Loan Market

and listened to our needs and challenged us where appropriate. Distilled down and requirements and assisted us to consider the future and what we were planning. Gave us confidence from the start that he would be able to match us up with a provider of funds - which he did, We had a sense that he knew the offers out there in the market and could match us up with the right provider. So in a sense he knew our needs, he knew the market and he linked us up to the provider who would consider our request. We know he persisted on pushing the application and we always well informed as to progress. And then in the transition from the old to the new he managed that interface and in effect it happened around us. We did not incur any extra costs and the issues we faced were more about the lender requiring more information then expected to support their decision to fund the request. The interest rate applied to our new loan is lower than the rate we were previously paying.

Alex was very upfront in explaining all details of the loans. He showed me the comparison rate of interest of the other banks. Very satisfied with the interest rate. Will recommend Alex to friends. Easy to contact Alex readily available to clear doubts.

We have found the loan market team fantastic for our construction loan. Being first home buyers we had so many questions and did a full bank change. Jasmeet Singh was available after 5, weekends and really worked for us. Couldn’t recommend them more!

Broker: Heather Armstrong.

Scenario: Long term tenants issued NTV as landlord was intending to sell premises with vacant possession, attempting to purchase first home. Had ~8% deposit for a $550k home.

Overview

Broker misplaced documentation, would ask me to re-send documentation on several occasions.
Broker was consistently absent, would not respond to telephone calls, would not respond to emails.
Would not provide update on progress of applications at almost any point.
Still do not know if I'm approved or declined 3 weeks after application is supposedly lodged.
Have given up on any sort of positive outcome from my experiences.

Timeline

Application for finance began on March 29th.
Documentation was provided day of request.
April 4th, Recieved pack advising she could potentially get $500k via a big 4 lend.

Sat on request and discussed with wife, decided not to proceed and informed broker as such.

April 5th, convinced me to apply for a Liberty finance loan despite my misgivings. She requested more documentation and told me Application would be submitted April 6th.

April 9th, attempted contact with broker. No response. Attempted contact with proposed financier - was advised I could only speak to Broker and not them directly.

April 9th, attempted contact with loan market company directly. Could not speak to me as they could not verify any information about me, as each broker keeps their clients details seperate from the company and applications are on a broker only basis. Attempted email contact with customer care inbox, did not recieve a response.

Advised April 10th she had been unwell for a few days, and would submit April 11th, and to expect a response within 3 working days.

Checked in with her April 12th to confirm lodged. She requested I re-send Bank statements a third time. Did not receive a reply to my sending documents.

Advised April 15th (10 days after I had initially been told it would be submitted) that application had been submitted and to expect a response within a few days.

Fast forward to May 2nd, no response to one phone call attempt, no contact attempts to me to inform me of outcome during the interim 2 weeks.

Conclusion

I do not even know if my request was approved or declined, and frankly even if it's approved I no longer want to proceed with the request.

I am not cross at the idea of my request for finance being declined (I work in the finance industry and understand the concept of credit risk) but the lack of communication around even advising me how the application was progressing filled me with incredible amounts of anxiety, noting the requirement to move a family of four (two members of which had special needs) on a very short (6 weeks) timeline.

Having a single point of contact for the entire process who either could not provide me an update, or would not, is not an ideal state of affairs and while I understand that this is the entire point of having a broker, this assumes a base level of willingness to communicate.

Mark went above and beyond to help me secure my home loan. I couldn't be happier with his service. Mark was also available to answer any questions that I had and he followed up with the banks every step of the way. I would highly recommend him to everyone and will definitely use Mark again.

Customer service could not have been better. Sandra was always available to answer questions. Everything was explained very clearly so there were no unexpected issues or costs. Would definately recommend and use loan market again.

Couldn't be happier with our decision to use loan market. Scott splade is very calm and professional and helped us at every step. There was no pressure just great assistance

Mark did a fantastic job of getting us a 2nd investment home loan in 2 years and refinancing our other loans to consolidate and reduce our outlay. He also ensured he got us competitive rates and followed up every step of the way!

Right from the very beginning I had great confidence in Bren and Liz. They made my purchase an enjoyable, exciting one, with good communication, keeping me informed, prompt handling and assistance. Thanks Loan Market!

Polite and humble ma. Irresponsible, not committed and inexperienced.
Called numerous types but no response which is unprofessional when dealing with clients.

Feel very bad to write this but experience is very bad. Been waiting for his call since 2 weeks and finally felt I need to educate other people so writing review.

Doug always goes the extra mile and will help you in anyway he can to facilitate your loan. Thank you so much Doug. You really are a champion! Highly recommend.

Great team work Michael was great and so was Lauren thank you so very much for getting my loan for me if it wasn’t for both of you it would not have happened thank you again

Happy with the service. The loan was approved well in time despite the present market scenario. Anitha was very helpful and was always on top of the entire process which facilitated the approval.

I got a loan through Loan Market Go, less than a month after settlement and they increased the interest rate. They promise a low interest rate, but quickly raise the interest whenever they want. Not happy. Poor customer service as well.

Fantastic Service, very professional, responsive , responsible, constantly communicated, put our interest always as top priority.

Dimi, thanks heaps for helping us through out the process. Wish you all the best!

Loan Market - Well done having Dimi in your team.

Regular occurrences of poor and incorrect information, going against our wishes and making decisions not in our interests. Failure to supply us with important information about our loan and not passing on information to the bank. I honestly wish I had not used this service and used Aussie or done it myself. Would have been a lot less stressful and more reliable. We even lost money using this service by being put with a bank that had a higher interest rate than the one we asked for plus late fees for settlement due to tardiness in replying to emails and sending through documents.

Update: I tried to resolve our issues through their complaints department and didn't make much progress. They took an extremely long time to do anything (over 2 months!!) and have now just stopped replying to my emails/communication while some of the issues still remain unresolved. I am very unhappy with the service and we didn't even pay LoanMarket directly. If the Royal Commission changes go through I would strongly advise not to use this service especially if you need to pay rather than the banks. As it is we have incurred additional charges which I have yet to get an explanation for.

Great customer service. Prompt and timely communication throughout loan application process. Highly recommended! Will choose to work with this broker, Nicola Tucker, for all future loan or refinance applications. Very happy with loan rate and features.

Amazing service - genuine, knowledgeable and very responsive. No cost to us for the service provided but all expenses were clear and accurate. We are stoked with our mortgage rate too.

Excellent with Vish from Springfield branch, call him 0432554770 , he is active listener and plan accordingly for loan approval, I got my loan approved by him Cheers, Nazir, Bellbird Park

Thank you Loan Market (Christine Dunkerton) If only all the people in the world were as pleasurable and professional to deal with as you. We received an excellent rate and everything was completed in a very short time.