I wish there was no star rating
My partner and myself had the worst experience with loan market in the chadstone area. I would stay well clear of that area and the people running it. They don't care. Similar to the other reviews in here we actually lost 2 houses because the loan market representative mislead us and didn't know what they were talking about. We got our loan approved by NAB in the end and the funny thing is that the loan market guy said NAB rejected our pre approval worst company worst experience
Everything from communication to knowledge
Stay away, bad!
It's a long story, but to cut it short - my "broker" from loan market provided me with a loan offer without giving me any details about why she has chosen this particular lender for me, what the rate is, what the package is, and what I would be paying in the end. Apparently she chose this particular lender because I already had a bank account with them. When I said I wanted options and wanted to know which lender can give me lower rates (as I am about to be a first home owner and of course, want the best rates in the beginning), I was given a very unsatisfactory answer i.e. it is a variable rate and will change over time.
I was never given any more information other than what I ask. In the end I just got a home loan offer in my mailbox and was told via email to check my mailbox and return the documents to the bank.
Zero customer service, zero communication with me other than 1-2 sentence replies to my emails - why bother being a broker? In the end I went with another broker who used to work with Loan market but opened his own business. He came to my home after hours to discuss my options, emailed me information and answered everything I asked, called and emailed me to let me know how each step of the application was going, and finalised the home loan for me in record time with another lender with a lower rate and better benefits. well, I can't say better, because I was not filled in on why I was recommended to go with lender #1 by the broker from loanmarket.
If you're with LoanMarket I hope you get an excellent broker, unlike the one I landed. Otherwise, stay away and go for another company that values customers and actually wants to help.
I would never use this company
Oh my God, where do I begin?
We were referred to Loan Market by a volume builder that we were evaluating and thought it wouldn't hurt to get some professional advice-man, we were so wrong.
A representative from the Epping office came to our house and made lots of promises about how easy getting the finance was going to be and how he really wanted to help us. He was so nice and we were so trusting. So we decided to give them our business and put our faith in a stranger to get the finance for our land and construction.
Well after the first meeting everything went wrong.
The consultant applied for the first loan with our bank (the one we'd always banked with) and it got declined. Confused we sought clarification. He gave us nonsense reasons and started with "You should make it an investment loan" talk. I got so sick of hearing it from him over the next few conversations that I prompted him about why and he replied "Look it really doesn't matter, but at the end of the day, I want to get paid."
Honestly, he really said that.
So we gave him another chance and he applied with another one of the Big 4, which also got declined. Oh I forgot to mention that in the middle of that application he contacted me and told me that for two weeks he was going away on "special assignment" and that he would not reachable.
Then when he gets back we got declined (as above). So I got jack of this, fired him and contacted the last bank he;d dealt with looking for answers.
He had apparently not finished the application, there weren't signatures, employment details or any supporting paperwork and I found out that the loan amount he applied for was nothing like what we had asked for. The bank had even tried to contact him to seek clarification on the paperwork issue and he had not called them back so they just declined it. Thanks for that black mark on my credit report.
I've also forgotten to mention that he had asked us to rush the construction company to contracts and he had wanted us to get the loan quickly and get in (easy job, easy money you see). When the first application didn't pan out, he got us to push back the finance date with the land company (which we did twice!) and he still did the wrong thing.
So I took control and applied to another bank and they declined the application because -wait for it- there were too many recent applications on our file! Yep. He had applied to another bank without our knowledge or permission!!!!
This last application has no paperwork, signatures and was $200K under what we had asked for! What was this guy doing running around Melbourne screwing up our credit files? Seemed so.
So after a lot of angry phone calls to his State Manager and the threat of Consumer Affairs we got the last application removed from the credit files, but it took forever. The bank said they could do it, they just needed the request from the company and the company said that the bank wouldn't do it. Frustraiting!
I have demanded that this person never contact us again and despite it being received with acknowledgement of why and acceptance, he has still tried several times.
In the end, I got it done with our original bank who showed me his application. It was terrible. There was no employment history, salary details and the type of loan he had applied for, we would never had got it. My wife and I made this next application and it got approved and we are about to move into our house.
We nearly lost our land and any chance of getting finance for another year or so because of him. I would never deal with loan market ever again!
If you want good, honest advice from a mortgage broker, then go to Smartline here in Melbourne, I think that they are in Northcote (or close to it). The manager there gave us free, honest advice about our options and didn't ask for anything in return. He was so nice to deal with. If I had my time over again, I wish I'd gone to him, not loan market.
Bottom line, don't deal with loan market. At least not with this guy in the Epping office.
Contact, Response time.
Worst - dont ever be a referral
Well i had a referral agreement with loanmarket And because my loan guy decided not to finalise loan and passed my referral onto someone else, I ended up losing, by not receiving the commission in which was agreed on. Is this fair? I had no control over this situation and I believe it is unfair
Worst experience ever!!!
