Overall experience was satisfactory, a few small improvements could make it great.
People were friendly and helpful. You need to be pro active and follow the progress yourself otherwise things don’t move forward. Was mislead on valuation cost. Wasn’t contacted after settlement so had to call asking about offset account and how to get a visa debit cards. I think we settled at a busy time.
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…
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...
- Home Loans
Terrible customer service and incorrect interest rate received
I haven't received the interest rate received I was promised which was 1.99% for all my loans. There was clearly a mistake on their part as I have 3 loans, all now with different interest rates, despite been offered 1.99% which is also detailed on their website. The loans have now settled and they have basically told me there is nothing that can be done. They have formally responded saying they have listened back to my call and 1.99% was never offered, despite when I initially raised my complaint the team member placed me on hold to listen back...top the call and acknowledged that I was offered the interest rate if 1.99% across all 3 loans and that they should be able to "sort it out". Very misleading company, its quite annoying that I have to resort to leaving a review like this to try and prompt them resolve the issue. If you don't give me the interest rate we agree which I'm sure you can easily do, I'm just going to transfer money I have elsewhere to completely fill my offset account so that you get no additional interest at all. You will actually be loosing money as you are holding the loan liability while not getting any interest at all. I have been dealing with [name removed]
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.
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.
- Home Loans
Need to pass rate cuts being an online lender
I refinanced to LCA few years back, as LCA, being a few online lender at that time, was offering competitive rates. Whilst I felt that they have a reasonably good Customer Service and online user experience (smooth settlement process and quick turnaround time for responding to queries etc.), however when it comes to passing the rate cuts to their customers over the last couple of years, they are not as quick as the other new online/Fintech lenders. Sometimes they pass only a certain percentage of the rate cut and sometimes they don't pass the rate cut at all.
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.
These people have no clue of what is going on in the outside world or pay attention to particular circumstances like the big 4 banks do... All they see is you owe me this and then send out an old guy on a motorbike to drop off a letter haha good one. I've called 5 times once a week and all I get is, "someone will call you back tomorrow".
Just remember I have paid off the whole loan in interest only! and now I have lost my job and you want 6k.. all banks have a button to defer for 6months and you want a complicated waste of time pdf... get rea...l. Firstmac are the worst don't be sucked into the Pink we are pro-women hype it is all a FACADE and behind the doors are greedy men laughing at you with no care in the world. For what should if profit a man if he should gain the whole world? ... but lose his own soul.
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..
Good to start, don't look after existing customers
Since joining Loans.com.au the interest rate for new customers has dropped much lower than existing customers. They are not interested in dropping for existing customers either. Looking to refinance elsewhere.
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.
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
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...
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.
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.
When will we find out about rate cuts? I must add I’ll be very disappointed if it isn’t passed on and passed on in full.
Get an answer from our members and loans.com.au representatives
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