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Loans.com.au

Loans.com.au Questions & Answers

Car Loans and Home Loans
3.6 from 838 reviews

23 questions from our users

Adam N.

Adam N.asked

Loans.com.au

Im looking at a car loan. Is the interest rate offered today locked in for the duration of the loan or can loans.com.au put Up the interest rate at any stage of the loan period?

2 answers
Loans.com.au
Duncan M.Loans.com.au

Hi Adam, all of our car loans are fixed rate so the rate does not change during the life of the loan.

Adam N.
Adam N.

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

Davidasked

Loans.com.au

Do existing customers get locked out from lower interest rates advertised?

3 answers
romsta
romsta

David,

Existing customers get the lower rates. Cheers!

Romy

Patrick
Patrick

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

Rohit C
Rohit C

I agree with Patrick


Robyn L.

Robyn L.asked

Home Loans

How long does it take to get the loan from initial application?

1 answer
Patro
Patro

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


Michelle H.

Michelle H.asked

Loans.com.au

How long does it take for money to transfer from loan account to a different bank account?

1 answer
Loans.com.au
Duncan M.Loans.com.au

Hi Michelle, our cutoff is at 2pm AEST so if the transaction is completed by then, we will send it off that afternoon. What time it appears in the account at the other bank, depends on the receiving bank’s transaction policy. It can take up to 2-3 days.


Violet

Violetasked

Loans.com.au

What is their online platform like for using with an offset account with redraw facilities?

No answers

Dan

Danasked

Loans.com.au

Hi,

If I leave loans.com do a get the $300 fee per loan split or is this only per security.

1 answer
Loans.com.au
Duncan M.Loans.com.au

I'm sorry Dan I don't understand your question. Would you be able to please call our Customer Service team to discuss? You can reach them on 13 10 90.


scott

scottasked

Loans.com.au

i have been in my job for 10 weeks, and have a 3 month probation, is this a problem? or should I get a letter from my employer?

No answers

A. Hammond

A. Hammondasked

Loans.com.au

Hi loans.com.au,
Could you please explain why transfers are not carried out on the weekends?
For example If I transfer from an external account on a Friday morning, the money will not show up in he loan account until Monday afternoon. Yet if I transfer on Tuesday, transfer arrives next day.
This means additional interest, as it is calculated daily, yet we can't transfer daily. Unfair

4 answers
Connor J
Connor J

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....?????

A. Hammond
A. Hammond

still no response from loans.com.au

Loans.com.au
Duncan M.Loans.com.au

Hi Connor, any funds you send from an external account will be received on the following business day but we make it effective from the date sent NOT date received, so your interest is reduced immediately. Banks don’t process transfers on weekends so your Friday transfer doesn't show up until the next Monday but you still get the interest benefit starting from Friday. If you have any further questions please call us on 13 10 90 or message us directly and our Customer Care team will give you a call.


Reginasmith

Reginasmithasked

Loans.com.au

Hi,

Does loans dot com au allow to top up the existing loan on investment loan? If not, do you allow to top up the existing owner occupied loan? I know that borrowing capacity, financial capacity and revaluation of the property are still required I just want to find out if they allow to top up the existing loan? Thanks

2 answers
dazza
dazza

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

Loans.com.au
Duncan M.Loans.com.au

Hi Regina, sorry about the slow reply to your questions. A third-party website is not an appropriate forum for us to give detailed information about our products without knowing your personal circumstances and the exact product you are asking about. To contact us, please visit us at our website loans.com.au where you can chat online, book a call, send us an email or call us directly on 13 10 90.


Alex

Alexasked

Loans.com.au

For a car loan does money go to me first to then pay the dealer or do i have to organise for loans.com.au to pay the dealer?

2 answers
Kabards
Kabards

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

Loans.com.au
Duncan M.Loans.com.au

Hi Alex, if you take out a car loan with us, we will pay the money directly into the dealer’s account. Just send us the invoice, which should include the dealer's bank account details, and we will arrange payment.


leonr64

leonr64asked

Loans.com.au

I am considering refinancing with loans.com.au.

I'm thinking about whether their offset account is a good idea. If I were to go for the offset option and move our daily banking to them, how well does their system work compared to larger banks? I currently have accounts with two banks, and have noticed lately transfers made in the morning appear at the other bank on the same day. Does anyone know if loans.com.au have similar processing times to these other banks? It's pretty handy now that we don't always have to wait for overnight transfers any more!

1 answer
adiesky
adiesky

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...


Debbie

Debbieasked

Loans.com.au

I’m thinking of refinancing my home with this lender. With all the reviews I’ve read about them raising the interest after signing has me worried. Will they really raise my interest and repayments as soon as I sign? What are the hidden costs if any? I know it’s going to cost around $1200 to refinance but no ongoing costs after that apparently. Am I correct?

