Bait and switch on interest rate, otherwise reasonably modern and easy to apply for
Customer service was good, but not great. Once you can get someone to talk to they can generally help you.
After pre-approval I was sent a letter guaranteeing the rate for the loan would be locked in for 2 weeks. In the following week when I sought to complete the loan process, the interest rate had been raised by over 1%.
I was advised that a notification email had been sent, however I had not received the email.
Regardless I do not understand how a rate can be "locked in", but then raised a week later in direct contravention of their own lett...
Home Loan application process
Positives - low interest rate, low loan establishment costs
Negatives - back office administration very tardy. Better if you have one consultant to process the Loan application from start to Finish. There were far too many staff associated with the loan approval making the process administratively inefficient
Unprofessional and lacking in pragmatism
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.
Works like a start up seems like no defined processes horrible customer device
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...l 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 .
Terrible customer service
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.
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!
Interest keep going up
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.
Disappointing process from start to finish.
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...
- Car Loans
Waste of time, messy and inconsistent service and unreasonable criteria
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...x 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.
- Home Loans
NOT Recommended - stressful, confusing, inefficient
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...; (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 recommended
Deceptive and dodgy
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.
Inhuman Service from uncaring people
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...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.
Do not use this company
I applied for a car loan online and when the guy from the call centre called me he asked what my husbands wage was. I explained it was 60k a year. He then went on to say he can only use 30k per year because that’s all he has earned this financial year. How dumb can you be. He said we can’t service the loan which is just not true. Dumb dumb dumb
Asked for "Being Poor Tax"
They quoted me a 1% more interest rate for my car loan than what they have advertised on their website because I live in a rented house. Not sure if it's a norm in other places, but basically, if you are not rich enough to buy a house, you pay "Being Poor Tax"!
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.
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 firstname.lastname@example.org with your full name and phone number, and someone f...rom 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%
Get an answer from our members and loans.com.au representatives
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.