- Sign in
- Write a review
I was approved for a loan with loans.com.au.
About a week before settlement, loans.com.au sent me a SMS to confirm all loan requirements had been met. Their online onTrack system also confirmed I had provided everything they asked for.
However, a few days before settlement, they contacted me and asked for documents that I had already supplied with my application. They then asked for additional documentation, which caused settlement to be missed.
This caused me enormous stress and demonstrated their lack of professionalism.
Me and my husband were part of our application . Customer service often rejects my calls saying we had helped her husband with the fact that half information is provided to him . I was not sent all the documents to my account . Was not cc’ed in all email conversations . Technically when two people are applicants they should be provided with same information. Their mobile application was extremely faulty and was not accepting login credentials of my husband and on my login we donot have all documents to complete . When customer service sent emai...
Read morel to us they have sent half documents . While posting documents we had double checked with customer service that day new customer service officer informed documents were half sent to us so we had to do another round of getting verifications for rest of the documents .Due to horrible customer service we had to do urgent settlement and had to pay $300 extra for urgency .- 3 reviews
We were told that rate will be as per submission for that day.
However, loan officer advised it will 0.50% extra as he is unable to settle it same day. Also he did not had any customer service skill.
Their systems are terrible, processes are inconsistent and the experience was so time consuming because they were all over the place! Whilst they are cheap, they aren’t cheap enough to warrant the horrendous hassle and frustration. I wish I went with a proper bank. The only plus is that their reps were nice and tried their best to help but again this doesn’t offset the companies systems and process issues!
Hi there, we're sorry you're unsatisfied with your recent experience with your application. We want to look further into this. Can you please email customercare@loans.com.au with your full name and mo...
Read morebile number, and we will look into this and see if there are areas where we can provide further training.Find out how loans.com.au compares to other Loans
Know better, choose better.
- 4 reviews
I had talked over the phone and online to get pre approved. I had on track and had everything for full approval accept a contact of sale. I was told I could find a property and make an offer. I found a house made an offer went under contract and then they refused to give me the loan.
It’s a 2bedroom house, on a large block with iron outside not bricks and that’s why they said no apparently.
I had noidea with good credit rating this sort of thing could happen. So now I have to get NAB to fix what loans.com.au have done. There was also delays...
Read more with the loans.com.au with anything submitted and sometimes no replies. I will stick with NAB for any loans from now on I should have not used this provider. I now have to try and rush everything as I’m under a contract and time limitations to get my property so I am not homeless with two dogs. Im actually appalledHi Kim, we're sorry you're unsatisfied with your recent experience with us. Unfortunately, home loan pre-approval does not guarantee you'll get full approval for a home loan. We're sorry our team didn...
Read more't clearly communicate this, so we'd like to look further into this to see if there are areas we can provide further training. Can you please email customercare@loans.com.au with your full name and mobile number, and we will look into this.- 2 reviews
- 1 like
I was treated like absolute rubbish and sent around the world for a simple discharge authority for my home loan due to selling. Used these guys for many years, but NEVER AGAIN!
Hi there, we're so sorry to hear you're unhappy with your recent experience with us. We'd like to look into this and see how we can get you a better outcome. Can you please email your full name and mo...
Read morebile number to customerrelations@loans.com.au, and a member of our Customer Relations team will be in touch with you soon.- 3 reviews
- 2 likes
Believe it or not. We are paying 4.5% construction loan while their advertise rate is under 3%.
Our interest doesn't go down when market goes down. The mortgage is variable but UP is the only direction.
As we are under construction we can't do much to change bank. So this lender makes use of our circumstances and cost us and arm and leg.
Hey there, we're sorry to hear you're unhappy with your rate. We want to look into this to see how we can get you a better outcome. Can you please email loansolutions@loans.com.au with your full name,...
Read more mobile number and loan account number, and someone from our Loan Solutions team will be in touch with you soon.Related Articles
We decided on applying for an equity loan through loans.com.au after reading the encouraging reviews.
We had the initial phone call where pre approval was granted and we then set up the on track account that was supposed to be the direct portal for communications for the application process. Sadly it was pretty much all downhill from there. The on track portal was very frustrating where their were requests for multiple documents constantly. Messages sent with specific questions went unreplied. After submitting our application , a payment of...
