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.
Happy with Customer Service!
I was on the phone today with Emma from Customer Care regarding an interest rate review on my existing investment loan. I was initially unsure of how to open up with my queries ie. what is the best interest rate reduction they can give me?, how much difference will it make to go for other loan setups (var/ fixed)?, am I even eligible to get a different rate? etc etc. So many what-ifs going through my mind and so little knowledge on the topic (I'm obviously not a real estate expert). TBH I was surprised how many options I had and at how easily my options were explained to me. I 100% recommend these guys for giving quality customer service and also for staying competitive.
Thanks to Jessica (Personal Lending Specialist) and Jordan (Support Officer) my investment loan refinance was completed in just over three weeks. The customer service and efficiency provided exceeded expectations and would not hesitate to recommend Loans.com.au to friends and family.
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.
Fast, friendly and effective service, give them a go!
On a Monday I wanted a loan and contacted my existing bank and loans.com.au to get ready for an auction on Saturday. Loans.com.au worked so quickly to help me out, my existing bank only called me a week after the auction has closed (another online lender).
Loans.com.au jumped into action immediately the process was very well explained and the 'On-Track' software made the process very easy, I knew at every stage where I was up to and if anything was required of me. My sale did have its complications but any calls I made to them generally sorted...the issues out or they called me back. Their turn around time on clarifications and escalations was exceptional. The online process was easy and their process throughout has been stress-free. I have now received the loan and their 'Smart Money' app is very easy to use and change the loan based on your needs. The team were very knowledgeable and helpful, I would recommend giving them a call, I've used multiple online lenders and they definitely have been the best so far.
The reviewer stated that an incentive was offered for this review
Refinance Home Loan
10/10 for customer service. Great rate for refinance of my home loan. Laura was friendly, efficient and easy to deal with. The onTrack portal ensures transparency and is user friendly.
Fantastic service with excellent advice to suit our situation, nothing was too difficult and easy to understand
Our lending manager offered fantastic service with professional advice to suit our situation. She was clear and concise with her information and helped us through the application process and as such we found this to be simple. It's great to get through to a human not an automated machine when you need to contact them. Highly recommend the service and competitive rates.
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.
Fantastic as usual
Andrew provided the best customers service . He knew what he was doing and was on the ball all the time. I would definitely go through Andrew and his team again
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?
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.
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.
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).
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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