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.
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?
From start to finish the team I dealt with were amazing. Friendly, polite and professional. Our next loan we won’t have to shop around, we know where to go straight away.
They do not know the meaning of Loyalty
After with them for more than 5 years and them not willing to review their rates for existing customers, I would say they do not know the meaning of Loyalty or there is no such word as Loyalty in their dictionary. If you are planning to take out a loan with them, be warned. They may offer you a very good rate initially. But once you are sucked in and review your interest even after a year with the interest offered to new customers there will be significant difference.
Worst online lender - no rate cut yet
While all other lenders have reduced their rates following RBA decision. LoansComAu is still reviewing how much to reduce its by - just ridiculous. I have been a customer for over 5 years and know first hand their false promises. They attract new customers with low rates and then quickly increase it to make more money!!! Time to refinance.
October 4th 2019 Update: Always the last lender in Australia to pass RBA rate cuts!! Only concerned about profits!!!
Customers affairs comes last for these guys. While all lenders passed on cuts, they are still deciding (or making huge profits by not passing rates cuts). I’m switching to Athena!!
Bye Bye Big Banks
The whole team were really helpful at all times. Response times were very good too.
I found the online process very easy to work with, even for a business owner, so bye bye big banks.
RUDE, BAD, I was late in paying 1 repayment, they charged me $623 in fees and no help and was so very rude, NO PLEASE
I have home loan with them, I was late 1 month and they charged me fees around $623, couldn't agree with payment arrangement. One of the rudest and unhelpful loan provider ever. Please listen, please don't go with them.
Rate creep after settlement - set & forget existing customers
I had been with Loans.com around 4 years, at one stage even with 2 different loan rates (gap of 0.24%) for same product, while a month later they even dropped further to 3.49 (ie. trap to new customers). Rates keeps increasing for existing customers even when market is going down, so in short - they only target new customers with discounted lower rate at the expense of exsting ones (with higher rates). looking for refinance options (with tic:toc or Athena seems to be better option)
Variable rate goes up, not advertised rate once you are a customer.
The rate you get when signing up, is great, after it rolls over it will be significantly higher. Yo can ask for a better rate and it will be marginally better but expect to pay .20% more. The account close rate is the highest I've seen also, so you cant just change lender. Loans.com look after new customers but not existing customers.
June 5th 2019 Update: Advertised is for NEW loans only.
When asked why we are paying more than the advertised variable rate, their reply:-
The cost of funding to a loan that has already settled however is not...
Loans.com.au staff were helpful to fast track our short settlement, and always available to chat with. Happy with rates and 100% offset account. Ontrack online portal was sometimes confusing and not up to date.
Overall I was very happy with the service and offering from loans.com.au. All staff especially my loan manager was very helpful and always available to speak with. Their online message function worked well and responses were received promptly.
I have had the most pleasant experience. They were really helpful, promptly replied to any message sent through the app. They went through lengths to explain the process as first home buyers we didn’t know much about what was next. I’ve had two staff assisting the entire time and whatever was said, was done. Very happy, I’ll stick with loans.com.au
- Home Loans
Need to Consider
Customer service was excellent.
No unexpected extra costs were incurred.
I would be happy if the rate is the same as my other investment loans.
Would recommend Loans.com.au to my friends and relatives
A company that is a lot easier to deal with than the big banks. Always explained everything that was needed and were very prompt in providing information when requested. You are definitely kept up to date with everything that is required when taking out a loan. Smooth process. Would use again.
Perfect service throughout the process!
The service was personal and excellent!
They listened to my suggestions and provided options.
They never dropped the ball and stayed in contact throughout the process, which was very clear.
Can highly recommend!
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.
So simple and easy to work with
Online process was easy and simple
Communication with agents was easy
Enjoyed the uncomplicated approach
Overall a simple and easy process
Now a happy home owner
Effortless process end to end, updating documents and getying information
Discoordinated, unprofessional, waste of time
Trued to get the loan for appartment of the plan. Initial conditions of 90% LVR and high-density area (Wolli Creek) were the appartment is supposed to be were included in the application and the information provided clearly provided. Then the period of paper work came. All required documents were uploaded correctly. Loans did numerous mistakes in their forms which were corrected after a few requests. Finally application was submitted and preapproval issued. Then they were sent the agreement and this didn’t rise questions too. Finally, at the le...vel of valuation (we were explained they were planning to do a preliminary valuation of off-the-plan property, and we arranged the payment for it) something went wrong. They tried to arrange a visit of the appartment while it is a construction site, a valuation person called us completely confused not understanding why there is no appartment while everything was clear from the very beginning. All this mess ended up with secondary refusal stating that this is a high-density area where their loans starts only from 80% LVR. Obviously, people mixed all things us and does not have clear communications between department. Doesn’t feel like good place to search for loans. This is not a type of attitude one would like to have towards their money. P.S. paid valuation refunded.
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.