Hi Alan, we're so sorry to hear you haven't enjoyed your recent experience with us. We'd like to look further into your situation to see how we can get you a better outcome. Can you please email sales...
Read more@loans.com.au with your full name, phone number and loan account number, and someone from our team will be in touch with you shortly.Hi Taryn,
Email sent
Thank you
Alan
As has been precedented by this company...5 days later..still no response after requesting details to be sent after a request on this public forum...just absolutely hopeless! Perhaps if i make contac...
Read moret with Australian Financial Complaints Authority and file my complaint there, I might get somewhere!Loans.com.au are the worst company to deal with. When you sign up with them for a car loan they make the service seem great. But once they have you signed up they treat you like the scum beneath there toes.
If you want to leave, they make it difficult to do so. I paid of my loan in full in June 2020. Not realizing I needed to call them once paying out my loan to close my account all together. I only realized this once I tried to get a new loan in 2022 and was advised my account was still open. I called Loan.com.au explained my situation and th...
Hi Kim, we're so sorry to hear you haven't enjoyed your experience with us. So we can look into your scenario and get you a better outcome, can you please email your full name, mobile number and loan ...
Read moreaccount number to customerrelations@loans.com.au, and a senior member of our team will be in touch with you.Find out how loans.com.au compares to other Loans
Know better, choose better.
- 2 reviews
- 2 likes
I recently applied for a car loan and had a similar experience to others based on the reviews here. Was initially assigned a loan manager who gathered information from me and was confident of success. We were then given access to the online portal and this is where the issues began. I was asked to upload ID documents and payslips etc. There were issues with the platform but managed to finally get them uploaded. I was then asked the next day for the last 2 years Notice of Assessments which I provided. After another few days I was asked for my ta...
Read morex assessments, which I provided. I spoke to a phone rep who said everything was on track for settlement. I then got asked again to submit my NOAs, for the second time. I uploaded but a few days later was being asked for the same info for a third time. By this time its been a week and a half and still no progress. I would speak to the my loan manager who seemed to be unaware of the document requests, seems the teams don't speak to each other. After contacting them again I finally got a response saying my loan had been rejected. I contacted them as asked for an explanation, we are a double income household with good credit, savings and minial other debt outside of mortgage. They estimated my monthly expenses to be double of what they actually were after I had provided all relevant information. They told me some of the other assumptions they have made which I would consider to be bizarre and unreasonable. When I questioned this I was told they were bound by lending laws and couldn't adjust their assumptions depsite me being able to prove otherwise with regards to our finances. Fine I thought, went to my bank and got approved in 60 seconds. Don't waste your time or a credit file enquiry on this company, they will string you along for 2 weeks requesting the same documents over and over and finally tell you no.We're sorry to hear you're unsatisfied with your recent experience with us. We will pass on your feedback to see what we can do to improve and provide training where necessary.
- 9 reviews
- 5 likes
I have spent the last week loading an extraordinary amount of documents to apply for a small car loan. I have spoken to multiple different poeple, none of which seem to communicate with each other. Their system seems to show different users different things, and they cannnot seem to see the same as I see on their system. Documents that were uploaded one day go missing. They, as a whole have a complete lack of commercial knowledge. I spoke to my bank and got the loan approved in two days. Not worth the hassle with this crew.
Hi Karls, we're sorry to hear you're unsatisfied with your recent experience with us, and we apologise for the inconvenience. We'd like to look further into this. Can you please email auto@loans.com.a...
Read moreu with your full name and additional details of your experience so we can investigate further and provide training if needed?- 6 reviews
- 2 likes
Do not be taken in by the low advertised rate. While the interest rate is as advertised, we found the whole process with Loans.com.au confusing, with conflicting instructions received depending on who picked up the phone, and different instructions on the Loans.com.au portal (OnTrack) vs what was received verbally or via email. While we were supposed to be assigned with a Loan Manager, we hardly ever got to speak with the same person twice.
Loans.com.au had a tendency to (1)send multiple document requests & not everything was requested at once...
