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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.
BrianPerth, WA
- 4 reviews
- 1 like
Intrest rate
I have been with loans . Com for 2yrs on a P&i mortage @ 2.74 so I phone and asked can I go on the 1.99% as advertised the answer no
If you want to get a better rate u need to pay for. A revaluation $220 and if that comes back that you now have more than 29% equality
In you home we can offer 2.14% only what a rip off
Yet if I go on u bank or. Tic toc home loans they both have free valuation tool on the web both came back with more than 20% equate in my home just feel let down
Only way out the said is to leave and pay $550 exit costs
6 comments
email sent look forward to the chat
Hayley G.loans.com.au
Thanks Brian, someone will be in touch shortly.
Perfect service
Customer service is amazing. Jazmin is very friendly, accommodating, professional and a pleasure to work with. Jazmin is also very knowledgeable about everything to do with loans, any questions asked are answered excellently.
Highly recommend loans.com.au and jazmin for home loans.
1 comment
Hayley G.loans.com.au
Thanks for your feedback Sophie we appreciate it! We'll share this with Jazmin and the team.
NikkiSouth East Queensland, QLD
10 out of 10
I dealt with Nicholas Brown who couldn’t have been more helpful, flexible and customer caring. He made the process so incredibly easy. I would highly recommend loans.com, particularly Nic as a consultant.
1 comment
Hayley G.loans.com.au
Hi Nikki, thanks so much for your wonderful review. I'll pass this on to Nick and the team!
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SheSouth West, QLD
- 2 reviews
- 6 likes
Bank balance decline
How can your income, credit check, deposit & valuation be approved, then you get declined because your bank balance will only be $5800 once your deposit is paid... shouldn’t a loan be approved based on your affordability to pay not your bank balance...
3 comments
Hayley G.loans.com.au
Hi there, we're sorry to hear about your experience. At loans.com.au, we assess each application against our credit policy which abides by responsible lending guidelines. If you'd like to discuss the ...
Read moreparticulars of your specific situation, please send us an email with your full name to customercare@loans.com.au.What I would like is a copy of the valuation report I paid for
Hayley G.loans.com.au
Hi there, we will refer your case to Customer Relations. Please email customerrelations@loans.com.au with your full name and application number and we will look into this further for you.
LenthericGreater Melbourne (Inner), VIC
- 2 reviews
- 5 likes
- 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...
Read more 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.1 comment
Hayley G.loans.com.au
Hi Lentheric, thanks for your detailed feedback. We'd like to escalate your case to customer relations, so if you could please send your full name, email address and loan account number to customerrelations@loans.com.au and we'll assist ASAP.
John LiuGreater Melbourne (Metropolitan), VIC
- 2 reviews
- 6 likes
Do not go with loans.com.au because they treat existing customers very bad
As is the case with many borrowers with loans.com.au, I was enticed by the initially low rates. However, the lender raised rates a number of times, even when the Reserve Bank didn't raise rates. When the Reserve Bank drop, they do not pass the full interest rate cut to me. Instead they pass it on to new customers. If you look at the interest rate they are giving to new customers, there is a difference of 0.34%.(they are currently giving new customers 2.57%, but they are giving me 2.91% for exactly same owner occupier product) I have contacted...
Read more loans.com.au to see if they can match my interest rate with new customers. They said they cannot because the funding is different as they keep finding excuses. When they increase the interest rate for me, they keep saying it's associated with funding costs. But it's hard to believe because other banks are not doing what they are doing to their existing customers. Not sure if this is loan sharking?2 comments
Hayley G.loans.com.au
Hi John, as mentioned in our private mediation, we have escalated your case to Customer Relations for review. If you haven't done so already, and in order to protect your security would you please ema...
Read moreil Customer Relations providing your Loan A/c number and provide any other information to assist our assessment of your query at customerrelations@loans.com.au.Hi Hayley,
Thank you very much for your reply. After reading your reply, I have emailed customerrelations@loans.com.au and provided them the information. However I still haven't heard any reply. Jus...
Hopi
- 2 reviews
Really happy so far!
