Loans.com.au Questions & Answers

Is the advertised interest rate of 4.89% what Ill be given if I apply today. I mean once I apply and loans.com.au give me approval. It won't be approved for say 8.0% interest? The 4.89% interest rate is exactly what I'm approved on? In other words, if I apply for the loan today can you guarantee that I'll only pay 4.89% on approval?

David,

Existing customers get the lower rates. Cheers!

Romy

Please be aware Existing customers DO NOT get their advertised low rates!!! It’s only to attract new customers.

I agree with Patrick

It took 10 days all total .I applied on 10th July money was in account on 18th July..

Very keen to see loans.com.au’a response to this one....
The days of interest yield they are retaining make a significant increase to the true cost of our loans. As a customer this is a real concern and I’m glad you’ve called that out.
Over to you loans.com.au....?????

still no response from loans.com.au

Looks like they only answer the questions that are easy & suit them.

Hi Alex, I am afraid I am unable to help you on this, I have 2 investment property loans with them, not a personal loan.
sorry

I have three loans with Loans.com (two with offsets) and can vouch for the simplicity and usability of their online services, as well as the functionality of the offset accounts. You also have the ability to instantly transfer from your offset account to your loan account online. Payments can be made online to any account, Bpay payments are also easy. I cannot vouch for same day transfer to external accounts however I guess that this might occur in some instances. I've never had a payment not happen next day. P.S. I am not being paid for this review...

Hi Debbie, we financed away from ANZ as we were on Interest only and ANZ upped our Int rate by .55% Loans have always been less than the big banks on their rates,
IF reserve keeps the rates stable I don't think they will up the rate after taking on the loan but time will tell.

There were no hidden costs (Valuation fee, loan disbursement fee and some standard government fees) was not a lot to be honest.
For the little extra it cost me i am saving around $300 a month and no annual fee for the privilege of having a loan (ANZ was $395 a year) Loans is $0.

Hope this has been of some help.

Regards Adam

I switched to them, being attracted by their low rates. But rates went up after settlement. I rang them couple of times requesting a match of my rates to what they offer to the market but no can do. So be prepared to be at their mercy, they can just increase the rates and there is nothing you can do about it except complaining or just leave them altogether which I am in the process of doing. I am also switching to another online lender because I can't tolerate the high rates offered by the big banks. Hopefully they'll keep the rates transparent and fair. Good luck.

The great reviews are because they give vouchers to customers for writing reviews.
So would take them with a grain of salt.

I think they still give voucher if you give them bad review. Personally, I dont have any negative things to say so far

Loan rates are at historically low levels. I remember paying 15 percent back in the 1980's. Regardless of who you borrow from, I feel it's important to consider that one day rates will probably increase. I'm off topic here, but please give yourself some wriggle room when taking out a loan.

Anyway, at any given time you might find a slightly better rate elsewhere. However, these guys have consistently been better than the big banks. If loans.com.au or any other lender hikes your rates to above typical market levels you should shop around for a better deal. That said, I'm happy with the rate I get from these guys.

Moving loan from one provider to another costs money. The disappointment of existing customers are based on facts that they didnt pass on full cut to existing customers saying funding costs have gone up. But they happy to offer low rate to new customers.
U cant have one rule for new customers and diff rule for existing customers.

Read all reviews and make up ur mind. Existing customers must be complaining and giving one star and newer customers will be giving 5 star coz of lower rates. Remember that u will be existing customer once u join them and u can join the complaining queue.

haha, second it @NPP.
@Sarah, can't speak for all but I can testify that's what happened to me. I use Ubank for owner occupy loan. One of the good things about their rate is that it's low but also in the form of a discount to their standard variable rate published on the website. That means transparency and consistency. You'll always know what your rate will be no matter how their rates move. With loans.com.au on the other hand, it's at their mercy.

Hi Baljit,
What put me off the most is that they call you and misinform you. My Repayments are 1400, yet they told me I was in arrears, when, in fact i had deposited $1600 just to kill the interest/principal;. Then, they charged me a late fee of $120 ontop. I'm in the process of speaking of writing a complaint about Rose from "Accounts" who has denied saying anything. Every month it's becoming a habit for these clowns to not get accurate information which leads to them harassing me.

Im in the process of leaving Loans.Com.Au

Thanks Samus, did they also increase the interest rate for you after you finalized with them ?

Forget these scums!

Do look for troubles. Choose other company.

Problem with these guys is they ask you to provide mountain load of paperwork and wont act on that at first, instead they do valuation, credit check etc etc charge you fee for that and come back later saying that you are not eligible which exactly had happened to me. When questioned why the paper work was not scrutinized at first place as usual they will have their own answers and agenda, they won't think about customers. So beware of these and take steps accrodingly.