- Sign in
- Write a review
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.
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
We're sorry you're unhappy with your experience and we'd like to look further into your case. Can you please email customerrelations@loans.com.au with your full name, account number and phone number, someone will be in touch with you shortly.
- 7 reviews
- 15 likes
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...
Read moreitions. 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.Hi CeeJay, we're sorry to hear you're unhappy with your experience. We'd like to look further into your case. Can you please email sales@loans.com.au with your full name, mobile number and email addre...
Read moress, and someone from our team will be in touch shortly.
Email has been sent
An Update..... It is now over a week since I replied to their outreach, but still no contact. Another case of say one thing and do another. It just reaffirms everything I have written. They are just n...
Read moreot interested in clients, only getting you onboard as a source of revenue. They have a very large "too hard" basket it would seem. I am now closing this post off, the matter is now closed. C
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.
Hi Anthony, thanks for your honest review we appreciate your feedback. We'd like to review this for you. Can you please send through your full name, loan a/c number and mobile to loansolutions@loans.com.au and someone can be in touch shortly.
Find out how loans.com.au compares to other Loans
Know better, choose better.
- 15 reviews
- 10 likes
Excellent refinancing a few years ago. Very pleased. However interest rate cuts are not passed on and we were left with no option but to refinance with another lender at much better interest rates.
Hi Adam, we're sorry and disappointed to hear you are no longer happy with your loan. We'd like to escalate your case to our loan solutions team, so please send your full name and loan account number ...
Read moreto loansolutions@loans.com.au and we'll do what we can to assist.
Thanks but I've assisted myself by refinancing with a much better rate with another lender. Shame you only keep new customers happy leaving the existing ones unhappy.
- 5 reviews
- 3 likes
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
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.
email sent look forward to the chat
Thanks Brian, someone will be in touch shortly.
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...
Read more 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]Related Articles
A good super fund can make a substantial difference to the amount you retire with. From retail super funds to self managed super funds, view reviewer ratings for the top-rated super funds of 2022.
Whether it's the sign up bonus, rates and fees, or reliable customer service that you look for in a credit card, a credit card is often used everyday, so it's important you choose one that meets your needs and that you're happy with. These are the top-rated credit cards this year, as decided by ProductReview.com.au reviewers.
Peer-to-peer lending is quickly gaining popularity among Australian borrowers and investors. If you've never heard of it before, this 2 minute read will give you a quick rundown so you can decide if P2P lending is right for you.
- 2 reviews
- 2 likes
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...
Read moreembers (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.Hi again Martin, we appreciate you taking the time to leave your feedback. We have forwarded this on to our customer journey team to look into and see where we can improve our processes going forward....
Read more If you have any further details to add, please send them through to customercare@loans.com.au.
You've had about 4 weeks to "look into it". Empty promises again.
- 2 reviews
- 12 likes
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...
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
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.
Find out how loans.com.au compares to other Loans
Know better, choose better.
- 2 reviews
- 1 like
Loans.com.au attract new customers with low rate to start, but once you become their customer, they will ignor your request for refinance, or provide better mortage rates, or discharge forms request. We signed up with loans.com.au since mid 2015, after one year lower rate fix, our fix rate or variable rate has been always more than 1% higher than the equivilent new customer's rate. We requested numerous time, they would not do anything about it. Upon we request to discharge, they keep delay in more than a week to send out discharge form.......
Read more while other bank can send out within 60 minutes in same period of time. Their excuses are unacceptable.... eg. the fund that we drawn down when you signed up was in a higher cost, that is why your variable rate will be much higher than current market rates... we need to check a lot before discharge form send out...Hi Mike, we're sorry to hear about your experience. We appreciate you taking the time to leave your feedback as we'll use this to improve our processes ongoing. I've forwarded your comments on to our ...
Read moreLoans Solutions team, however if you have any further feedback please email it, along with your full name and account number to customercare@loans.com.au.
- 2 reviews
- 5 likes
- Home Loans
- Verified
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.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.
- 3 reviews
- 2 likes
I refinanced to LCA few years back, as LCA, being a few online lender at that time, was offering competitive rates. Whilst I felt that they have a reasonably good Customer Service and online user experience (smooth settlement process and quick turnaround time for responding to queries etc.), however when it comes to passing the rate cuts to their customers over the last couple of years, they are not as quick as the other new online/Fintech lenders. Sometimes they pass only a certain percentage of the rate cut and sometimes they don't pass the rate cut at all.
Hi there, as mentioned in the private mediation, we really appreciate you providing us with this feedback. We're sorry you are disappointed with your current rate. We have a specialised team who are a...
Read morevailable to review your loan. If you could please send us your full name and account number, and best contact details to our Loans Solutions team at loansolutions@loans.com.au, they can review your loan and give you a call shortly to discuss your options.Find out how loans.com.au compares to other Loans
Know better, choose better.
The customer service was great but I would no longer recommend. They didn’t pass on the interest rate cuts 3 times even though I was on variable. The point of being with them is that they have competitive rates but they are now higher then the big four. Disappointed!
Hi Laural, thanks for the feedback. We are currently reviewing rates following the RBA decision to reduce the Cash Rate. We expect to have an answer soon and are committed to ensuring our customers al...
Read moreways have a competitive interest rate. We will communicate with all customers as soon as our decision is made.
- 3 reviews
- 5 likes
I overpay my mortgage, never miss a payment, and have a large mortgage which is safe due to our professions being government. The application process was a joke - sorry but I would love to know how you people think the admin should be done. Literally took 5 times to get documents sorted - 24 hrs application was over a month - apparently, the software was doing it wrong and it took a team to fix it but only on my profile of our mortgage and not on my husband. Then the fiasco of the direct debit which they kept getting the account details wron...
Read moreg which after 3 month of messing around we told them to stop trying - we sorted it by BPAY. No one year later when they have nothing to do they have brought out an interest rate 0.68% lower than my current rate and they are refusing to let existing customers move to a better rate. - Disgusting. They are also not a bank just some money lender in Queensland. If you want a cheap rate and have zero interaction then go ahead but anyone who expects more than a couple of figures on a page - which is all we want incidentally go elsewhere.Hi there, thanks for your feedback on the application process - we will pass this on to the appropriate team and see what we can do to improve. If you have any further feedback, please feel free to se...
Read morend it to customercare@loans.com.au, ensuring you include your full name and account number so we can trace it back to your individual situation and see what we can do to help.
- 3 reviews
- 6 likes
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?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...
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 Anish, we're sorry to hear you didn't enjoy your experience with us and faced some technical difficulties. So we can look further into this, can you please email customercare@loans.com.au with your full name and details of your experience?