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what a pathetic customer service! They returned my phone call ,unfortunately the line was not very clear ,I could only hear some words ,within few seconds they hung up the phone and never called me back . Still more to write but I don't want to.
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.
We're sorry to hear you're unhappy with your experience. We'd like to look further into your case. Can you please email sales@loans.com.au with your full name, mobile number and email address, and someone from our team will be in touch shortly.
- 7 reviews
- 15 likes
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...
Read moreitions. 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.Hi CeeJay, we're sorry to hear you're unhappy with your experience. We'd like to look further into your case. Can you please email sales@loans.com.au with your full name, mobile number and email addre...
Read moress, and someone from our team will be in touch shortly.Email has been sent
An Update..... It is now over a week since I replied to their outreach, but still no contact. Another case of say one thing and do another. It just reaffirms everything I have written. They are just n...
Read moreot interested in clients, only getting you onboard as a source of revenue. They have a very large "too hard" basket it would seem. I am now closing this post off, the matter is now closed. C- 2 reviews
- 12 likes
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...
Hi there, we're sorry to hear about your experience. At loans.com.au, we assess each application against our credit policy which abides by responsible lending guidelines. If you'd like to discuss the ...
Read moreparticulars of your specific situation, please send us an email with your full name to customercare@loans.com.au.What I would like is a copy of the valuation report I paid for
Hi there, we will refer your case to Customer Relations. Please email customerrelations@loans.com.au with your full name and application number and we will look into this further for you.
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- 2 reviews
- 5 likes
- Home Loans
- Verified
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...
Read more 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.Hi Lentheric, thanks for your detailed feedback. We'd like to escalate your case to customer relations, so if you could please send your full name, email address and loan account number to customerrelations@loans.com.au and we'll assist ASAP.
- 3 reviews
- 6 likes
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...
Read more 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?Hi John, as mentioned in our private mediation, we have escalated your case to Customer Relations for review. If you haven't done so already, and in order to protect your security would you please ema...
Read moreil Customer Relations providing your Loan A/c number and provide any other information to assist our assessment of your query at customerrelations@loans.com.au.Hi Hayley,
Thank you very much for your reply. After reading your reply, I have emailed customerrelations@loans.com.au and provided them the information. However I still haven't heard any reply. Jus...
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.
Hi Brad, thanks for taking the time to leave your feedback. We appreciate it and are sorry you feel this way.
We're always looking for feedback on ways we can improve our service. If there's anythi...
Read moreng we could do to improve outside of reducing rates as you mentioned above, please contact us at customercare@loans.com.au with any further questions or feedback you have.Thanks Hayley, I suggest you change your business model and stop ripping off new customers with rate increases after they sign up. This is disingenuous and dishonest. Loans.com.au should eliminate t...
Read moreheir break fees when they rip off their customers. I strongly urge people to avoid be loans.com.au. There are plenty of plenty of better lenders out there. I moved to Reduce home loans and I am saving a staggering $120 per week in interest repayments on my $660k loan. That’s over $6k per year savings compared to staying with loans.com.au. My only regret is that I didn’t leave loans.com.au sooner. Nevertheless I also managed to encourage two of my friends to leave loans.com.au and they couldn’t be happier.Related Articles
- 6 reviews
- 11 likes
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.
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.
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- 11 reviews
- 12 likes
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.
Signed up for a 2yr fixed loan and variable loan split 2 years ago now. In the 2 months between signing up and settlement, both the rates had increased despite no increase to RBA rates at the time. We only noticed this once our first payment was required (it was not communicated before this time). The "free" splits available to our package could not be used on the fixed loan component, which had we have known this, we would have split the amounts differently.
Loans.com.au customer service was poor after settlement, we were passed from customer ...
- 2 reviews
- 4 likes
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.
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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!!
- 8 reviews
- 8 likes
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.
- 9 reviews
- 7 likes
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...
Questions & Answers
Are new path lending any good
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 sales@loans.com.au with your full name and phone number, and someone f...
Read morerom our lending team will be in touch with you shortly.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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Hi Anish, we're sorry to hear you didn't enjoy your experience with us and faced some technical difficulties. So we can look further into this, can you please email customercare@loans.com.au with your full name and details of your experience?