- 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.
Not valuing existing customers
Generally once they got your business, they forget about you. The focus and good rates are only passed on to new customers. The catch is once you’re in, rate goes up. Customer care: uncontactable, only if you have a long time and relaxed nerves to wait on hold. Otherwise email, they get back to you in a few days. If you have fixed rate, forget about asking the break cost, they calculate the rate somehow that you never think about breaking your fixed rate which means you are stuck until the end of the fixed rate term.
Got a construction loan to finish a renovation. Great service selling us on the loan but rubbish from then on. Twice "lost" redraw funds, can't count, zero answers. Massive regret!
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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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