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.
Experience with loans.com as an old customer
what a pathetic customer service! They returned my phone call ,unfortunately the line was not very clear ,I could only hear some words ,within few seconds they hung up the phone and never called me back . Still more to write but I don't want to.
stick with the real banks...
they threatened to freeze my account because I fully offset my loans.
they also made discharging my loan so difficult. no forms available online, I had to call them up and go through the rigmorale with their retention process and taking way longer than normal banks. really unhappy with the process.
Very good customer service
Received very prompt customer service from this company. Interest rate is very competitive for investment property. They didn't ask for unnecessary information and processed loan in timely manner with no hassle.
Discharging from Loans.com.au due to very high interest rates. The customer service kept changing originally agreed discharging date accusing another bank. Who is dishonest? Made complaint to AFCA. Trying to resolve discharging issues
Positive: good rates. Negative: losing track of submitted documents; poor communication internally and with client; inadequate, confusing and slow requests for information. Had the appearance of poor systems supporting the staff, and had to pro-actively manage them during the application process.
Not a happy experience
After some comparisons, reviews, etc I decided to approach them for a home loan. Rate was certainly attractive and initial team member was excellent to deal with. After going over some details & ascertaining what would be required we moved to submit an application and were given conditional pre approval.
Once we had found a property and advised them we were proceeding I found we had a different Account Manager who was also excellent as she worked to get this done. We started submitting all requested documentation and meeting all requested cond...itions. However, time was ticking down and whilst we kept getting assured things were on track we started to become concerned at the delays we were facing. There were 2 instances where they failed to respond to messages via the Ontrack portal which didn't help. We got to 1 week from due diligence when they changed the goalposts. I had informed them from the start I was self employed. Also from the start, they advised me company financials would NOT be required and I double checked with the consultant at the start to be sure, remembering that all calls are recorded. Now they suddenly required full company financials with only a week to go & my accountant was on leave :( Suddenly the lack of transparency became a major issue. With very little time left and a very intractable lender, my only way to resolve this was to go to my business bankers with an urgent request for help. Within 25 hours I had my funds. Yes, it cost me a slightly higher interest rate ( 1.87 vs 3.45 ) but at least I had my funds. From a big 4 bank no less. The other issue is I initially paid their quoted valuers fees only to be hit with a request for double that amount. Again, they didn't seem to know their own costs. Then the final rub. I was out & out lied to. As soon as it became clear that I may not be able to finance with them, I rang and discussed to see if there was any way forward. As it appeared no, I then asked for a copy of the valuation which I had paid for. I was informed they could not provide as it remained the property of the valuation firm, something I checked on & was advised most certainly not, it was indeed the property of loans.com.au. Again, I remind, all calls are recorded so all calls will be on record with them if they choose to check. All in all, it started very promisingly but dragged on and finally I withdrew the application. A major waste of time and the cause of major stress.
SMSF Invest Property Loan refinance
Wonderful man I spoke to originally. I tried to refinance my loan from StGeorge to a more competitive rate. This company has only just started taking applications for these types of loans. Their portal is clunky at best. I had promises broken, bad updates from many different staff (usually a different staff member each time ). I eventually got sick of waiting.... from the application being taken, I got up to over 5 weeks with still no answer. Up to 9 weeks now and still haven't got to settlement . I don't think this company is capable to arrange this specific type of finance, even though they advertise it and that the process is easy. I haven't done many things that are harder.
Made it so easy!
Lani and Mike were super quick to follow up, supportive and just wonderful in general! I'd recommend them and loans.com.au for making this a great process for first home buyers.
Happy with Customer Service!
I was on the phone today with Emma from Customer Care regarding an interest rate review on my existing investment loan. I was initially unsure of how to open up with my queries ie. what is the best interest rate reduction they can give me?, how much difference will it make to go for other loan setups (var/ fixed)?, am I even eligible to get a different rate? etc etc. So many what-ifs going through my mind and so little knowledge on the topic (I'm obviously not a real estate expert). TBH I was surprised how many options I had and at how easily my options were explained to me. I 100% recommend these guys for giving quality customer service and also for staying competitive.
Thanks to Jessica (Personal Lending Specialist) and Jordan (Support Officer) my investment loan refinance was completed in just over three weeks. The customer service and efficiency provided exceeded expectations and would not hesitate to recommend Loans.com.au to friends and family.
Great Customer Service!
The whole process of pre-approval to settlement is seamless and quick, unlike the Big 4. This is my 3rd Home Loan transaction with www.loans.com.au
My lending Manger Brodie and Support Officer Sharney went above and beyond to assist me with any queries I had. Both were absolutely prompt and always approachable and assisted me right from initial query for a home loan to settlement.
Very happy with the whole process. Look forward to work with Brodie and Sharney again next year and beyond. You guys are truly amazing.
Thank you so much for your support.
- Home Loans
Initial low interest rate will rise
I refinanced by mortgage several years ago with this company due to the much lower interest rate on offer. However this didn’t last & the interest rate crept up either due to them not passing on rate cuts or occasionally increasing their rate because of ‘addition funding costs’. As a result the interest is now higher than that my from my previous borrower.
It is also significantly higher than the interest rate being offered to new customers on their website.
I have no issue with the service I received in dealing with this company.
Refinance from 1 of Big 4
We were very apprehensive from the start after being with one of the big 4 for many years...the whole process from start to finish was simple with the "On Track" app...we now have a great rate...if you are considering changing your home loan "JUST DO IT" and kick the big 4 to the Kerb..Thanks Loans.com.au..
Great friendly service, no issue to small to be dealt with efficiently
From our first contact with Loans.com we received excellent service, there was help available each set of the way. I think it would have taken half the time to arrange the loan when compared to a traditional lender. Easy to use portal and great interest rates.
Terrible company glad to be gone.
Was with them for over 4 years. Horrible rate hikes out of step with the RBA. Then not even passing on the rate cuts. So glad to be out, but they made refinancing difficult.
Questions & Answers
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 email@example.com with your full name and phone number, and someone from our lending team will be in touch with you shortly.
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
Go on web site no set up fees UBank is offering a better rate of fixed 1.75%
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.
Get an answer from our members and loans.com.au representatives
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