From June, 27th, 2016 until July, 1st, 2020 Loans.com.au was offering a $30 Wish voucher to their customers to encourage them to write a positive or a negative review. It is possible that reviews below have been written by customers who received such a reward. These reviews adhere to ProductReview’s Incentivised Customer Reviews Guidelines and may explain a spike in review numbers.
WARNING - Read the one star feedback first!! There is a very real difference between old and new customers comments.
Watch out for Loans.Com.au. They entice you in with attractive 'new' rates, only to then slowly make your home loan uncompetitive over time. At first I was very happy with the product.
But as all the interest rates were going down, Loans.com increased mine blaming some increased funding cost on the international market!!
They also don't pass on the full interest rate cuts by the RBA, so over time, my daughter's home loan rate with the Commonwealth Bank (a big four) was better than mine!
So I decided to call them to discuss this anomaly, as the...
BEWARE: Loyalty tax for existing customers. Access to lower advertised rates blocked! Date: Aug 2019
I refinanced our home loan 3 years ago with loans.com.au. Standard P&I loan. It was a long process which I came close to withdrawing my application a number of times due to frustrations. I persisted because I was lured by the low advertised interest rate. However, over time my interest rate has crept slowly up and now well above their advertised rates. BEWARE, as an existing customer you will be locked out and unable to get their lower advertised rates. Loyalty tax on existing customers. A fact well hidden. Transparency?
But that is not the kic...
They make direct debit from your account with no authorisation
They made a direct debit transaction on my loan account without noticing me or getting my authorisation which is illegal and it is to a different person's account. Called crime stopper and the other bank who said will investigate but got no reply from Loans com au for more than 48 hours still. Will make formal complaint.
Paid for a valuation and then declined loan
During the loan process, Loans.com.au requested a valuation of the property (our up front cost) and then subsequently denied the loan. Is this a normal practice or just unique to this company?
Beware the low rate offers. They only last a few months and up it goes.
Best rates advertised. Once hooked, up it goes while still offering new customers the good rate. I moved loan provider. The saying goes. If its too good to be true….
Good Rates to start with but as an existent customer, I pay more that new
As I write this, the advertised rate for the product I have is 0.1% lower than I am getting (with them passing on 0.2% of rate reduction). I had been paying 3.84% interest rate when their advertised rate had been lower. i am leaving them as my situation means that negotiating with them is not worth it. but beware of suck in and increase rates later tactics!
Quick initial turnaround and competitive rates but will shaft you post settlement
The application process was fine and the rates for new customers are competitive but nothing special. The standout is the quick turnaround on the loan application - 2-week approval and 4-week settlement - which was great. However, 3-4 months post settlement, a new rate was advertised for new customers at 16bps lower because the general marketplace has dropped rates. When I called their loan specialist, they straight out told me that they can’t do anything and possibly the best thing is to go elsewhere but I can’t do that for a few months. Then ...started to tell me of the significant exit fees if I were to discharge. The poor customer service really sucked on top of just pure deceptive behaviour from pricing. I will be refinancing and in this market where information is now more available I am disappointed that these lenders think they can lie and manipulate customers and get away with it. This will go to AFCA for sure.
Pulled my pre and post approved financing from under me at the eleventh hour leaving me financially exposed, I was upfront and honest about every aspect of the property from the first phone conversation. They have completely wasted my time and I'm potentially $55,000 out of pocket with no recourse.
Sham lenders!! Avoid at all costs!
BEWARE! Once they have your business they will screw you with higher interest rates within a few months and then give you lies about 'costs of lending' which is completely untrue as RBA is not changing or is actually decreasing rates...it's just a LIE so they can gouge you for more interest. You can ask for as many rate reviews from them as you like (but they limit it to only one every six months, another SCAM) but they will keep lying to you and never change your rate. Yet new customers always get better deals, existing customers get treated l...ike absolute trash. By raising the interest rate in the first few months they trap you because they know it's too expensive to move lenders again so you are stuck paying more, this is unconscionable conduct and I will be going to the Ombudsman about it, as they offer a honeymoon interest rate to attract business and then force people to pay more. My advice AVOID AT ALL COSTS YOU WILL GET SCREWED AND LIED TO!
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