Read more; (2) requests or additional instructions sent on Friday evening close to the end of business day, which meant we lost processing days to weekends. To make matters worse, because of Loans.com.au inefficiency, we had to pay THEM for expedited processing to avoid delaying our Settlement for too many days and incurring a bigger penalty by the vendors. It was distressing and absolutely unfair we had to pay for their non-streamlined processes. Felt all most like we were dealing with amateurs or almost as if the low advertised rates was a ruse so that they end up earning from additional expedited processing fees. Not happy! Not recommendedHi Scipio, we're sorry to hear you're unsatisfied with your recent experience. We would like to look further into your case and see what we can do to get you a better outcome. Can you please email you...
Read morer full name mobile number to customerrelations@loans.com.au, and a senior member of our team will be in touch with you shortly.Find out how loans.com.au compares to other Loans
Know better, choose better.
- 3 reviews
The initial rate and fee was fine but halfway through my loan they sent a letter stating they would now be charging a early payout fee of $500 . The main reason I went with them was because there was no early Payout fee in their contract. They also don't give you anyway of discussing it and act like it's in the contract now, but the contract I signed didn't have early payout fee listed. They assume that sending a letter stating they are changing their policies is contractually binding, which it's not but they count on most people not arguing about it with them. Their whole sales methods and call centre scripts scream dodgy operation.
Hi there, we understand how you’re feeling and we sincerely apologise for any inconvenience. Under the T&C of your loan, we are permitted to change our fees. You would have been informed that we have ...
Read morerestructured our early repayment fee to cover the loss that arises from early repayment. There have been no other fees added to your loan other than the restructure of the early payout fee. Please note, no early repayment fees apply if you pay in the final 12 months of the loan term.I am a counsellor and disability support worker trying to rescue a dear friend from destitution. My friend was suffering through domestic violence for over three years. He was the victim of financial and emotional abuse. Unfortunately his partner fraudulently created a situation that led to me falling into arrears. Despite the turmoil and mental health crisis he was undergoing and is still healing through. He offered a reasonable settlement and repayment by accessing his super and would cover over 65% of the arrears with the rest of the amount...
Read more to be paid off with a fair and reasonable payment plan. This offer was rejected by one of the cruelest individuals i have encountered involved in customer service and financial lending. I feel they use predatory lending practices against vulnerable people who are trying their best to heal in the home They worked hard to secure. On top of refusing a reasonable payment arrangement according to the financial legislation is required by them to consider. They went further to put unnecessary legal fees on top of the arrears putting him into further debt and distress. The only proposition made to settle the account was to force him to sell my home. This company, who is in the business of obtaining the means of securing houses for property, are vindictively trying to create an insecure future for me. Do not be fooled by their low interest rates, because they have no heart when it comes to helping people get out of situations they have the ability to do. These lending practices are predatory at best and intentionally malicious at worst. He has been personally damaged by the utter lack of service he received and now we both have to work harder to battle against decisions made that put him into further financial hardship and risk of homelessness. This will consume so much of my energy and time that I will be unable to focus on helping others and preventing severe injustices. Don’t borrow from these people, they’ll force you to mortgage your future before they let you recover a past trauma that is ongoing.Hi there, we're very sorry to hear about your recent experience with us. We'd like to look into this further for you and see how we can get a better outcome for you and the borrower. Can you please se...
Read morend an email to collections@loans.com.au including full name, loan account number and mobile number, and our Collections Manager will be in touch with you soon to discuss your options.- 8 reviews
- 1 like
When I finally spoke with someone, she said we did not fit criteria. She had no interest in trying to help us meet the criteria. As an ex mortgage broker I can tell you that criteria can fit in a number of ways. I would not have employed her, or if already employed, I would have terminated her. She failed to assist the client and lost her company money and a good client with extremely high international credit ratings!!!
Hi, we're sorry you are unsatisfied with your recent experience with us. We pride ourselves on our service, and this situation doesn't sound like our usual levels or service and care. We want to look ...
Read morefurther into this. Can you please email customerrelations@loans.com.au advising of the time you called, your full name and mobile number so we can track your calls on our end and provide extra training where necessary.Questions & Answers
Are new path lending any good
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 f...
Read morerom 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
Get an answer from our members and loans.com.au representatives
Details
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.
Hi there, we're very sorry to hear you're unhappy with your recent experience with us. We'd like to look into this so we can get you a better outcome. Can you please email your full name, application ...
Read morenumber and mobile number to customerrelations@loans.com.au, and a senior member of our team will be in touch with you shortly.