance to a better interest rate with clickloans.
However I am very concerned about the lack of internet security - no two factor authentication, a single password that is 6 numbers long as well as username being another string of digits. This wouldn't take long to crack for someone who knew what they were doing. Since getting the loan I haven't been able to use the offset at all - why would I put my savings somewhere that could be so easily ha...
- Verified customer
Excellent all round loan
Have used Click for a Basic Home Loan, and later an Offset loan. Interest rate cuts are usually passed on and customer service is quick (usually less than 2 mins hold to get through). Bear in mind that Click Loans are a white label - my actual bank is Macquarie.
My only criticisms are some restrictions with the functionality, i.e. no pay id, can't change daily limit without a phone call, etc. If you wanted to add a second offset, you cannot without a refinance. However, these things aren't really important to me, so I can overlook them.
All in all, no fuss and good service
Online banking platform has ZERO security features
If I'd know how bad the online banking platform is with Click loans, I would not have gone ahead with the loan.
There is no security text msg or email to confirm payment made from your accont or was made. Nothing. If you have money in a offset account it makes you extremely vulnerable to hackers. Poor security service. every bank provides extra levels of security when making payments. This company don't care if your account gets hacked into. All you've got is a two lot of numbers and you've accessed someone's account. Click loans - fix this as a priority please.
With a little help from a friend
Samantha Tannous helped me when nobody else could. I had been searching for a loan for 6 months from banks and brokers, with no luck. Then Samantha came to my rescue. She helped me through the process when I was struggling to get my information together. I couldn't have done it without her.
Seamless process and brilliant support
Lester provided my wife and I outstanding support and advice during the process. We are repeat customers and will definitely continue to use his services. He focused on getting the best outcome for us, and helped us save a pretty penny. Massive thanks to Lester and the click team for making the process as easy and stress free as possible.
Excellent Service & Support
Lester gave me exceptional support and advice during my interactions with him! I felt like he geniunely cared about getting the best outcome for me and the house I was wanting to buy! Its rare to find service like that these days and the big banks could learn a thing or two as to why people prefer working with Brokers like Lester!
Great customer service and quick
Lester was a great broker to deal with recommend him 5 stars click loans give you options with the loans and also quick loan process I would give 5 stars
Home Loan Applic Review
I had great customer service from Ted Vo, Biana and Tori. They are a great team.
Finalisation of loan documents is a headache. However Tori has been in constant contact with me and chasing them up.
The interest rate was a bit high - however our loan was complicated and low doc.
Very happy with the help and performance of click loans.
More interest rate rises
I have two loans outstanding with Click / Pepper - an owner occupied loan and an investment loan. I took out both loans in early 2018 at rates of 3.99% and 4.14%, which were good rates at the time. Both rates, however, increased to 4.17% and 4.32% in July 2018 and now I have just been notified that both rates have increased again to 4.34% and 4.49% from 22 March.
The wording in the latest letter advising of the rate increases is exactly the same as the one I received last year. It reads "As you may have seen in recent media, many Australian l...enders have increased interest rates in response to market conditions. Regrettably, we are not immune to the market. Whilst the decision was not taken lightly, the interest rate applying to your loan will increase from 22 March 2019." I have not noticed any recent rate rises in the media. There is talk that the RBA may decrease the official cash rate later in the year. I am now looking elsewhere for a better deal.
Started off good.....then the rate rises kept coming
Click Loans work with other lending institutions. My investment home loan ended up being financed by Pepper Money. I started with a good rate of 3.89 in July 2017 but then rose to 4.07% in July 2018. I now (March 2019) received a letter saying that the rate will be going up to 4.24% in 4 days' time. The letter was worded with the EXACT same wording as the previous rate rise letter - "As you may have seen in recent media, many Australian lenders have increased interest rates in response to market conditions. Regrettably, we are not immune t...o the market. Whilst the decision was not taken lightly, the interest rate applying to your loan will increase from 22 March 2019." These were the exact same words as the previous rate rise letter. No, I have not noted any recent rate rises in the media - nor had I prior to the first rate rise. I'm now looking for a better deal. Reduce home loans looks like it has the best investment home loan deal at the moment at 3.79% with a $10 monthly offset account fee but no upfront fees. If anyone can better that for a $275,000 loan on a house worth around $650,000 feel free to get in contact with me.
Refinanced less a year ago 3.64% had rise soon after now have had another rise to 3.76%. Discussed issue and reply was unconvincing as to why increased in current marketplace
Our second loan with this group has been a nightmare from start to finish but we had no time to change to another company.
Months of back and forth to establish the loan and now twice have had a interest rise with NO notice...just tell us after they have upped our interest rate.
Stay far far away from them.