1 answer
Adj
Adj

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


Sam

Samasked

Loans.com.au

In my contract it says 'a management fee interpreted as commission is payable over the life of the loan. The amount of commission is not certain at this date'
Does anyone know roughly what the ongoing fees are?
Thanks

1 answer
Loans.com.au
Duncan M.Loans.com.au

Hi Sam, our home loans have no ongoing fees. Could you please contact Customer Care or message us your name and contact number and we will call you discuss the contract details. You can reach us on 13 10 90.


Sudhir HB

Sudhir HBasked

Loans.com.au

Is 95% LVR is feasible?

1 answer
Loans.com.au
Duncan M.Loans.com.au

Hi Sudhir, sorry but we have a maximum LVR of 90%.


Mim

Mimasked

Loans.com.au

Thinking of refinancing with loans.com.au. Have read lots of great reviews, and some saying not to near them, shonky etc. my question is, what exactly are the negatives? No one really seems to say. I'm refinancing from anther internet based mortgage I've had for 7 years, so I'm used the a no shop front. My situation is very straight forward. With my existing mortgage company, I've only needed to call about 4 times in 7 years, so I'm imaging my needs will be the same. Love some feedback please!

4 answers
Charles
Charles

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.

Stacca
Stacca

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

Rosemary N
Rosemary N

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


Sarah

Sarahasked

Loans.com.au

Is that right that they increase their rate after lured new customers inside. So I am thinking of applying for home loan and get out if that happens do you think is a good idea?

4 answers
BrettSh
BrettSh

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.

NPP
NPP

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.

Charles
Charles

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.


Baljit

Baljitasked

Loans.com.au

I am midway into loans.com.au for a refinance but overwhelmed with the negative reviews on this company.
If they choose to increase their interest rates for no rhyme or reason and put it on funding costs increase then the existing customers cannot do much can they? Also they have kept the onboarding fee higher than others and now I have read that the discharge fee is also much higher (around $640+). Can some of the existing disgruntled customers indicate as to how much more % interest rates they are subjected to as compared to the advertised rates to lure customers? At this stage they are providing 4.11% advertised. Can they just increase the rates whimsically?
I have spent the $220 on evaluation already but I am happy to let that go to prevent the encouragement to organizations who think it's easy to trap unsuspecting consumers.

9 answers
Samus Jay
Samus Jay

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.

Samus Jay
Samus Jay

Im in the process of leaving Loans.Com.Au

Baljit
Baljit

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


Tristan Abba

Tristan Abbaasked

Loans.com.au

What sort of paperwork is required for a refinance with loans.com.au? Do we need to again go through the rigmorale of proving our incomes?

Also, are loan companies like loans.com.au covered like banks should the lending institution (in this case First Mac) go broke?

thanks

4 answers
Sam
Sam

Forget these scums!

Donald Dong
Donald Dong

Do look for troubles. Choose other company.

Ram
Ram

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.


Janeth Carlos

Janeth Carlosasked

Loans.com.au

Can someone tell me how much management fee they are charging at $380k loan? I wan to compute if this is comparable with ANZ's $380 per month break fee package.

2 answers
Rose
Rose

Hi Janeth

Do you mean, how much are the loan setup costs?

Or ongoing fees? there are no ongoing fees.

If you go to their website, you can chat online and they will answer your specific questions. Their rates are hard to beat, their service is outstanding. The whole process is easy and stress free.

hope this helps. Rose

Sunday RoseAnn
Sunday RoseAnn

DO NOT go with ANZ and the Break Free package as it is a rip-off and no value. I had this for 2 years and left ANZ. Shop around - Type in - Cheapest interest and check each product outline and terms.


confused

confusedasked

Loans.com.au

My question is for the huge number of disgruntled posters - why not just use a reputable Mortgage Broker?

9 answers
blissin
blissin

I am not a disgruntled poster as I am very happy with loans.com.au services - but I would not use a mortgage broker because I figured any advice they gave me would not be impartial - it would have to be biased towards the lender who will pay them the largest fee for a new loan customer. Instead, I did my own research via review sites and forums, critically reading the disgruntled vs the happy posts, not just accepting them at face value. It seemed fairly clear to me that this is a no frills service for low risk clients which suited me and it seemed that if some of the disgruntled posters had done their research more objectively they might have realised ahead of time that this was not the right lender for their particular context and requirements. I imagine it is annoying wasting time and money on the process only to have to start again, but it doesnt seem fair to blame the lender for rejecting you when you don't fit the required criteria

confused
confused

I agree with what you say - these kind of loan providers are suitable for the more sophisticated borrower, who has basic needs, and has done some research, but not everyone.
Mortgage Brokers who are "paid the same", the reputable and ethical ones, are a great asset to those who are a little unsure, less informed, time poor, or who have more complex requirements.
You won't get these rates, because the lenders have to pay for this service for you, but you will normally get the right outcomes!
Of course, like every profession, there are good brokers and not so good brokers!
... and yes, I am a mortgage broker ... doing a bit of my own research ... cheers!

Rogered
Rogered

Brokers will only use those lenders they are accredited with and thus who pay them a commission. You will find that by shopping around you will get a better deal than the average broker because your lender is not having to cover the commission or going trail to the broker.


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