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.
Positive: good rates. Negative: losing track of submitted documents; poor communication internally and with client; inadequate, confusing and slow requests for information. Had the appearance of poor systems supporting the staff, and had to pro-actively manage them during the application process.
Not a happy experience
After some comparisons, reviews, etc I decided to approach them for a home loan. Rate was certainly attractive and initial team member was excellent to deal with. After going over some details & ascertaining what would be required we moved to submit an application and were given conditional pre approval.
Once we had found a property and advised them we were proceeding I found we had a different Account Manager who was also excellent as she worked to get this done. We started submitting all requested documentation and meeting all requested cond...itions. However, time was ticking down and whilst we kept getting assured things were on track we started to become concerned at the delays we were facing. There were 2 instances where they failed to respond to messages via the Ontrack portal which didn't help. We got to 1 week from due diligence when they changed the goalposts. I had informed them from the start I was self employed. Also from the start, they advised me company financials would NOT be required and I double checked with the consultant at the start to be sure, remembering that all calls are recorded. Now they suddenly required full company financials with only a week to go & my accountant was on leave :( Suddenly the lack of transparency became a major issue. With very little time left and a very intractable lender, my only way to resolve this was to go to my business bankers with an urgent request for help. Within 25 hours I had my funds. Yes, it cost me a slightly higher interest rate ( 1.87 vs 3.45 ) but at least I had my funds. From a big 4 bank no less. The other issue is I initially paid their quoted valuers fees only to be hit with a request for double that amount. Again, they didn't seem to know their own costs. Then the final rub. I was out & out lied to. As soon as it became clear that I may not be able to finance with them, I rang and discussed to see if there was any way forward. As it appeared no, I then asked for a copy of the valuation which I had paid for. I was informed they could not provide as it remained the property of the valuation firm, something I checked on & was advised most certainly not, it was indeed the property of loans.com.au. Again, I remind, all calls are recorded so all calls will be on record with them if they choose to check. All in all, it started very promisingly but dragged on and finally I withdrew the application. A major waste of time and the cause of major stress.
Made it so easy!
Lani and Mike were super quick to follow up, supportive and just wonderful in general! I'd recommend them and loans.com.au for making this a great process for first home buyers.
Customer service is amazing. Jazmin is very friendly, accommodating, professional and a pleasure to work with. Jazmin is also very knowledgeable about everything to do with loans, any questions asked are answered excellently.
Highly recommend loans.com.au and jazmin for home loans.
10 out of 10
I dealt with Nicholas Brown who couldn’t have been more helpful, flexible and customer caring. He made the process so incredibly easy. I would highly recommend loans.com, particularly Nic as a consultant.
Bank balance decline
How can your income, credit check, deposit & valuation be approved, then you get declined because your bank balance will only be $5800 once your deposit is paid... shouldn’t a loan be approved based on your affordability to pay not your bank balance...
- Home Loans
No rate cuts, slightly lower rate offered for new customers only, even the big banks are offering better rates.
When I joined with Loans.com.au about two years ago they had one of the lowest rates available. Being an online only lender it allowed them to keep rates low as their overheads were much lower than the big banks (something they would mention quite frequently on their website and in discussion with their lending managers). Fast forward two years and even the big banks are offering better rates than what Loans.com.au is offering! I contacted the Loans Solutions team to try get a better rate or even to match the new customer rate which is slightly...less than what existing customers are on. I got told I can't but I could get a fixed rate loan for 2 years at what other lenders are offering for their variable rates. Here are some points that make that unattractive to me: 1). Commbank has a four year fixed rate @ 1.99% if I wanted to go fixed. 2). RBA has said the rate will not increase for the next 3-4 years, so there is no reason for me to go fixed when the only way the rate can go is down in the next few years if it does move. 3). Athena home loans and some others are offering variable interest rates at around 2.19% which is a lot better than your 2.63%. 4). Loans.com.au fixed rate loan terms are terrible. a). Interest rate is slightly higher than what some other lenders are offering for variable rates. b). Interest rate is significantly higher than what other lenders are offering for fixed rates. c). You lose any existing discount which means once the 2 years is up, you jump to an even higher rate.
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?
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.
- 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.
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.
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.
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 firstname.lastname@example.org with your full name and phone number, and someone from our lending team will be in touch with you shortly.
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.
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