A really straightforward process. The staff were so efficient and competent, if they said they were going to send something - it was sent. The customer service was excellent, they were really friendly, and always happy to go the extra mile. They passed on the rate cut. And I am quite happy with my current rate. The app is only ok though.
1 comment
Hayley G.loans.com.au
Hi Hopi, thanks so much for taking the time to leave a great review. We appreciate the 5-stars in transparency, customer service & timeliness. If you have any further feedback regarding the app and an...
Read morey suggestions on how we can improve, we'd love to hear it on customercare@loans.com.au.The reviewer stated that an incentive was offered for this review
Brad BSydney, NSW
Loans.com.au are scammers - beware..
loans.com.au are notorious for gauging their existing customers. They suck in customers with a competitive ‘bait price‘ and then after 6 months will try every trick in the book to screw their exisiting customers for more money. In recent years this has been by achieved by either not passing on rate cuts or gauging their customers with rates hikes due to “increases in wholesale lending”. It’s funny that they don’t decrease home loan rates when wholesale lending costs come down like they did in 2019.
All customers with loans.com.au end up paying much much higher rates than the industry average. This is a terrible company with a disgraceful business model and I urge you to avoid this company at all costs.
2 comments
Hayley G.loans.com.au
Hi Brad, thanks for taking the time to leave your feedback. We appreciate it and are sorry you feel this way.
We're always looking for feedback on ways we can improve our service. If there's anythi...
Read moreng we could do to improve outside of reducing rates as you mentioned above, please contact us at customercare@loans.com.au with any further questions or feedback you have.Thanks Hayley, I suggest you change your business model and stop ripping off new customers with rate increases after they sign up. This is disingenuous and dishonest. Loans.com.au should eliminate t...
Read moreheir break fees when they rip off their customers. I strongly urge people to avoid be loans.com.au. There are plenty of plenty of better lenders out there. I moved to Reduce home loans and I am saving a staggering $120 per week in interest repayments on my $660k loan. That’s over $6k per year savings compared to staying with loans.com.au. My only regret is that I didn’t leave loans.com.au sooner. Nevertheless I also managed to encourage two of my friends to leave loans.com.au and they couldn’t be happier.Lida L.Gungahlin 2912, ACT
Not Good Once You Become Their Customer
The introductory rate was good with offset account. However, my rate bumped up twice within the first 6 months after I became their customer. Called a couple of times for a rate review but they would not lower their rate at all. Not to mention most of lenders have passed on the RBA cut recently but Loans.com.au always find excuses not to fully pass it or don't pass it at all.
If you are casual or self-employed, be prepared to give them 3 years of income history, at least that's what happened to me. Also be aware it's not free when you decide to leave them.
1 comment
Hayley G.loans.com.au
Hi Lida, we appreciate your feedback and honest review. Thank you for the high rating of our Online Tools. Please contact us at customercare@loans.com.au with your full name and confirm the suburb so ...
Read morewe can look further into your individual situation regarding your rate and please feel free to leave any further questions or feedback you have.Find out how loans.com.au compares to other Loans
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Very helpful, good rate
They were well informed and helpful on the phone. There was a bit of confusion between individuals who looked after my case and there were times when I had to email them directly instead of through the portal as that was apparently quicker. Overall a good experience.
The reviewer stated that an incentive was offered for this review
AlanePerth, WA
- 6 reviews
- 11 likes
- Home Loans
- Verified customer
Does not treat Existing Customers Fairly!!!
I have been with loans.com.au for 4.5 years. They have consistently failed to pass on in full the RBA cash rate reductions. When I first joined them the gap between the RBA rate and my variable rate was 2.06%, but the gap to the RBA rate is now 2.57%. My rate is now 0.5% higher than the rate offered to new customers !!!! I challenged them on this and asked for a reduction but they gave me lots of poor excuses. I am leaving them. Do not sign up to this company, they will not look after you.