We have had the worst experience ever! It took our broker 5 weeks to inform us that we can get a loan if we increase our deposit with $15k. After the initial 3 weeks given in our contract our broker informed us that a third party that he usually uses did not lodge our application. We did not sign any consent for him to share our private information with a third party. In addition to this he also lied to us over the initial 3 weeks, telling us our application is basically approved and it was at the ginal stages. After hearing the very disappointing news that our application has not been lodge in 3 weeks, we decided to give this broker another opportunity. During the next 2 weeks he lied to us and we even received emails where the broker copied and pasted dates to cover up his lies! Now today a week from the date when we told him we do not want to take up the loan, we receive a call from the bank informing us of settlement procedure. We also received bank documents. This after he called me to say he has withdrawn the offer. Yet another lie as the bank still had the offer accepted.
Absolutely the worst experience. I believe this broker should not have a licence to provide services to individuals. If loanmarket is by any means concerned about their reputation I would advise that they look into this broker. We are from Brisbane QLD and happy mention names if it would help protect others from such inconvenient and disappointing experiences.
Appalling service, nearly cost us our house
My husband and I were looking to buy our first home and a friend recommended we go through Loanmarket mortgage brokers. We contacted a broker at the Bulleen office in Melbourne and he started to organise our loan. All seemed well until our land settled (we were building a house off the plan) and our land loan was financed. Our broker here told me we needed approximately $7000 to settle our loan for stamp duty etc and asked for an authority to withdraw this from my bank. I agreed and later checked my account to find almost $8500 taken from my account. When I queried this with him he told me he simply "didn't know" what the extra money was for. He told me he'd get back to me, he never did.
Our broker also "accidentally" applied for our loan to be principal and interest repayments, despite telling us it would be interest only payments. When I told him to change it he told me it was simply "too hard" to change it. He also opened up a savings account with our lender that I never requested and although I had stated I wanted the loan to come out of my existing statement account, he someone organised for it to come out of the new account, the one I never asked for. I then received a call from our builder asking where we were up to with our finances for the house. I wasn't sure, so I contacted our broker and was told I needed to provide new payslips, bank statements etc before the loan could be approved. This was baffling to me as I thought we already had the loan and had already signed the contract with our builder.
I contacted another mortgage broker from Mortgage Choice and queried what was going on. It was then I found out just how bad our current broker was. I was told if he was asking for new payslips it meant our pre approval for the loan had lapsed as he hadn't applied for the house loan in time and effectively we had signed our building contract without funding approval from the bank. I was also told the application process for the new loan would take approx a month and we were due to start building in a fortnight. During this time also, I had gone onto Maternity leave and was told some banks wouldn't lend to someone on Maternity leave (panic). I called our broker and got no response so I emailed him. 4 days later I still had no response so I called again and basically he sounded like he could care less. Later my husband called up and spoke to the receptionist there who was rude and insulting and made out like we were clients from hell. She also gave out advice on loans, which was odd coming from a receptionist. I promptly sacked that broker and went with Mortgage Choice, who have been fantastic. Everything was explained, so we were no longer in the dark and our loan was sorted.
I then found out that our previous broker had put us onto a 3 year discounted rate home loan which would have been cancelled when the house loan was applied for as the bank won't allow the second loan to be on the discounted rate. Luckily for us our new broker done some number crunching and figured out a way to keep us on our discounted rate. Our old broker also forgot to apply for the First Home Owners Grant for us. Essentially, everything he done was wrong and he was hopeless. I contacted the state manager for Loanmarket and sent through a complaint. All we received as a reply was that he would "organise re-training for the office." Absolutely appalling service at Loanmarket and I would never recommend them to anyone.
Everything. Almost cost us our house, cost us a lot of money. Absolutely hopless and disgusting service.
Damien Page was AWESOME!
I would HIGHLY recommend Damien Page to anyone contemplating buying a property! My husband and I had no idea what we were doing when it came to looking for the right loan for us as this was our first property and Damien walked us through the whole process explaining everything in clear, easily understood language. Damien was really prompt in responding to our emails and communicated frequently with us through every step of the process. Importantly it made the whole process stress free!! We were really happy with the features of the loan and the competitive rate he negotiated for us. I really don't know how anyone would consider going through this process without a reliable, trustworthy mortgage broker like Damien.
Avoid [name removed] (Loan Market)
[name removed] and Loan Market were recommended to me by a friend who is a real estate agent. The proposed loan is for an investment property. After our initial meeting with [name removed], I provided all the requested documents promptly (within 1 working day). Regrettably, after the lapse of 3 months and despite numerous follow up emails, I still have not received any loan offer. According to [name removed], the reason we have not received an offer was because we did not fill in an application form. How are we supposed to fill in and submit something which we had never been given? Go figure!!! In any event, why wait until nearly 3 months and then tell me about an application form? More recently and to make matters worse, [name removed] will NOT act in accordance with client's instructions and will NOT respond to emails.
