How does a car loan work if I have to wait 6 months for the car after placing a deposit? Do you transfer straight away to the dealer so I can start paying the loan while I wait for the car, or is another loan application done when the car arrives?
Hi Sarah, the loan would settle once the car is available for collection. We hope this helps but if you have any other questions, please don't hesitate to give us a call on 1300 146 790 or you can head over to our website: external link to find out more about our car loans. Thank you!
I'd like to understand why a "valuation fee" was non-refundable to me when I did not proceed with an application? In fairness, the consultant informed me at the time of payment that the valuation fee is non refundable. And also in fairness (to myself), I accepted that on the premise that I'd proceed with the application and would be having a valuation performed on my property. But I did not proceed, and in fact the application did not progress past the "collecting documents" phase (I still had documents to provide, plus I had not yet un-frozen my credit file which I froze after a data hack). So, given that Loans.com.au could not possibly have known how much of a credit risk I was, and given that Loans.com.au had not even completed the process of gathering documents for my loan application, how can a valuation fee stand? Or is it the case that Loans.com.au simply perform a property valuation at the first instant, for all home loan applications?
Nothing to say, hey?
Hi Glendone, we apologise for the delay in getting back to you. The fee stands as the service for valuating the property still took place. If you have any other questions please do not hesitate to contact our team at 1300 149 081. Thank you
So here we have in black and white directly from loans.com.au stating that the fee is for ‘valuating’ the property. Read on if 1) you paid the ‘non refundable’ fee of $380, and 2) if you paid the fee and were not contacted by a Valuation Company who then attended at your home and carried out a formal valuation, AND 3) you did not proceed with refinancing (the reason is unimportant).
Just because Loans.com.au say this fee is non refundable does not make it true. If you paid for a valuation and this did not take place, i.e the services were not rendered, you are entitled to a refund of those fees.
afca.org.au have a tool for finding the department of loans.com.au responsible for dealing with complaints.
If your complaint is not responded to in reasonable time, i.e, you are not refunded the money, you can then escalate to the ACCC.
Have a browse on the Australian Financial Complaints Authority web site (afca.org.au) as you have more options available also.
I am going through this process currently. I will be keeping a blog and reviewing this process shortly so look out for my productreview review to come.
How can loans.com.au get away with all those rip-offs for that many years?
Hi Ali, we're very sorry to hear you're unsatisfied with your recent experience with us, and we apologise for the inconvenience. We'd like to look into this. Can you please email your full name, mobile number and account number to customerrelations@loans.com.au, and someone from our team will be in touch with you.
Thank you for your reply, I do not think you can help me as you advertise your home loan on a low rate then after a few months you increase it way beyond the average market rate. That is how you operate (basically ripping off everyone), I feel for all of your future and existing customers. They cannot do much but refinance you, but it is costly. I think once this country will have a proper unbiased banking authority you will be kicked out the market with double legs.
As an ex customer of Loans.com.au I absolutely agree with Ali’s comments. Loans.com.au should be kicked out of the market by the regulators. Completely untrustworthy. They suck you in with a competitive rate at the start and then after six months they start jacking up rates with the usual excuse “cost of funding has increased”. After 18 months you are paying 0.6-1.0% above competitive rates. After 24 months it gets even worse. Do t bother getting a rate review, just leave them for a better deal elsewhere. You will never regret leaving them but will regret if you stay with them for too long.
We are sooooo happpppy to leave loans.com.au! They should be banned for life, taken to court and all their existing customers should be compensated for all their lost hard earned money!
Are new path lending any good
Not sure, but loans.com.au were wonderful
Thank you @CeeJay for your review. I wish I had seen this sooner as I am facing the same delays and issues with my home loan application. I’m not confident they will come through even though My case is simple and straightforward with all docs submitted. Definitely should avoid loans.com.au!
Hi there, we're sorry to hear you're unhappy with your experience. We'd love to look into your case further. Can you please email sales@loans.com.au with your full name and phone number, and someone from our lending team will be in touch with you shortly.
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: external link 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.
Our homeloan - owners occupied with you are still 3.34%, it is no where near the advertised rate. why?
Hi Jason, thanks for your question. Earlier this month we announced we are reducing our variable home loan rate by 0.25 percent for all existing customers, effective Thursday 26 March. We're always looking for feedback on ways we can improve our service. If you have any further feedback or questions please do let us know.
Does anyone know if they accept 1 year proof of bonus or do I need 2 years? Thanks
Hi Hanna, that depends upon your specific circumstances. For information specific to your financial situation please contact our Sales Team on 13 10 90.
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?
Hi Adam, all of our car loans are fixed rate so the rate does not change during the life of the loan.
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?
I have the same question?
Hi Michael, we recommend you get in touch with our Customer Care team. They will be able to provide you with these details. You can contact them either by phone: 1300 740 053 or by email:customercare@loans.com.au Thank you
Do existing customers get locked out from lower interest rates advertised?
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
No, existing customers get screwed.
Existing customers have their rates increased after 6 to 9 months sighting funding increase costs, which is in reality just funding the discount given to lure new customers. You will notice all the 5 star reviews are posted within days of loan approval. They do not negotiate or care after they increase interest rates so I would recommend to stay clear of loans.com.au
How long does it take to get the loan from initial application?
It took 10 days all total .I applied on 10th July money was in account on 18th July..
3 weeks for me but I got pre approval first (took approx 1 week & added all required docs/ info) I hesitated for a while but then found a property really quickly. Pre approval to approval 3 weeks - it could’ve been less if I wasn’t indecisive. Pretty quick service if all your ducks are lined up
Please don't believe the good ratings, they are written by Loans.com people themselves, the bad rating are the most truthful, believe me, they took us to hell and back having already owned 4 homes previously, they took 2 lots of valuation money, approved the loan, then declined it with a 850 credit score and blamed the Mortgage insurer, we went to another bank and it was approved immediately with the same mortgage insurer, so I know they are controlled by the lending manager who must be really smart.....
How long does it take for money to transfer from loan account to a different bank account?
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.
What is their online platform like for using with an offset account with redraw facilities?
Hi,
If I leave loans.com do a get the $300 fee per loan split or is this only per security.
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.
Customer service that takes an hour plus on hold before you finally get to someone
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?
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
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
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.
Came across this company online and thanks to these reviews I've totally decided will totally stay away from this company
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
Looks like they only answer the questions that are easy & suit them.
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.
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?
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
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.
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