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.
They hook you up with sugar low rates, then once you sign up they will increase the rates and will inform you those advertised rates are only for "new" customers. Disgraceful.
Incompetent, poor advice
The so called "lending specialist" advised me to only list one of my permanent part-time jobs ($45,000 p.a.) on my application, as he said it got me my pre-approval and would make my application less complicated than if I listed both of my permanent part-time jobs (which brings my earnings to $70,000 p.a.). Two days later, after I (at the advice of loans.com.au) put a $500 deposit down on a car, the "lending specialist" gets in touch with me to tell me my loan was not approved because I didn't earn enough! By the way, this was for $400 / month ...over five years. I feel that if he had not been lazy and went ahead and listed both of my secure permanent part-time jobs that I would have been approved. Ultimately I went through the dealership for my financing and got approved with comparable interest rate, etc. I just wish I hadn't wasted my time with loans.com.au.
- Car Loans
- Verified customer
Just info collecting
Comparing loans and this company came top list of being a good company, I can say they are just interested on getting information but not in lending money. Car value 40k with a deposit of 25k cash. I consider having a good credit with no faults and only one credit card for 8 years with no balance, score around 770, with $2000 a month free after paying bills to pay a car monthly repayment and they said I can not pay $340 a month for 4 years for the car, so will just pay car outright.
Incompetent at best
Initial contact started well but all down hill from there. 2nd Sales consultant incorrectly filled in application that we were renting even though she asked if we were home owners and what was the monthly mortgage amount. She then proceeded to put the wrong name on the application. She then pre approved us for $30,000 more than we asked for. 3rd consultant takes over and then shows concern that I had been on work cover so sent them return to work and Doctors letter explaining that I was back to work in a full capacity. This satisfied their conc...erns. She then asks for documents that had already been uploaded into their system and when I replied this, she came back and apologized and that she could see them. so far this had taken a week to get to this stage. Now to finally top this off the car we were purchasing and to this stage had met all of their requirements gets knocked back because it had been written off. Even though the car had passed all inspections and had a RWC Loans.com.au have approved us for a loan but not on that car. I wouldn't recommend dealing with this company as they are slow, struggle to read documents correctly and fill important documents incorrectly.
Loans.com.au Breaching Privacy Legislation
Loans.com.au accessed my credit reporting information during the pre-approval stage which obligates them to the Privacy Act of 1988. They then failed to meet their legislative obligation as a responsible credit provider by not providing me with a written notice of refusal, pursuant to the following 2 sections;
* Privacy Act 1988 - Section 21P, (1), (a) "a credit provider refuses an application for consumer credit made in Australia:", (i) by an individual"
* Privacy Act 1988 - Section 21P, (2) “the credit provider must, within a reasonable peri...
Terrible Product, feels like I got SCAMMED
Do not sign up with Loans.com.au, it is a scam and not worth the money or time!
Rates were very competitive when i first signed up 3 years ago, however after a few out of cycle rate rises and RBA rate cuts (not passing on), this my current rate is barely comparable even to the big 4. My loan rate is not even close to what is being advertised by Loans.com.au
Seems to me the strategy is to sign you up and hope you cant be bother to leave.
To be honest, i dont even understand why anyone would sign up with these guys now with other similar compan...
- Home Loans
- Verified customer
Terrible customer service and incorrect interest rate received
I haven't received the interest rate received I was promised which was 1.99% for all my loans. There was clearly a mistake on their part as I have 3 loans, all now with different interest rates, despite been offered 1.99% which is also detailed on their website. The loans have now settled and they have basically told me there is nothing that can be done. They have formally responded saying they have listened back to my call and 1.99% was never offered, despite when I initially raised my complaint the team member placed me on hold to listen back...top the call and acknowledged that I was offered the interest rate if 1.99% across all 3 loans and that they should be able to "sort it out". Very misleading company, its quite annoying that I have to resort to leaving a review like this to try and prompt them resolve the issue. If you don't give me the interest rate we agree which I'm sure you can easily do, I'm just going to transfer money I have elsewhere to completely fill my offset account so that you get no additional interest at all. You will actually be loosing money as you are holding the loan liability while not getting any interest at all. I have been dealing with [name removed]
Non Bank Lender becomes a Bank!
Firstly the positives - the application and settlement process went fairly smoothly, however from there it has been a downhill slope. They get you in on a good rate and then fail to pass on many of the RBA cuts so you end up on a Big 4 bank rate which largely defeats the purpose of going with them in the first place. When you query your rate you deal with someone in their Loan Solutions team who has little authority to give you anything and then when you go higher up the chain you are given the usual blurb about tight funding margins (isn't t...heir funder their parent company) and offered fixed rates which when you delve deeper have high revert rates at the end of the fixed term period. I wonder if they will pass on increases in RBA rates when they eventually happen? I think they work off the theory that the majority of customers can't be bothered to move so they make profits however poorly they treat customers. The high number of 1 star reviews shows I am not alone in my thinking. For those looking at non bank lenders I would give Reduce Home Loans, HomeStar Finance or Athena Home Loans a go - their rates are far more competitive. I was subsequently offered a review of my rate which I accepted by emailing the Loan Solutions team, however I never received a reply - at least the service is consistent.
