Can only handle plain vanilla loans
As some of the other reviews have suggested, don't rely on homeloans.com.au for anything other than a plain vanilla loan. They can't handle any sort of complexity or complication and apply blanket policies that don't suit the circumstances. Worse they don't know their own policies.
I was told upfront one thing then the contrary weeks later at the 11th hour forcing me to look for another lender in very tight and stressful circumstances.
No flexibility in light of the particular facts - only blanket nonsensical policy.
Ensure you have other options when considering homeloans.com.au
Challenging experience but good outcome achieved!
2 years ago I was sick of the big 4 banks loan offerings & decided to consolidate all my loans & refinance with Homeloans.com.
I now decided to request a top up to my existing loan but Homeloans.com initially refused my loan top up.
my loan LVR sits at 42%,
Adding My top up amount puts me at only 60% LVR
Serviceability of loan is not an issue.
Fantastic customer service. First home loan, all questions answered
From start to finish we had a fantastic customer experience with homeloans.com.au. Once we lodged the application, Hannah contacted me and she continued to be my contact until we got unconditional approval. It was our first time buying a property so we had many questions and she answered them all. She set expectations with regards to timelines and kept us updated throughout the process.
We had a stressful few days after exchanging contracts as the sellers' solicitors played games with the finance clause in the contract, but Hannah calmed me ...
Good rate, mixed customer service.
I applied for my first home loan with both Athena and Homeloans.com.au , this was so I had options if the service was not upto scratch.
Athena lacked any customer care and had very little to no time to assist me, whereas the customer service at homeloans.com.au from Tenille (application) and Jessica (settlement) was great and in line with my expectations. They were understanding and took time to answer the questions I had.
However there were some issues:
1. Multiple different systems used for the application and settlement process (email, hom...
Great customer services experience
I worked with an amazing individual Charlotte. The process was simple and responsive from beginning to end when obtaining our loan and going through the steps as needed.
Considering we were seeking a loan over the Christmas period the speed at which we obtained pre-approval and conditional approval was key in our success in landing this property from the vendors even more so as the others trying to put offers forward had difficulty.
On top of this is was the most competitive loan option for us with access to an offset card which has also been an easy process.
Our experience was great!
All sounds good from reviews I had read. Not the reality.
Tried to refinance from a very high interest rate due to a change in business structure when I was purchasing - I am now full doc as the new entity, no defaults, perfect credit rating.
Apparently our ability to service ($1500 less repayments per month than what we have demonstratively been paying the last year) is not quite there, despite the fact that we are servicing! The online calculator put us easily over the line.
Income off an investment property that has no encumbrance is not considered....part of policy apparently.
My experience thro...
Efficient and simple to deal with!!
Fantastic customer experience from Homeloans.com.au. They understood my needs and went above and beyond to get the job done. Rhowell was always there make sure the process was efficient and simple. Very satisfied with the outcome.
Very good communications, great service and great rate.
Refinanced at a rate of 2.04% for an investment property, amazing but it also has an offset account, brilliant. Could you ask for more for an investment loan.
Charlotte Morgan Lending Specialist, was great to deal with and guided us through the process. There was a fair bit of paperwork involved and a few bumps but easy fixed. Highly recommend Homeloans.
Very disappointing. It seems they have inconsistent or inexperienced loan consultants. I wanted to refinance and at the initial discussion I was told I cannot service my loan. I accept that there are variations on how they calculate it but in my case I have a cash positive investment. So it really should not matter anyway. I tried to discuss with him that it cannot be, and let’s talk and review expenses, etc... as there must be a mistake somewhere in his calculations. He was not interested to listen to me and just kept repeating that different ...lenders have different rules, etc.. Anyway, perhaps it is even better this way as who knows what other problems I could run into with them during formal refinance or even later if even at the initial stage they were not interested to work with client to sort out that may be, just may be, there is a mistake on their end. BTW, even before that I noticed a few confusing things on their online application, how long it actually took to talk to someone, etc... it seems that even that initial "confusions" were indicative. Yes, I am disappointed because they have one of the best rate, but there are others with the similar rates.
Excellent Service and Low Rates
Outstanding service from Tenille and the team at Homeloans. Not only did they have the lowest rates the customer service was second to none. They were very helpful and so friendly. Tenille guided me through the whole process, answered my questions and turned it around quickly. I am truly grateful for their help, advice and effort. I would use them again. Highly recommend Homeloans.
Anastasia was beyond helpful and able to approve my loan in record time despite some hiccups. She worked hard and kept me in the loop to get it all sorted. I cannot recommend this company enough. And of course, you cannot beat their rates.
The word “Brilliant” about covers it.
We refinanced with homeloans.com.au almost a year ago. we could not be happier! Switching from St George saved us $150 a week in repayments, never mind the countless admin fees we no longer pay!
A 100% offset account means we have the option of keeping the cash in our pocket while decreasing the interest we pay.
To find they dropped our interest again, without us having to call and negotiate, is the cherry on top.
The refinancing process was simple, easy to navigate and the staff were very helpful and the access to members advantage has helped save us a few dollars on some gift cards and electrical goods.
If you’re thinking about it, do it! You won’t regret it!
Zero customer service
They offer a fantastic rate but with sacrificing a key factor which is an acceptable level of customer service. When you are looking for finance for your home purchase, time is matters! But I wasted precious time here waiting for responses from homeloans.com.au. My specialist homeloans.com.au representative who was responsible to work on my loan application was [Name Removed]. She usually is not at her desk, so when you call her and leave a message "please call me back" she simply ignores it. Even when I try to send an email she always replies ...back 2-3 days later. Moreover! when you finally talk over the phone, you will face a very awkward situation when she arrogantly talked to you and shows that she is not interested to talk at all!. I signed my contract with 14 days subject to finance conditions and I lost already 7 days to just communicate with homeloans.com.au. Would never do such a mistake again.
Inconsistent pre-approval amount ruined coming puchase
On the day of the auction, this lender advised that they reduced the lending amount significantly from the original pre-approval of $920K to $500k because of the suburb of the house. With such an embarrassing amount, I will not be comfortable attending the auction, even though I had an original pre-approval from them and everything else was ready.
Their pre-approval does not specify that it is subject to suburbs and they can change the amount at the last minute. What's the point to have a pre-approval from them?
They totally ruined my purchas...
Been a customer for about a year. Took ages to actually get the loan. Had to jump through alot of steps. Mostly me calling them to chase up what's going on. Loan only started moving when I said it something didn't happen today I was going to go with another lender. Now for late fees. If you miss a payment you'll be hit with a 55 dollar dishonour fee. Fair enough. But if you make a seperate payment instead of your direct debit you'll still be charged the 55. Called up to clarify, lady on the phone was lovely said she would chase it up and get back to me. Which she did, to tell me I'll still be charged. Overall 2/5 fine if you just want a loan, if you need any flexibility be prepared to pay for it.
Questions & Answers
How much are your valuation fees and other bank fees when refinancing an existing investment property
Hi Gerrie, Good afternoon, I refinanced 3 investment property loans with Homeloans.com.au & I paid nothing. (No valuation & No bank fees). I found very transparent loan structure. H Singh
How soon do Homeloans.com.au passed the recent low rate by the Reserve Bank to all their customers? Thanks for replying.
Get an answer from our members and homeloans.com.au representatives
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.