From June, 27th, 2016 until July, 1st, 2020 Loans.com.au was offering a $30 Wish voucher to their customers to encourage them to write a positive or a negative review. It is possible that reviews below have been written by customers who received such a reward. These reviews adhere to ProductReview’s Incentivised Customer Reviews Guidelines and may explain a spike in review numbers.
I have an investment and owner occupier loan. Their customer service is terrible (can't even get my name right in responding to an email!) and I had real issues with the final approval process. Their rates used to be competitive, I asked for a rate review and was refused one the first time, then offered 0.03 on only the investment loan. The difference between what a current customer will pay and what you pay as a loyal customer is significant and when I asked if they were happy for me to refinance I was told they don't really care if I go els...ewhere. They say it's due to the cost of funding, but other online lenders seem to be able to offer their existing customers a better deal. They don't even tell you they're not passing on the rate cut, just leave you to work it out. I've had several friends ask about refinancing to this lender, there's no way I'd recommend them, not even for the referral fee. Much better deals out there, I wish I'd done more research when I took out my second loan with them. Can't wait to switch to another lender.
Start with lowish home loan Interest rate and then fail to pass on cuts
Fail to pass on rate cuts to existing customers, got in touch with them to ask if they'd consider passing on the cut, unfortunately they said no. Currently looking to re-finance. In fact the last .10% reduction (November 3rd 2020) hasn't even been acknowledged - as in no message to say they would or wouldn't be passing on......."ignore and it'll go away".
- Home Loans
- Verified customer
No rate cuts, slightly lower rate offered for new customers only, even the big banks are offering better rates.
When I joined with Loans.com.au about two years ago they had one of the lowest rates available. Being an online only lender it allowed them to keep rates low as their overheads were much lower than the big banks (something they would mention quite frequently on their website and in discussion with their lending managers). Fast forward two years and even the big banks are offering better rates than what Loans.com.au is offering! I contacted the Loans Solutions team to try get a better rate or even to match the new customer rate which is slightly...less than what existing customers are on. I got told I can't but I could get a fixed rate loan for 2 years at what other lenders are offering for their variable rates. Here are some points that make that unattractive to me: 1). Commbank has a four year fixed rate @ 1.99% if I wanted to go fixed. 2). RBA has said the rate will not increase for the next 3-4 years, so there is no reason for me to go fixed when the only way the rate can go is down in the next few years if it does move. 3). Athena home loans and some others are offering variable interest rates at around 2.19% which is a lot better than your 2.63%. 4). Loans.com.au fixed rate loan terms are terrible. a). Interest rate is slightly higher than what some other lenders are offering for variable rates. b). Interest rate is significantly higher than what other lenders are offering for fixed rates. c). You lose any existing discount which means once the 2 years is up, you jump to an even higher rate.
Laura and Aroha worked with me to secure a home loan, recently. They were outstanding to deal with. Efficient, great communicators. The process was very fast and finalised very quickly. I would not hesitate to recommend Loans.com. Thank you both and to the whole team.
check how much you will loan on a car first
After them pushing me to get my application through and hours on the computer getting forms to fill out that they lost twice only to be told they wont lend the amount that was talked about when i got the credit check because my brand new car isn't worth enough. the first thing that should have been checked is how much they will let you refinance on the car you have, not wait right up until the end to tell me. now I have a mark on my credit score for a loan that shouldn't have even gone through in the first place. pathetic system
Terrible controlling product
I can't recommend loans.com.au. I wish I never got involved with them. It has been a struggle every step of the way. After fighting tooth and nail through the process, I find an overly complicated payment system, where I can not directly BPAY into their account from mine. I have to pay into a third account contained within their website in which they will take payments from monthly .. Laborious with inbuilt delays (48 hours).... If you decide to make additional payments, they do not adjust the monthly static payment and you have to log on to th...eir horrid website to do so. My experience with other loans is much more streamlined, much more focused on the customer having control. The lower interest rate, I believe is not worth it and will not save you money as you plod through the lengthy process not really being in control.
High level of customer service and integrity
I have been a Loans.com.au customer for approx 2 years. I have a home loan and 2 investment loans with them. I engaged with their customer service team to seek a rate review and obtain break costs on a fixed loan. I originally dealt with Emma and explained my rate was no longer competitive. She immediately sought additional discounts off my Variable rate loan and sought break costs for the fixed. As the fixed rate had 14 months to go the break costs were quite high. However, due to the size of the loan and the move in 1.3bp it was still worth u...s breaking. I was surprised to obtain an email from Sue who has checked if we waited a further 2 months to break the fixed rate we could save over $2k in break costs. I believe this demonstrates a high level of personal and corporate integrity and am very appreciative of Sue bringing this to our attention. Very happy indeed!
- Home Loans
- Verified customer
Need to pass rate cuts being an online lender
I refinanced to LCA few years back, as LCA, being a few online lender at that time, was offering competitive rates. Whilst I felt that they have a reasonably good Customer Service and online user experience (smooth settlement process and quick turnaround time for responding to queries etc.), however when it comes to passing the rate cuts to their customers over the last couple of years, they are not as quick as the other new online/Fintech lenders. Sometimes they pass only a certain percentage of the rate cut and sometimes they don't pass the rate cut at all.
