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.
They changed early repayment conditions with no notice
They changed the early repayment conditions 12 months into my loan, it was $700 pro rata down over the life of the loan originally, then they changed it to $700 for the first two years of the loan and they made this change with no notice period.
I had made early repayments so would still be up for $290 in early repayment fees at the end, the change will cost me an extra $410, complaint lodged to AFCA.
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.
Very Vindictive and non-cooperative
My car involved in a crash and written off by the insurance. I informed Loans.com.au. The loan was in the process of being fully paid. They tried to sell me another loan and called several times. I requested a pause as I will come back after a house loan. The insurance payment was delayed due to something between Loans.com.au and the Insurance. Loans.com.au reported a default in my credit report. I was surprised how vindictive they are. Just because they couldn't sell a loan again, they reported the default so that my credit score goes down and...I come back to them after getting stuck. Ridiculous! Loans.com.au have my bank details. Direct debit is setup. I was calling them every 2/3 days to confirm if the payment was received from insurance. None of the agents informed me about anything. They simply report to credit file. Very crap business policy and suffering for customers.
Everything is great until it isn't
Terrible customer service and website. Have reset my password three times and still can't get onto the portal because it rejects the new password every time. Called multiple times to seek clarification on what information was required from the dealer and loans.com.au - both said it was all fine and they would figure it out between them. Well, our car has been sitting at the dealer for almost a week and we can't pick it up because neither party did what they said they would do, when they said they would do it.
Waste of time and money
Had a loan with them on a low rate then 5 months in the term they suddenly increased our rates to much higher than the advertised rate on the same loan. Avoid these people or pay the price!
- Car Loans
Another case of false advertising
A random Google search led me to their green car loan. To ensure my chosen model ( 2021 BMW 3 plug in hybrid) qualified I first made a general enquiry ( March 2021). They confirmed I did ( any sort of hybrid) and later on when I started the application (May 2021), once again the manager I spoke to confirmed (against his list) I did. I had even uploaded the purchase agreement as what I had discussed. The pre approval was also based on the green car rate. All went well until settlement came
1) the manager personally called me to say his senior ...managers had reviewed the specs of the car and decided the car does not meet the requirements of a green car loan. 2) they re-offered a new approval based on a regular car loan which was 0.7% higher ( $80 more each month on a 5yr term) 3) they offered no form of compensation nor discount Thus I will let the court of public opinion ponder on the following... 1) Would you allow yourselves to get staffed up at settlement, through no fault of your own, despite meeting all criteria to full approval? 2) Would you not feel stressed and psychologically compelled to sign on the dotted line despite the increased costs even though you have been taken for a ride? i.e. no settlement no car 3) Did they practise responsible lending? I did not sign on any document related to assessment for the regular car rate (higher rate)
No stars if possible
Extremely difficult to deal with. Made us jump through hoops to secure a minimum loan, does not follow through with customers or service. Poor communication, and cannot recommend enough for loans.
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.
Bad Experience: Incompetent & Fake Loan Specialist
I have discussed my credit history and the loan details with their so call loan specialist because I don't want any credit enquiry if any issue, she said everything is good to go. I have applied but declined, when I have asked for reason for decline, they are saying as per guidelines it is declined but not sharing any reason. My credit report is being ruin because of their incompetence. They charged for property valuation $220 that no other lender i.e NAB, CBA, ANZ etc is charging. They said will refund $220 but after one week, but why?
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...
I have an investment and owner occupier loan. Their customer service is terrible (can't even get my name right in responding to an email!) and I had real issues with the final approval process. Their rates used to be competitive, I asked for a rate review and was refused one the first time, then offered 0.03 on only the investment loan. The difference between what a current customer will pay and what you pay as a loyal customer is significant and when I asked if they were happy for me to refinance I was told they don't really care if I go els...ewhere. They say it's due to the cost of funding, but other online lenders seem to be able to offer their existing customers a better deal. They don't even tell you they're not passing on the rate cut, just leave you to work it out. I've had several friends ask about refinancing to this lender, there's no way I'd recommend them, not even for the referral fee. Much better deals out there, I wish I'd done more research when I took out my second loan with them. Can't wait to switch to another lender.
- 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.
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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