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Possibly the worst retail experience
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...embers (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.
Bank balance decline
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...
very bad service once you convert your loan to them
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.......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...
- Home Loans
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...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.
Initially great! But haven’t passed on interest rate cuts! What’s the point??
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!
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.
Unethical, unhelpful and purely organised.
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...g 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.
Do not go with loans.com.au because they treat existing customers very bad
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...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?
Very happy with customer service. The process to sign up was good being able supply documents online. A little more info regarding the refinancing transactions would have been good to know. Ie, more money then required was drawn to cover any unexpected fees. We then had a 2 week wait from our old lender to give us the purposely overpaid funds which then put straight back on the new mortgage. We understand that process now but would have been good to know that was going to happen ahead of time as at the time we thought it was an error of loans.c...om.au which cost us interest we didn’t anticipate on the additional funds. We have been with Loans.com.au for over a year and are very pleased to have calls answered promptly and answers to our questions quickly. Rates are extremely competitive despite not all rate cuts being passed on in full as happens with other financial institutions. After making the switch I have kept track of our old loan rates, has we not have changed we would be wasting $100 per week (yes per week) on interest. After a number of rate cuts on both the old loan and our current we are now approx $26 better off per week then had we of stayed with our old lender. Love having no account keeping fees and flexibility of redraw facility. The app is the easiest banking app I have used. Thanks loans.com.au for the savings and for having such wonderful staff to deal with. Highly recommended!
Follow up was a waste of time
I followed up. Although my fixed rate is almost up (about 1% higher than variabke) I will still be charged a fee. They dont care if I leave. Customer care is zero
Existing customers get high interest rates & poor service
If I could go back 5 years I would run away from loans com.au as fast as possible. Similar to other customers who've posted reviews of their experience, we were also lured in by their advertised rates only for them to hike the rates on us over the years. We're good customers with 3 loans with them as well as savings of $200k plus & have never missed a repayment. However it seems they don't care about retaining our business, they've not bothered to return our calls about lowering our rates so we've sourced a better deal through a mortgage broker...& will be moving all of our money elsewhere. As far as our experience goes, there are much better deals out there with far superior customer service than offered by loans.com.au. Would rate them zero stars if possible.
Like big banks, sucks you in and keeps rates high
Joined 4 years ago. Rates kept on creeping up against benchmark. Recently tried to call to discuss rate change. After 12 days and 4 calls and two firm complaints to staff still zero response. I wanted to give them a chance to reduce the rates - which are now higher than the rates advertised by the big 4 - so that neither of us have to waste time changing. As one can expect, once you are a customer, you are treated poorly, and the rates will keep increasing to above the big 4.
Loans.com.au are scammers - beware..
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.
Doesn't look after existing customer
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..
Not Good Once You Become Their Customer
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.
the rates are introductory only - after a year or two they bump your product to a rate that is way worse than the market
I have been with loans.com.au since 2014. The rate was good at first, hence I went with them. A couple of years later I saw a massive gap between my rate and rates advertised for new customers. My rate now is way worse then the market rate and when queried they even say the rates are for new customers only. They won't be new forever so they will also suffer in a couple of years. I am currently organising a refinance with another bank (although a more annoying because property prices have come down a lot) - hence I am for the moment a prisoner w...ith loans.com.au. My advice, choose another tradional bank but make them fight for your business (must ask for the base rate and discount off the base rate, and if that discount is for the life of the loan).
Bad customer experience, higher rates for existing customers
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.
18 months into 30 years
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...
Its a fantastic rate, great customer service and was so easy to refinance on my own
this was the easiest refinance I have done with a lot of support when needed and has the best rate around, I tried a mortgage broker and he couldn't beat this rate and the process of doing the refinance on my own was easier and quicker than the broker
Competitive rate and good service
They have offered a competitive rate but the inspection changed didn't waivedoff.
No unexpected costs. Apllication process was easy and interactive with nice tool called ontrack.
Even we can directly call the case officer.
Overall experience was good.
Avoid - after almost 5 years with loans.com.au They do not give you the service you deserve!
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...ing to speak to a customer service rep - this happened on multiple occasions. If you have a query in relation to any pending transactions on your savings/cheque account, they are no help at all. They give you a stock standard reply to contact the merchant, they cannot help but don't worry, if the transaction hasn't become "financial" within 30 days, it will automatically expire! Bad luck if it's a significant amount and you cannot contact the merchant, you literally have to wait 30 days to access your OWN money!! I would never deal with an online bank again, happy we have now refinanced with the Bank Of Melbourne - at least I can walk into a branch and have any queries/concerns dealt with in a professional manner. Would not recommend loans.com.au
Don't be fooled
The initial service, fees, and rates were good. Now they offer new customers much lower rates and blame funding tranches. Existing clients ripped off. They will not reply to emails. The service is shocking.
- Home Loans
Does not treat Existing Customers Fairly!!!
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.
A little bit tricky
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...azing interest rate but will value the house lower by a fair bit. Then they will offer you a higher interest rate and pay LMI ontop. In this case, they offered me a 3.09% interest rate and to pay lmi on top because I didn't have the 40k to pay upfront. Be aware I think these small banks try to build up equity this way or to catch you on to a higher interest rate once you are on the final processes of purchasing.
Watch out - attractive interest rate and then....
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.
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