High Early payment fees with future interest also charged
I have taken Car loan from this agency but they are charging High early payment fees with future interest as well which is coming $160 extra than the original payment .They are calculating as outstanding balance +21 months of early payment fees which is $408+one months interest.
So be careful once you take loan from them. Their break out fees is $700/time length of loan * number of month remaining for paying back loan.
It means even if pay early then also you are bearing all future interest with extra $160 in our case.
No rate cut again.poor internet banking design
They didn't pass rate cut again,while even big 4 banks did that.
the internet banking also not easy to work with. You can't get a transaction receipt easily and for a normal task needs to do a few back and forward to get it done. Not user friendly compared to other banks internet banking.
Another rate cut not passed on!
Loans.com.au has again failed to pass on the November rate cut. Please avoid this lender at all costs as they do not care about existing customers!. I am sure they will reply with a scripted response about funding costs blah blah .... This organisation cannot be trusted to care about its existing customers. AVOID AT ALL COSTS
RBA cut rates 6 days ago and yet we don’t get informed on if it’s getting passed on or not, not even a time frame on when we will know, this is lazy and a horrible way to treat customers leaving them in the dark telling them nothing. Not one thing said in media release
So far so good
Andrew was super helpful in arranging my loan & the app once I could access (hint best to log in on the website home page) has been easy to use & easy to upload docs. I’m at the stage of printing, signing & returning mortgage docs after having my loan approved. It is a bit daunting doing it yourself & hoping all docs are in order but settlement is some time away so I have time to provide more or duplicate docs if required.
So far it’s been an easy, no fuss, no frills process. I would recommend loans.com.au if you’re ok with an amount of diy.
I dealt with Ranga for my car loan and found him to be helpful and efficient at all times. In fact the whole team I felt went above and beyond to help me. So very grateful. Would definitely recommend anyone to use loans.com.au for their lending needs.
Interest rate from good to bad for existing customer
I have a home loan with them for 6 years and I think it's time to move. Their rate was competitive at the start as a new customer but become worse when the interest rate moved up and down over the years, the gap between new customer/other lenders and mine is getting wider. I was disappointed when the rate was fast to increase and slow/no to pass the reduction. I thought I could stay with them for the full term. Who enjoy the paperwork to switch lender if your rate is great from the start to end? Loyalty got punished.
Initially great! But haven’t passed on interest rate cuts! What’s the point??
The customer service was great but I would no longer recommend. They didn’t pass on the interest rate cuts 3 times even though I was on variable. The point of being with them is that they have competitive rates but they are now higher then the big four. Disappointed!
Easy as pie
I recently purchased a corollla hybrid vehicle using finance from Loans.com.
From beginning to end the service was great - and it was done easily - more easily than getting the vehicle which took longer as it had to be ordered off the factory ... I would highly recommend this team- good rates and great service.
Un-organized, wasted time
I've always used Dealer Financing and this is my first time trying a 3rd party financing. It started out well with Loans.com.au, talked to multiple people within the company and it was apparent that there are no internal communication wtihin the company, different people different information all the time which was confusing. I was pre-approved, then someone told me I was approved then I had an issue with 'serviceability'. The staff themselves were very nice, not their problem that their processes are not working. Wasted 2 weeks of my time with them, went to the dealer and got approved within 24hrs at the same rate.
Biggest scammer of your money
Don't let their low rates and promises suck you into applying for a loan with them. You will end up wasting your time and money just for the application process. They only lend to people who have don't have a loan because they will use every little excuse to not approve the loan. After taking 4 weeks, a full financial audit and many times back and forth about reducing my current loan balance before refinancing (which I complied every single time), they are now saying they have problem with my servicability. Really! I have been servicing my loan...s fine in the last 20 years without them. Plus they will charge you valuation fees upfront even though they haven't approved your loans yet which means they won't give it back to you. Have I mentioned if you don't call them to find out what is going on they won't call you? I have never been through such a painful process to get a loan. The biggest scammer, imagine charging 1000 or 10000 customers upfront valuation fees and the use some lame excuse not to approve their loans. How much money would they make and already made from people? Save your time, money, headache and stay away from these guys.
Wasting time of 20mins of their rate review team
Totally wasting of time I've called to review my rate. They didn't update my residential address from the old property and kept saying that I am living in a different address so it is an investment loan. Also she couldn't let me know what O/O rate they could offer before I can provided any info to them. What if I spent all my efforts sending her my DL, bank statements and she told me I couldn't only have 0.02% rate reduction? Totally waste of time, good luck with you. I felt so lucky that I had refinanced the other one out from you last year and am going to do one more this year.
Questions & Answers
When will we find out about rate cuts? I must add I’ll be very disappointed if it isn’t passed on and passed on in full.
Has anybody gotten a fixed interest rate car loan with loans.com.au and their interest rate got suddenly changed during the fixed term loan period ? Are there any hidden fees or suprises on the way because I am on the stage of signing with them but the loan contract seems vague and subject to "changes". Anybody has an experience they want to share?
What are the application fess for a new car loan? How do I find out if my car is on your "green Car" list without having to give you my private contact information? You have an online chat for questions, make it useful.
Hi there, regarding application fees all the details are listed on this page: https://www.loans.com.au/car-loans/buying-personal-car/new-car-loan
To find out if your car qualifies as a green car, you can call us on 13 10 90 to have a car lending specialist confirm this for you.
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