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.
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.
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?
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.
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).
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.
Maternity Leave discrimination
Rang these people up to inquire on a home loan and they will not lend to people on Maternity leave if more than 12 months regardless of if this is paid or not, further to this they will only accept half of the amount that is being paid as income.
This is discriminatory NOT responsible lending as they should accept what is on the payslip not part of it and not for a limited time.
Stay far away from this bait
Do not expect to get the rates advertised on the website. Thats not what you will be on just a few months after. Completely disappointing experience for me. Learn from my mistake.
A great product
My experience with loans.com.au was a good one. There home loan products are great, best value on the market and a great rate. I found the service to be excellent, customer service representatives were always very prompt to get back to us as, particularly as our 30 day settlement approached. Staff were friendly, informative and available. The online tool system is also user friendly. There were no unexpected hidden costs with this loan.
Lure you in with low rate, then raise it after you are with them while no one raise rate. Dodgy documentation fee of 250 for discharge , not sure if this is even legal. Pathetic retention team. The whole operation is basically using existing customers money to fund new customer discount. If old customer dont leave, they are profitable. If they leave, they got sludged with expensive fees. Stay away. There are better lenders out there.
- Home Loans
Great service and a competitive rate
Since finding out about loans.com.au on a comparison site, I found them to have a competitive interest rate and fees. Once I started a pre-approval application, I was given a single point of contact to complete the process which was great. The process was easy. After purchasing a property, I was given a new contact person who guided me through the process. I am very happy with the provider overall and have already recommended to others.
- Home Loans
Inefficient non-transparent lack of service
Posting my first negative review on ProductReview.
In short: loans.com.au took almost a month to get our application going, provide preliminary approval, receive all the follow-up documentation and getting all the requested conditions in several stages satisfied every time, provide a valuation for a fee of $440, and at the very end reject the application (in an arrogant manner). As a comparison, immediately I turned back to our previous broker and within 2 weeks we have a smooth full approval with CBA, not a single concern raised on anything.
so far so good
transferring my mortgage from a big four to loans.com.au has been a simple process. ontrack is a great for transferring info and documents. loans.com.au are easy to contact with questions.
Great customer service
First contact was very helpful and throughout until our move. Rate was very competitive and just what we needed in terms of being able to purchase our next property. Great all around.
Great service and would definitely use them again!
We've had our first loan with loans.com.au and so we decided to stay with them for our next home. We've been searching for our new home for the last three years and over the years our lending manager Sharon had been very patient and professional in assisting us. We've had an issue with the valuation of our property because not all the quotes were provided to the valuer which delayed the assessment process but Sharon stepped in and resolved the issue very quickly. We were getting close to the settlement date and the rest of the loans.com.au team were able to escalated our application and get us over the line. Overall, a very positive experience and would definite go with them again.
Quick, Easy, Responsive & Competitive
As a prospective first home purchaser, the team at Loans were patient with all my questions, explained everything in plain English, responded promptly to all enquiries, and offered the most competitive rate on the market. Their online system is both easy to use and very useful - convenient and efficient way to upload required documents, chat with Loans staff and see the progress of your application.
- Home Loans
Happy with the process. Very well look after.
ANZ bank was very difficult to dealt with after the royal commission.
Thanks a lot to the Loans.com.au teams for taking care of our home purchase.
Very smooth transition from the bank to online lender.
Misleading, terrible service and poor online management system
Signed up for a 2yr fixed loan and variable loan split 2 years ago now. In the 2 months between signing up and settlement, both the rates had increased despite no increase to RBA rates at the time. We only noticed this once our first payment was required (it was not communicated before this time). The "free" splits available to our package could not be used on the fixed loan component, which had we have known this, we would have split the amounts differently.
Loans.com.au customer service was poor after settlement, we were passed from customer ...
Prompt customer service
Excellent customer service, great communication especially with on track. I was impressed with how fast and simple the process was. Great interest rates and i am already recommending you to friends and colleagues.
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?
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