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.
- 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]
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.
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.
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.
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.
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.
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
- 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.
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...
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.
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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