loans.com.au (page 2 of 2)

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.

First it attracts you with low interest rate and after becoming customer,loan.com.au treat us like we are nothing. I call them everytime when reserve bank cut interest rate but Everytime I here I am getting best interest rate blah..blah..blah . I am normal person and do not understand other than interest rate. My intreset rate is 3.22 variable now and my friend who went with other bank same time when both bank have same interest rate ,her interest rate is 2.69 variable only. What a shame..

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.

Since joining Loans.com.au the interest rate for new customers has dropped much lower than existing customers. They are not interested in dropping for existing customers either. Looking to refinance elsewhere.

Avoid these guys, plenty of other lenders
Good 5 years ago, but do not communicate rate changes clearly, would not rectify their mistakes.Worst they have higher rates for existing customers now.

Best rate when we applied, but they don't pass on rate cuts to existing loans, only to new customers, now I'm refinancing away from loans.com.au as they are ~0.5% above the market price. They happily watch customers leave, take your loan to Athena the first time...

Initially, they were great, easy process, great rate. Within a very short time the rate was increased multiple times (RBA did not raise) claiming borrowing costs overseas impacted the business, no choice but to raise interest rate. The rate went from competitive to higher than major banks. Customer service is terrible, for an online bank, they do not make it easy for customers to contact. If you email/message them through the online portal, they reply you have to call them. When you call, you are then placed on hold for over half hour wait...

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.

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...

Satisfactory customer service, however loans.com.au are very arrogant and unwilling to negotiate when interest rates become very uncompetitive (+0.75%) above their advertised rate! When approached and a review of the rate I was paying was requested, they refused! So ultimately I've switched to another institution. Watch out and do your homework - Not recommended.

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.

Watch out for Loans.Com.au. They entice you in with attractive 'new' rates, only to then slowly make your home loan uncompetitive over time. At first I was very happy with the product.
But as all the interest rates were going down, Loans.com increased mine blaming some increased funding cost on the international market!!
They also don't pass on the full interest rate cuts by the RBA, so over time, my daughter's home loan rate with the Commonwealth Bank (a big four) was better than mine!
So I decided to call them to discuss this anomaly, as the...

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.

I refinanced our home loan 3 years ago with loans.com.au. Standard P&I loan. It was a long process which I came close to withdrawing my application a number of times due to frustrations. I persisted because I was lured by the low advertised interest rate. However, over time my interest rate has crept slowly up and now well above their advertised rates. BEWARE, as an existing customer you will be locked out and unable to get their lower advertised rates. Loyalty tax on existing customers. A fact well hidden. Transparency?
But that is not the kic...

They made a direct debit transaction on my loan account without noticing me or getting my authorisation which is illegal and it is to a different person's account. Called crime stopper and the other bank who said will investigate but got no reply from Loans com au for more than 48 hours still. Will make formal complaint.

Best rates advertised. Once hooked, up it goes while still offering new customers the good rate. I moved loan provider. The saying goes. If its too good to be true….

As I write this, the advertised rate for the product I have is 0.1% lower than I am getting (with them passing on 0.2% of rate reduction). I had been paying 3.84% interest rate when their advertised rate had been lower. i am leaving them as my situation means that negotiating with them is not worth it. but beware of suck in and increase rates later tactics!

After with them for more than 5 years and them not willing to review their rates for existing customers, I would say they do not know the meaning of Loyalty or there is no such word as Loyalty in their dictionary. If you are planning to take out a loan with them, be warned. They may offer you a very good rate initially. But once you are sucked in and review your interest even after a year with the interest offered to new customers there will be significant difference.

While all other lenders have reduced their rates following RBA decision. LoansComAu is still reviewing how much to reduce its by - just ridiculous. I have been a customer for over 5 years and know first hand their false promises. They attract new customers with low rates and then quickly increase it to make more money!!! Time to refinance.

October 4th 2019 Update: Always the last lender in Australia to pass RBA rate cuts!! Only concerned about profits!!!

Customers affairs comes last for these guys. While all lenders passed on cuts, they are still deciding (or making huge profits by not passing rates cuts). I’m switching to Athena!!

The rate you get when signing up, is great, after it rolls over it will be significantly higher. Yo can ask for a better rate and it will be marginally better but expect to pay .20% more. The account close rate is the highest I've seen also, so you cant just change lender. Loans.com look after new customers but not existing customers.

June 5th 2019 Update: Advertised is for NEW loans only.

When asked why we are paying more than the advertised variable rate, their reply:-
The cost of funding to a loan that has already settled however is not...

The application process was fine and the rates for new customers are competitive but nothing special. The standout is the quick turnaround on the loan application - 2-week approval and 4-week settlement - which was great. However, 3-4 months post settlement, a new rate was advertised for new customers at 16bps lower because the general marketplace has dropped rates. When I called their loan specialist, they straight out told me that they can’t do anything and possibly the best thing is to go elsewhere but I can’t do that for a few months. Then ...

Trued to get the loan for appartment of the plan. Initial conditions of 90% LVR and high-density area (Wolli Creek) were the appartment is supposed to be were included in the application and the information provided clearly provided. Then the period of paper work came. All required documents were uploaded correctly. Loans did numerous mistakes in their forms which were corrected after a few requests. Finally application was submitted and preapproval issued. Then they were sent the agreement and this didn’t rise questions too. Finally, at the le...

BEWARE! Once they have your business they will screw you with higher interest rates within a few months and then give you lies about 'costs of lending' which is completely untrue as RBA is not changing or is actually decreasing rates...it's just a LIE so they can gouge you for more interest. You can ask for as many rate reviews from them as you like (but they limit it to only one every six months, another SCAM) but they will keep lying to you and never change your rate. Yet new customers always get better deals, existing customers get treated l...