Above and beyond
We recently refinanced with click loans in order to support a new home loan as well. The re finance was easy and straight forward . No problems. Fees fine and allowed us to cash some funds towards our new home . Follow up and induction with Macquarie not as great but as soon as I mentioned this I received a call from my broker, Lester. In terms of the home loan our broker Lester went above and beyond to try and support us through that process and it was a lengthy and stressful process . Being a sole trader , the homeloan process was a bit ad ho...c and invasive with a lot of confusion about how the bank applies the new royal commission rules. This was very frustrating and difficult considering we had our 20% plus costs and were after a very small homeloan . Click loans were great through this process, macquaire not so much. We were also told no fees and will be following this up with click loans as upon settlement for our home loan we were hit with quite high fees from macquaire we weren't expecting. Lastly,the conveyancers for macquaire were slow to advise figures and loan amount and so settlement was also more stressful than it needed to be. Mathu, our settlement officer was very responsive and helpful but again the Macquarie side made things difficult. Overall I think the click loans service is very good as we had few options with us earning some income through abn but I feel Macquarie is taking advantage of that and their service is very low touch meaning the loan service through them may be less helpful than a big bank. We will see.
- Verified customer
Hoodwinked with Fees!
So disappointed, that the company I had trusted for a number of years could treat me like this.
I recently contacted Clickloans to enquire about obtaining an extra amount through my home loan. After asking about the fees involved, I agreed to re-finance, adding another loan and moving over to Macquarie, for a better rate.
Once the settlement had been finalised, to my dismay – the fees charged were more than double what had been given to me in an email! I was quoted $613, but actually got charged $1350. The fees also included an erron...eous amount taken from the settlement statement with no reference or description at all. To make matters worse, all inquires have gone unanswered. How can I possibly recommend Clickloans when they brazenly deceive about fees?
- Verified customer
It always starts out great, then the rate rises quickly follow
In less than 2 years, my 3.89% P&I home loan has risen to 4.47%. I'm still in the very drawn out process of trying to get a rate review, but all indications are they will be trying to sell me another refinance. Trying to talk directly with the lender gets you referred back to Click Loans, who start you straight back down the refinance path. I took out the initial loan with them, refinanced after 12 months to get a better rate, followed by multiple rate rises, meanwhile, they advertise even lower interest rates on their website, currently cla...iming 3.7%. I would suggest extreme caution when dealing with Click Loans, I've kept a close eye on Westpac interest rate rises over the same period, during which rates were reduced by 0.08% in June 2017 and increased 0.14% August 2018, completely eliminating any advantage of going through Click Loans. Just based on my most recent experience, they would need to be well over 0.5% cheaper on the initial rate to match what the big banks are offering over the long term. 8 years with Westpac before this and I didn't see anywhere near that sort of rate rise. Currently I'm about 2 weeks into trying to speak to someone about a rate review, rather than going through another refinance, it seems everyone is too busy to talk about anything buy a refinance.
- Verified customer
Great Team, Great product- Refinanced easily...
The Click Home Loan team has been very helpful especially Ted and Mathu who have processed my consolidation / refinance very quick and thorough. They’ve been in contact with me in every step of the way till the loan was settled. Highly recommend Ted as he has been very helpful throughout the process. Thanks for the support and I know I will be with this company for a long time for my mortgage. Keep up the good work Click Team. I highly recommend these guys for anyone who wants hassle free service.
April 4th 2019 Update: Rate rise within 6 mont...hs... I got a Click Home Loans/Pepper - an owner occupied loan. I took this loan around October 2018 at rates of 3.99%. This final rate also not the rate at the starting of negotiation time and it was around 3.79%. Somehow current loan was settled to 3.99% now I have just been notified that rates has increased to 4.16%, 22nd March 2019, just within 6 months. The recent letter I got says "As you may have seen in recent media, many Australian lenders have increased interest rates in response to market conditions. Regrettably, we are not immune to the market. Whilst the decision was not taken lightly, the interest rate applying to your loan will increase from 22 March 2019."As I am always in touch with the market news and I have not noticed and rate rise news in media recently and in fact there are talks that RBA may decrease the official cash rate. Now this incident influenced me to look elsewhere.
Questions & Answers
What atms can be used for withdrawing cash with the clickloans debit card for free? I dont like getting ripped off $2.50 or more each time i want to get access to my own money
Can you please explain why my loan that I refinanced in Feb 18 with a rate of 3.64 has now increased to 3.7 some 5 months later when I see you are still offering 3.64 for new refinances? Not happy
Relationship manager -Click Loans
Hi Jessica, Thank you for reaching out. As you are aware here at Click Loans we always strive to do what is best for our customers, in this instance one of our funders have increased their rates and unfortunately this has impacted you. This has also impacted new customers, with our current rate for owner occupiers paying principal and interest up to 70% LVR being 3.70%. We would like to look into this further for you and see what we can do to help, could you please email us via email@example.com. Thank you.
How long does it take to be approved? I have been told I have been condtionally approved for the past week but heard nothing since. I am refinancing and only increasing my loan by 30,000. I am transferring to you from another bank
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.