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.
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?
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.
Best decision I made was to leave
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 I contacted loans.com to see if they would move my rate down, even marginally, to be more in line with other no-frills lenders, they refused. I shifted to Homestar, which have been wonderful, so far.
Wouldn't decrease my rate when requesting a rate review, called weekly and chased with emails after 7 weeks was finally told no reduction, so decided to leave for a better rate. Upon leaving, they hit me with a bunch or extra changes. Don't believe them when they say its only $300, that's just the "admin fee", you have other fees to pay (e.g. lawyers fees $300, processing fee $42.35 and other fees that they still wont even explain). The even charged me a dishonor fee ($50), for an automatic repayment deduction they controlled and then kept the ...funds anyway. When questioned I was told it was for an "uncleared repayment". Despite organising the discharge of the loan, blocking me from accessing the account, the account being more than $50k infront and being in control of the automatic deduction, they still charged me a dishonor fee, as if i could in some way control it. Customer service is terrible, they never reply, you will have to chase them and deal with 20 different people when you call. You are treated like nothing more than an inconvenience to them. Avoid this company at all costs, their rates aren't cheap enough to warrant this level of appalling customer service and hidden costs. Reading some of the other reviews of saying one thing and doing something completely different is 100% true in my experience and something i wish i read before going to them.
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.
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..
Worst experience in my life
Low rate but it is a bait. First charged with $220 for valuation for each case, then urge you sign contract, in contract the fees are much higher than other banks. For example, $176k loan needs $2623 for settlement!!! Now I turn to ANZ, it only cost me $360.
I reject all of my applications, at a price of $880 loss.
Their customer relation Trax said in the phone I agree to pay valuation fees, but I do not know every fees even refinance fee is much higher than other banks;
furthermore, two valuation fees only $128 each, $184 should be refunded a...
Not passing 19th March Rate Cut at all!
We're massively disappointed that loans.com.au are gouging customers at a time like this. They should be extremely ashamed of themselves. They are passing ZERO of the 2nd RBA rate cut from 19th March 2020. NADA - at a time like this!! How can they live with themselves?
We've been with them for many years now, and they are also the lender most likely to *not* pass the full cuts, raise your rate ad-hoc, and any cut they do pass is always applied to your account many weeks later and later than just about everyone else (more gouging).
They wo...n't let you change to another of their products either: for instance: the loan we got with loans.com.au several years ago has become uncompetitive due to ad-hoc rate rises (apart from the RBA), reduced RBA rate reductions, delayed rate reductions etc. So we look around and see that they have a similar product at a much lower "sucker" rate, and think we'd get that because they have our details and history, and this should simplify the application process.. You can see where this is going.. So we call, and we CANNOT get the new product! (yes, you guessed correctly!) Absolutely not! - they give us total bull$hit like "the funding rate path when you joined determines the rate you must be on now" which is pure lies & utter utter garbage. The funding rate now is the funding rate NOW, not from years ago!
Passed on first rate cut but not the second
The whole point of the RBA cutting rates is to keep the economy going, but only works if the company the loan is with passes on the rate cut.
The rba cut interest rates twice this month.
Loans.com.au passed on the first rate cut at the end of the month, then said they can’t pass on the second rate cut due to “running” costs.
This has been the case throughout the entire time of having a loan with them. Lured me in with cheap rates, but raised interest rates after only having my loan for 6 months.
So, happy to raise the rate, not happy to pas...s on interest rate cuts. Seriously, shifty as. They will also process your loan quickly and with little fuss, it gives you a false sense thinking they are better than the banks.... reality is, they are the same as the big banks....
During time of crisis
Don't be lured to their loan rate as when i signed up after 6 months whether the interest rates go up or not they raised it. When the reserve bank dropped it they don't drop it and when you ask for hardship due to coronavirus impact and ask if it will affect your credit profile i get advised yes really even through these difficult times where the whole world is suffering. Thanks for not helping through this time of stress and anxiety
Scammers - beware!
Lure you in with low initial rates, then jack your rate up with a series of small incremental rate increases (out of alignment with the RBA decisions) due to 'overseas funding costs blah blah blah'.
RBA cuts are not passed on, only to new customers.
It's a big, nasty scam and it shouldn't be legal. Avoid.
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).
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.
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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