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.
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.
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.
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.
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.
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).
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.
ONLINE LOAN OK
I was happy with the online application with loans.com. I found the up loading of documents next to useless ended up just emailing my document's. Also found the first person contact taking details of my assets and income, short and pushy. Also could be clearer on the documents there are after.
Simple, effective and good value
After struggling with a few lenders to get pre-approval, Loans.com.au proved to be the best for competitive interest rates and streamlined approval process. Although the mobile App needs some tweaking to prevent notifications being repeated, the Case Manager always replied promptly to queries, usually via a phone call or text message when I wasn’t available.
There were no surprise costs or fees and the general quality of service was excellent. I have used Loans.com.au for three home loans, and will continue to do so in the future.
Early days but very happy so far
Despite being all set to run with my pre-existing bank lender, when my brother, who was already a Loans.com.au customer, recommended them, I thought I should give it a look - if nothing else to placate him. Already accustomed to the lengthy and involved pre-approval process of the pre-existing lender, I was surprised but initially a bit concerned because Loans.com.au seemed very casual about the pre-approval process, which was over and done with in little more than a phone call. I was equally surprised to find that there were no real concerns a...fterwards, and that Loans.com.au are just easier to deal with than a bank that had known me, and had my full financial history, for over 30 years. Go figure! Once over the initial concern, I found the online application process relatively simple and easy. My only negatives are (and these are only minor) in the area of conflicting information that comes from automatically generated emails, online and text messages. Often there were requests or directions that, when I spoke to the Lending Manager, were unnecessary or not relevant. I found I was being told to disregard one thing or other on numerous occasions. The other issue that was a little frustrating was the need to schedule appointment times to make telephone contact with the Lending Manager. Sometimes, when time is limited, it’s nice to be able to just pick up the phone, even if one has to wait a little. While it’s possible to telephone the contact centre almost any time, ultimately I found the response to a question was usually “I’ll schedule a time for you to discuss this with your Lending Manager in the next few days”. Those are niggly little things that one can be picky about, but overall, with the loan now settled a couple of weeks ago, I’m quite happy with what I’ve seen so far. Home loans being the long term things they are, time will tell if the satisfaction level remains the same, or not. Let’s hope it does, or better still, improves even more. To anyone who’s hesitant about dealing with an online lender, as I was, I’d highly recommend closely checking out Loans.com.au. Despite the low and almost unbeatable interest rates and fees, the people are nice, friendly, helpful and the process is relatively pain-free.
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?
I had a good experience with loans.com. My only problem was checking my ID. They had my passport and several other cards but insisted on my drivers licence as well. I think that was an overkill. All went well . Low set up costs. Low interest rate.
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.
Questions & Answers
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%
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.
Has anybody gotten a fixed interest rate car loan with loans.com.au and their interest rate got suddenly changed during the fixed term loan period ? Are there any hidden fees or suprises on the way because I am on the stage of signing with them but the loan contract seems vague and subject to "changes". Anybody has an experience they want to share?
Get an answer from our members and loans.com.au representatives
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