We picked Loan Studio because our builder wanted us to, otherwise, we would have to put more deposit upfront. Loan Studio consultants changed frequently. Finally [name removed] handled our loan. He is one of the best loan consultants I have ever worked with. He is friendly, hardworking, looked after our interest, went extra miles to get the loan documents signed when the bank Choicelend failed to send us the docs in time. However, when the loan progressive payment process was handled by another Loan Studio agent (again changed agents frequently...), things are a bit disconnected. They did the minimum, just forwarding invoices to the bank. The final stage of the process didn't go well. After I got the certificate of completion and the final invoice from the builder, I thought I needed to forward them to Loan Studio agent to trigger the bank inspection as it will take time to schedule it. Once the final invoice was sent, he ignored all my followup emails advising him not to pay until we had our owner inspection. However, the bank inspection took place before the owner inspection on the same day. During the owner inspection, we found many defects needed to be fixed and the gas connection still will take a few weeks. Without the gas connection, we cannot settle and we are not allowed to even have the concrete work done for the driveway. Again we informed the Loan Studio agent not to pay the final invoice until the builder fixes all items and gas is connected as it will be a few weeks before we can settle. The next thing we heard was the bank has already paid the final invoice on the same day of the bank inspection and without all required docs, such as owner insurance. How could the bank close the loan without following the correct process? This morning, I found that our garage was built onto the neighbour's land. Again, the builder promised to fix it. We feel it is to our disadvantage that the final invoice was paid before the house is 100% completed. The lesson learnt is to use a smaller loan broker who has the same person works on your loan through out the process, and most importantly DO NOT let the final invoice out of your hand until you are 100% satisfied with the house.
Supplementary Review - Difficulty Contact Staff Concerning
I feel I need to update my review here due to a change in my experience. My original review pointed out some issue with the loan broker, but was overall glowing in terms of admin and customer experience past this point.
I now find myself having difficulty getting a hold of anyone at Loan Studio. As this is the second time this is occurring, I feel it's important to make note of it.
I wrote an email on Monday night to our usual Admin contacts to process progress payments for our house build. Our builder requires these to be progress...ed within 10 days and the bank alone often takes that long to make a payment. It, therefore, feels important to get the process moving ASAP. It is now Wednesday night and I haven't heard from the two admin contacts I sent my email to. That has now been two business days with no response. This wouldn't be such a big deal if there was another way to speak to an employee of Loan Studio, but the main number only goes to an answering service and there are no direct numbers to any employees, so there Is no way to check if anyone is away or if the business is currently closed. The website hasn't been updated since 2013 by the looks of it, and the Facebook page last had a post many months ago. None of this inspires any confidence. I trust that I will likely hear from someone in due course, but I believe that all these items need to have some attention for Loan Studio to thrive. At the very least, employees who are away should have auto-responders on email, and backup staff should be responding to time sensitive items while there is an absence. In addition, having a blog on a website without updating it is far worse than not having a blog at all. The same is true for a Facebook page.
Questions & Answers
Can I ged loan for centerlink income
Hi Amid, we would need more information to answer your question.
Could you private message us with your contact number please?
I am an Australian Citizen and my British de-facto fiancé and I would like to purchase our first property as an investment property. Are we able to do so with a 15% deposit or do we need 20%? He is currently on a bridging visa and has been on one for the past 8 months since applying for the 801/820 Partner Visa.
Thanks for contacting us. There are various factors involved with getting you a loan for a new home and the amount of deposit is only a small part of it. The bridging visa is acceptable for certain banks, but we will require more details.
Please feel free to email me on firstname.lastname@example.org or give me a call to discuss on 0488 550 659.
Are you able to arrange loans secured by a second mortgage?
Good evening BarrieS, yes depending on circumstances. Generally a second mortgage is used in a guarantor situation. Perhaps you can send your contact details through and one of our senior mortgage brokers can call you to discuss your needs further.
The Loan Studio team
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