I find [name removed]'s conduct highly unsatisfactory and unprofessional. I would strongly recommend avoiding [name removed].
I will be approaching other mortgage broker(s) and/or lender(s) directly in due course.
NOTE to Product Review - Please do NOT remove or edit out the name "[name removed]" as it would be unfair to other mortgage brokers who have worked hard in securing loans for their clients.
The absolute BEST!
Evi and Mariana from Seven Hills Loan Market were awesome!! We were under the pump not only in getting a housing loan approved, but we also needed to have the paperwork signed within ridiculous work time constraints. They not only provided expert advice but they were extremely friendly as well! We would never go anywhere else and cannot recommend them enough!
Spent 30mins online filling my details then still not enough
Meh, read the reviews here and decided to give them a go. Spent 30mins inputting all my figures into their online portal only to be sent a TXT 2 days later from their advisor stating he needed to speak with me instead and that due to technical issues required more information. Only wanted a ball park figure and wasn't able to give me that. "figures and info inputted in the system is not reflected correctly due to technicalities" Whatever move on to another one. Sick of these click bait online product amalgamaters.
Steve and his team were wonderful. They took all the hassle out of refinancing. We gave him a few figures and he did all the work. He was always available to answer any questions we had in terms we could understand. He updated us constantly throughout the process. Would thoroughly recommend him and would definitely use him again. Thanks Steve for your patience and professionalism.
My Partner and I purchased our first home, and Jay B organised absolutely everything, we didn't have to worry about a thing... would definitely recommend them to anyone, Thanks
Very bad experience, become a victim of an inexperience broker from loan market
Lost hundreds of dollar and also paid plenty as settlement missed twice due to broker
Despite given all details/doco months before settlement date, broker was unable to arrange $ numbers as discussed
After two settlement dates missed, I have decided to go to a bank directly and then got everything settle in 3 Days only.
If you have a house or getting into the market, its well worth enquiring!
We were in a delemma and what options were available to us, to make matters worse we weren't aware of the options to decide on. Enquiries with 3 different brokers left us 2months of supplying details for loans that never progressed. Then we contacted Loan Market that put us in touch with Michael Kordish. He contacted us, arranged for a meeting time to that suited us, and advised of all options. The best of these was chosen and decided to pursue- this was not even on the table from the other 3x brokers! He has also negotiated a better interest rate than the others enquired with- 2 of which were the same bank too! Currently we have approval for our loan and in quicker than expected time to pursue our property goals.
We would highly recommend Michael to anyone- whether currently own their home, looking for investment or simply looking to refinance to get a better deal. He has exceeded our expectations, kept us informed the whole way AND done it all quicker than the others! The professionalism and courtesy displayed is very much appreciated by us and commendable to Michael and the business.
Michael is a genuine guy who has wanted nothing but the best for his clients-us. The short time with him has eased our pain with going through this process, provided a service/solution that we most needed, and enabled us to pursue what we had aimed to do.
Thanks so much Michael for your time and effort provided, and Loan Market for providing such a quality expert to help us out!
No communication at critical time.
My personal experience with Loan Market has been terrible . Missed out on property and finance got rejected by bank but I can understand that as lending standards are comparatively tough as compared to last year. What I don't understand is terrible follow up from my broker in Wantrina, Victoria. Called multiple times to see what's going on with application but no call back and no reply to sms from broker for four days.
Gap of 150K in broker's calculation of my affordability and lenders calculation of my affordability is also unacceptable
We were looking to buy a property to retire in but thought we would have to sell our existing property first. Trevor was able to come up with a plan that allowed us to buy a property we will eventually retire and still able to retain our existing property.
Loan Market Campbelltown - Highly Recommended.
Daniel has helped my husband and I secure our first home a few years ago. He was the best part of the process, providing great service and guidance throughout the process. So naturally, when we decided we wanted to purchase a new property, we called Daniel.
Daniel was again very helpful and was able to provide us with all the information we needed - as well as leaving very little for myself and my husband to do.
I would recommend Daniel to any friends/family/colleagues in the future and will definitely use him again!
Di & team go out of their way to accomplish all that their clients require with a minimum of stress
All hail the king of mortgage brokers
We were pleased about the way nick conducts things and always ready to explain in laymen's terms any pitfalls we might have missed and the ability to distress the situation as needed, was a big thing for us, we just felt that nicks personal touch every step of the way was refreshing. We had a less than acceptable experience prior to nick and are well pleased with nick, thank you nick.. when you deal with peoples dreams and aspirations, a degree of sensitivity is a must, nick didn't let us down. Cheers and thank you.
I had the pleasure of using John Fenn (Gold Coast) from loan market and the whole process was ten out of ten.
John has tons of broker experience and his advise was excellent. I highly recommend you use John for all your finance needs.
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