Loans.com.au will be offering a $30 Wish voucher to their customers to encourage them to write a positive or a negative review. It is possible that reviews were written by customers who received such a reward.
23 questions from our users
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?
Do existing customers get locked out from lower interest rates advertised?
How long does it take to get the loan from initial application?
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?
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.
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?
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....?????
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.
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
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.
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.
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!
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...
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?
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.
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?
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.
Is 95% LVR is feasible?
Hi Sudhir, sorry but we have a maximum LVR of 90%.
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!
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.
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?
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.
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.
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.
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?
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.
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.
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
My question is for the huge number of disgruntled posters - why not just use a reputable Mortgage Broker?
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
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!
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