Bad Experience: Incompetent & Fake Loan Specialist
I have discussed my credit history and the loan details with their so call loan specialist because I don't want any credit enquiry if any issue, she said everything is good to go. I have applied but declined, when I have asked for reason for decline, they are saying as per guidelines it is declined but not sharing any reason. My credit report is being ruin because of their incompetence. They charged for property valuation $220 that no other lender i.e NAB, CBA, ANZ etc is charging. They said will refund $220 but after one week, but why?
Possibly the worst retail experience
From start to almost finish - this has been one of the worst retail experiences I have endured. I have arranged three loans to be refinanced with this crew and the Apps and electronic support have failed (despite several calls to fix it), information requests (typically via the app) have been duplicated and even when messaged have not been removed (potentially slower settlement), the support member allocated to my deal simply doesn't listen. Conversations for Third Party access suddenly stopped. Generally expect different answers from staff m...embers (but occasionally you get a staff member whom you thinks know what they're doing). Staff generally poorly trained and electronic support if terrible. Don't get sucked into the low interest rates - you'll regret it. It has been a long, slow painful experience. After almost 4 weeks, still waiting to hear about an extra $1,200 charged at settlement for two of my three loans.
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...
I have an investment and owner occupier loan. Their customer service is terrible (can't even get my name right in responding to an email!) and I had real issues with the final approval process. Their rates used to be competitive, I asked for a rate review and was refused one the first time, then offered 0.03 on only the investment loan. The difference between what a current customer will pay and what you pay as a loyal customer is significant and when I asked if they were happy for me to refinance I was told they don't really care if I go els...ewhere. They say it's due to the cost of funding, but other online lenders seem to be able to offer their existing customers a better deal. They don't even tell you they're not passing on the rate cut, just leave you to work it out. I've had several friends ask about refinancing to this lender, there's no way I'd recommend them, not even for the referral fee. Much better deals out there, I wish I'd done more research when I took out my second loan with them. Can't wait to switch to another lender.
- 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...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.
check how much you will loan on a car first
After them pushing me to get my application through and hours on the computer getting forms to fill out that they lost twice only to be told they wont lend the amount that was talked about when i got the credit check because my brand new car isn't worth enough. the first thing that should have been checked is how much they will let you refinance on the car you have, not wait right up until the end to tell me. now I have a mark on my credit score for a loan that shouldn't have even gone through in the first place. pathetic system
No rate cut again.poor internet banking design
They didn't pass rate cut again,while even big 4 banks did that.
the internet banking also not easy to work with. You can't get a transaction receipt easily and for a normal task needs to do a few back and forward to get it done. Not user friendly compared to other banks internet banking.
Another rate cut not passed on!
Loans.com.au has again failed to pass on the November rate cut. Please avoid this lender at all costs as they do not care about existing customers!. I am sure they will reply with a scripted response about funding costs blah blah .... This organisation cannot be trusted to care about its existing customers. AVOID AT ALL COSTS
Biggest scammer of your money
Don't let their low rates and promises suck you into applying for a loan with them. You will end up wasting your time and money just for the application process. They only lend to people who have don't have a loan because they will use every little excuse to not approve the loan. After taking 4 weeks, a full financial audit and many times back and forth about reducing my current loan balance before refinancing (which I complied every single time), they are now saying they have problem with my servicability. Really! I have been servicing my loan...s fine in the last 20 years without them. Plus they will charge you valuation fees upfront even though they haven't approved your loans yet which means they won't give it back to you. Have I mentioned if you don't call them to find out what is going on they won't call you? I have never been through such a painful process to get a loan. The biggest scammer, imagine charging 1000 or 10000 customers upfront valuation fees and the use some lame excuse not to approve their loans. How much money would they make and already made from people? Save your time, money, headache and stay away from these guys.
Wasting time of 20mins of their rate review team
Totally wasting of time I've called to review my rate. They didn't update my residential address from the old property and kept saying that I am living in a different address so it is an investment loan. Also she couldn't let me know what O/O rate they could offer before I can provided any info to them. What if I spent all my efforts sending her my DL, bank statements and she told me I couldn't only have 0.02% rate reduction? Totally waste of time, good luck with you. I felt so lucky that I had refinanced the other one out from you last year and am going to do one more this year.
Contacted to find out viability of an investment property. Terrible customer service, passive aggressive, condescending and lacking in knowledge. Couldn't understand what I was trying to ask at times and would butt in before I finished trying to ask. Judgemental have had great experience with Lendi who were extremely helpful and can answer all questions you throw at them try them. Waste of time speaking to this company. The questions on application form do not allow for correct details.
Don't bother with this company!
Extremely slow process of getting a loan approval. In the end they said that we couldn't service the loan (but hadn't contacted me). I had to call to follow this up. I don't know how they worked out that we couldn't service the loans. The rental we get from both properties services the loan. I would say that they don't know how to read financial statements. A pretty bad experience all up. Based on the reviews on this page alone, I'm happy that we didn't go with them, as I'm big on Customer Service and it looks like this company fails badly.
Questions & Answers
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.
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?
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