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.
refused any loan
Application was poor.
They Wont accept securely funded disability Applicants
Previously had home loan in passed via another organisation.
My advice is to take your business else where. e e
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...
- Home Loans
Terrible customer service and incorrect interest rate received
I haven't received the interest rate received I was promised which was 1.99% for all my loans. There was clearly a mistake on their part as I have 3 loans, all now with different interest rates, despite been offered 1.99% which is also detailed on their website. The loans have now settled and they have basically told me there is nothing that can be done. They have formally responded saying they have listened back to my call and 1.99% was never offered, despite when I initially raised my complaint the team member placed me on hold to listen back...top the call and acknowledged that I was offered the interest rate if 1.99% across all 3 loans and that they should be able to "sort it out". Very misleading company, its quite annoying that I have to resort to leaving a review like this to try and prompt them resolve the issue. If you don't give me the interest rate we agree which I'm sure you can easily do, I'm just going to transfer money I have elsewhere to completely fill my offset account so that you get no additional interest at all. You will actually be loosing money as you are holding the loan liability while not getting any interest at all. I have been dealing with [name removed]
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.
Possibly the worst retail experience
From start to almost finish - this has been one of the worst retail experiences I have endured. I have arranged three loans to be refinanced with this crew and the Apps and electronic support have failed (despite several calls to fix it), information requests (typically via the app) have been duplicated and even when messaged have not been removed (potentially slower settlement), the support member allocated to my deal simply doesn't listen. Conversations for Third Party access suddenly stopped. Generally expect different answers from staff m...embers (but occasionally you get a staff member whom you thinks know what they're doing). Staff generally poorly trained and electronic support if terrible. Don't get sucked into the low interest rates - you'll regret it. It has been a long, slow painful experience. After almost 4 weeks, still waiting to hear about an extra $1,200 charged at settlement for two of my three loans.
Biggest scammer of your money
Don't let their low rates and promises suck you into applying for a loan with them. You will end up wasting your time and money just for the application process. They only lend to people who have don't have a loan because they will use every little excuse to not approve the loan. After taking 4 weeks, a full financial audit and many times back and forth about reducing my current loan balance before refinancing (which I complied every single time), they are now saying they have problem with my servicability. Really! I have been servicing my loan...s fine in the last 20 years without them. Plus they will charge you valuation fees upfront even though they haven't approved your loans yet which means they won't give it back to you. Have I mentioned if you don't call them to find out what is going on they won't call you? I have never been through such a painful process to get a loan. The biggest scammer, imagine charging 1000 or 10000 customers upfront valuation fees and the use some lame excuse not to approve their loans. How much money would they make and already made from people? Save your time, money, headache and stay away from these guys.
Unethical, unhelpful and purely organised.
I overpay my mortgage, never miss a payment, and have a large mortgage which is safe due to our professions being government. The application process was a joke - sorry but I would love to know how you people think the admin should be done. Literally took 5 times to get documents sorted - 24 hrs application was over a month - apparently, the software was doing it wrong and it took a team to fix it but only on my profile of our mortgage and not on my husband. Then the fiasco of the direct debit which they kept getting the account details wron...g which after 3 month of messing around we told them to stop trying - we sorted it by BPAY. No one year later when they have nothing to do they have brought out an interest rate 0.68% lower than my current rate and they are refusing to let existing customers move to a better rate. - Disgusting. They are also not a bank just some money lender in Queensland. If you want a cheap rate and have zero interaction then go ahead but anyone who expects more than a couple of figures on a page - which is all we want incidentally go elsewhere.
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.
Doesn't look after existing customer
First it attracts you with low interest rate and after becoming customer,loan.com.au treat us like we are nothing. I call them everytime when reserve bank cut interest rate but Everytime I here I am getting best interest rate blah..blah..blah . I am normal person and do not understand other than interest rate. My intreset rate is 3.22 variable now and my friend who went with other bank same time when both bank have same interest rate ,her interest rate is 2.69 variable only. What a shame..
Bad customer experience, higher rates for existing customers
Avoid these guys, plenty of other lenders
Good 5 years ago, but do not communicate rate changes clearly, would not rectify their mistakes.Worst they have higher rates for existing customers now.
Not valuing existing customers
Generally once they got your business, they forget about you. The focus and good rates are only passed on to new customers. The catch is once you’re in, rate goes up. Customer care: uncontactable, only if you have a long time and relaxed nerves to wait on hold. Otherwise email, they get back to you in a few days. If you have fixed rate, forget about asking the break cost, they calculate the rate somehow that you never think about breaking your fixed rate which means you are stuck until the end of the fixed rate term.
Avoid - after almost 5 years with loans.com.au They do not give you the service you deserve!
Initially, they were great, easy process, great rate. Within a very short time the rate was increased multiple times (RBA did not raise) claiming borrowing costs overseas impacted the business, no choice but to raise interest rate. The rate went from competitive to higher than major banks. Customer service is terrible, for an online bank, they do not make it easy for customers to contact. If you email/message them through the online portal, they reply you have to call them. When you call, you are then placed on hold for over half hour wait...ing to speak to a customer service rep - this happened on multiple occasions. If you have a query in relation to any pending transactions on your savings/cheque account, they are no help at all. They give you a stock standard reply to contact the merchant, they cannot help but don't worry, if the transaction hasn't become "financial" within 30 days, it will automatically expire! Bad luck if it's a significant amount and you cannot contact the merchant, you literally have to wait 30 days to access your OWN money!! I would never deal with an online bank again, happy we have now refinanced with the Bank Of Melbourne - at least I can walk into a branch and have any queries/concerns dealt with in a professional manner. Would not recommend loans.com.au
WARNING - Read the one star feedback first!! There is a very real difference between old and new customers comments.
Watch out for Loans.Com.au. They entice you in with attractive 'new' rates, only to then slowly make your home loan uncompetitive over time. At first I was very happy with the product.
But as all the interest rates were going down, Loans.com increased mine blaming some increased funding cost on the international market!!
They also don't pass on the full interest rate cuts by the RBA, so over time, my daughter's home loan rate with the Commonwealth Bank (a big four) was better than mine!
So I decided to call them to discuss this anomaly, as the...
Rude & Pushy
My experience during initial phone appointment made me annoyed & uneasy. The person who took my call kept cutting me off and almost insisting I make a decision to go forward or not without even listening/responding to my concerns.
Worst experience with a loan company, over a month delay !
No even 1 star they deserve. Omg the worst experience/ customer service from a loan company. The application was received with all documents end of August and after me calling twice after a month and being told that is in process and soon I’ll get a call , I had to call again and finally got a call 2 October with the results . Over a month for a response . If anyone is looking a a good a prompt service definitely don’t go to this people.
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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