RaySydney, NSW
- 3 reviews
- 5 likes
A little bit tricky
Applied for a Smart home loan which was an easy process through onTrack, pre-approval was given as I have a 20% deposit. When it came to purchasing the house I paid for the valuation which was $220 dollars as they do not pay for this. Once the valuation came back it was 40k less than the purchase price. In all honesty, I think the valuer just did a drive past and did not look into even the street sales. Two houses on the same street sold above the property I was looking for which I found funny. Either way, I believe this company shows you an am...
Read moreazing interest rate but will value the house lower by a fair bit. Then they will offer you a higher interest rate and pay LMI ontop. In this case, they offered me a 3.09% interest rate and to pay lmi on top because I didn't have the 40k to pay upfront. Be aware I think these small banks try to build up equity this way or to catch you on to a higher interest rate once you are on the final processes of purchasing.Stay far away from this bait
Do not expect to get the rates advertised on the website. Thats not what you will be on just a few months after. Completely disappointing experience for me. Learn from my mistake.
CarlyGreater Melbourne (Inner), VIC
A great product
My experience with loans.com.au was a good one. There home loan products are great, best value on the market and a great rate. I found the service to be excellent, customer service representatives were always very prompt to get back to us as, particularly as our 30 day settlement approached. Staff were friendly, informative and available. The online tool system is also user friendly. There were no unexpected hidden costs with this loan.
The reviewer stated that an incentive was offered for this review
Rosemary NAU
- 7 reviews
- 10 likes
[Bad] operation
Lure you in with low rate, then raise it after you are with them while no one raise rate. Dodgy documentation fee of 250 for discharge , not sure if this is even legal. Pathetic retention team. The whole operation is basically using existing customers money to fund new customer discount. If old customer dont leave, they are profitable. If they leave, they got sludged with expensive fees. Stay away. There are better lenders out there.
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Jason K.Metropolitan Adelaide, SA
- Home Loans
- Verified customer
Great service and a competitive rate
Since finding out about loans.com.au on a comparison site, I found them to have a competitive interest rate and fees. Once I started a pre-approval application, I was given a single point of contact to complete the process which was great. The process was easy. After purchasing a property, I was given a new contact person who guided me through the process. I am very happy with the provider overall and have already recommended to others.
The reviewer stated that an incentive was offered for this review
NatMetropolitan Adelaide, SA
so far so good
transferring my mortgage from a big four to loans.com.au has been a simple process. ontrack is a great for transferring info and documents. loans.com.au are easy to contact with questions.
The reviewer stated that an incentive was offered for this review
AndySouth East Queensland, QLD
Great customer service
First contact was very helpful and throughout until our move. Rate was very competitive and just what we needed in terms of being able to purchase our next property. Great all around.
The reviewer stated that an incentive was offered for this review
Jaime TGreater Melbourne (Inner), VIC
- 4 reviews
Great customer service and online platform makes life easy!
Very happy with the very competitive rates offered, which has allowed me to save heaps on my repayments. I love that the platform and communication can largely be done via online portal as I can be time poor as a single mum to go into a bank or spend hours on the phone. Very easy process and great follow up.
Quick, Easy, Responsive & Competitive
As a prospective first home purchaser, the team at Loans were patient with all my questions, explained everything in plain English, responded promptly to all enquiries, and offered the most competitive rate on the market. Their online system is both easy to use and very useful - convenient and efficient way to upload required documents, chat with Loans staff and see the progress of your application.
The reviewer stated that an incentive was offered for this review
Questions & Answers
Annaasked
Hi, I currently have a home loan with a credit union in Sth Australia. I have approx $190,000 still owing (with $70,000 in a re-draw account). Without the re-draw, the amount owing would be $260,000. My current interest rate is 2.99%. I saw your advertised rate of 1.99% and wondered if I could re-finance my Home Loan with your company instead? There are no exit fees with my current loan. What would the set up fees be to do this please? Thanks, Anna
fahqteamasked
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.
No answers
Kaitiasked
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?
No answers
Details
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Hayley G.loans.com.au
Hi Brian, thanks for your feedback. We've passed this on to our customer relations team. If you'd like to have a senior representative from our Customer Care team give you a call to discuss this furth...
Read moreer, please email customerrelations@loans.com.au with your full name and application number and we can arrange this for you.