As we had not had a loan for many years, doing it online with minimal personal contact was a new experience for us. Also, to obtain and provide information at times we thought daunting as we were doing through "OnTrack" and we were not sure if we were right or not but, it was easy and really comprehensive
They got the job done
I used loans.com.au for a home loan. I needed the loan quick due to time constraints and they were very good. Good coms and the web portal worked well. As did the mobile app.
Good rates but slightly hard to catch hold of someone to talk to
The overall customer service experience was 3.5/5 as it's hard to get in touch with the same person the next time. Calls required long waits. Return back calls either were considerably delayed or were never received. Interest rates are very competitive and would definitely recommend loans.com.au to friends which is why overall score for review is 4/5.
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 .
- 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
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.
Moving goalposts and clunky service model
Was tempted by the rate- would be fine if you have ample time and over 40% LVR. Found that the service model is call centre based and you will have at least 3 “reps” through the process lots of repeating yourself, paperwork going missing and takes you to drive the process. Also to note they make you pay for your own valuation (unlike the big 4) and they don’t lend to outside city centres. The team were always friendly but got the impression they feel very hamstring also by the inflexibility of their process. Ended up changing providers and had other competing priorities during the buying process, not worth the extra drama for the 0.10% interest rate difference. Would like to have supported a smaller business but yeah…
stick with the real banks...
they threatened to freeze my account because I fully offset my loans.
they also made discharging my loan so difficult. no forms available online, I had to call them up and go through the rigmorale with their retention process and taking way longer than normal banks. really unhappy with the process.
Terrible company glad to be gone.
Was with them for over 4 years. Horrible rate hikes out of step with the RBA. Then not even passing on the rate cuts. So glad to be out, but they made refinancing difficult.
Have actively taken steps to make it more difficult for customers to compare interest rates
Loans.com.au have taken away the ability to view the interest rate being charged on your loan accounts. Previously this was always visible on their online banking platform through the account details section. Now account details shows basic account information but no longer tells you what interest rate you are being charged. There is only one possible reason for the removal of this information - to make it even more difficult for customers to know what rates they are paying and to compare them to the market. You would think in the wake of the r...oyal commission lenders would have stopped playing these sorts of games. I've been a customer for almost 15 years and have noticed a steady decline in competitiveness (for existing customers) and service. Unimpressed.
The service was friendly truthful. Everything happened as Jasmin said it would. couldn't be happier. There were no unexpected costs as everything was outlined in the first interview. Very satisfied with the whole experience.
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...
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.
So far so good
Andrew was super helpful in arranging my loan & the app once I could access (hint best to log in on the website home page) has been easy to use & easy to upload docs. I’m at the stage of printing, signing & returning mortgage docs after having my loan approved. It is a bit daunting doing it yourself & hoping all docs are in order but settlement is some time away so I have time to provide more or duplicate docs if required.
So far it’s been an easy, no fuss, no frills process. I would recommend loans.com.au if you’re ok with an amount of diy.
Great for a new loan although for existing customers terrible.
I have been with loans.com.au for 5 years (home loan). Paid off 445k loan within 5 years of a 500k loan. As my 5 year interest only loan expired they would only give me a .2% reduction although a new loan would have been .7% less. Basically they don't care about existing customers but only new customers. I have now organised my home loan to go to another bank. Don't bother with them. There are heaps of other lenders that believe looking after their existing customers.
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 email@example.com 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%
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