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.
At acquisition stage, couldn't fault them. The rate was good and the cx service fantastic.
They've passed down 2 small rate changes in 3yrs. Even after requesting a review it was not competitive at all. The cx service guy I called recently was unhelpful, rude, and a real smart aleck.
Closed my debit card with one week notice. Extremely difficult to process the initial loan, or get any equity loans.
Closed my debit card with one week notice. Extremely difficult to process the initial loan, or get any equity loans. They do what they want and change what they want (like closing a debit card attached to my offset!) without notice or consideration of the impact. Stay away as I've been stung badly and would not recommend this bank to my enemies.
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
Don't be fooled
The initial service, fees, and rates were good. Now they offer new customers much lower rates and blame funding tranches. Existing clients ripped off. They will not reply to emails. The service is shocking.
- 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.
Will increase your rates!
I have a number of loans which are competitive at first on the advertised rate. However, loans.com.au will raise your rate out of cycle and will not pass on the full RBA rate cuts. Your interest rate will quickly end up being quite a lot higher than their advertised rates for new loans. They will also refuse to lower the rate when questioned and offer all the excuses in the world why they cannot.
Rate not match, bad services, and waste your time significantly
I have my previous car loans maturing soon and was applying for refinance from loans.com.au, the interest rate is quite different from what they advertise on the website (they simply put "Oh sorry your situation can only allow us to give you the lowest rate of blar blar blar, which is higher than what you see on the website, and you can only do a minimum term of 3 years". I want two years or less and I was forced into three years term. I got a feelings at that time, they are just another group of sharks we used to met in the meeting room.
Befo...re the staff was quite friendly and helpful in preparing the application, but AFTER pre-approval, all the calls I received was from an arrogant male object talking over the phone and saying I should do this this this and that. And they asked for ridiculous amount of documents, including your car's photos, deep-dive purchase details, regos, car purchasing receipt to prove the car is yours and you are not accidentally refinancing someone else's car. Comparing with other loans those offer car refinancing, loans.com.au asked for a RIDICULOUS amount of documents. I prepared all the documents in two weeks and finally got a call about my previous loan statement. They simply reject the application because I had a few delay of repayment history in the last 5 years (no default). All other documents and my personal financial situation is excellent. The statement was submitted to them two weeks ago and they were not telling me that document did not make them happy by the time I submitted it online and it was marked DONE. I applied to other loans and my application is fully-approved in two days. AND loans.com.au waste me TWO WEEKS TIME and also the credit enquire on my credit file! loans.com.au puts a lot of effort to advertising itself on the web saying how good its service can be, and it is the first loan service I applied online, but it turns out I will never consider it again, and now I am a bit worried about all my enormous amount of private documents in their hands.
Maternity Leave discrimination
Rang these people up to inquire on a home loan and they will not lend to people on Maternity leave if more than 12 months regardless of if this is paid or not, further to this they will only accept half of the amount that is being paid as income.
This is discriminatory NOT responsible lending as they should accept what is on the payslip not part of it and not for a limited time.
Waste of time and rude staff
Wanted to refinance my car loan as they had a lower interest rate. They wanted my original receipt from the purchase, which was a private one, from three years ago to prove the car wasnt stolen. Not sure how I would have registration papers on my name for 3 years and the police havent caught me if I had stolen the car but ok. Then according to the credit team Im behind in my payments with my current finance company. Obviously they cant calculate because Im not behind and will get a letter from my current finance company stating this just to pro...ve them wrong because they're idiots. Absolute waste of time providing them personal documents and information. I really wish the government had stricter laws so companies like this didn't exist. Also out of all the people I spoke to over the phone only one of them was nice. The rest are a bunch of young idiots who are rude and aggressive.
Horrific customer service
My customer service from Loans.com.au differed throughout the length of the loan. Signing up I received nothing short of fantastic customer service for my car loan. It was easy and the people where incredibly friendly. I was however in a accident that I was deemed not at fault for where my car was written off. The customer service at this point was the polar opposite to what I experienced upon joining. The process was not clear, no one seemed to know what needed to be done. I needed to replace the car that was destroyed and I was interested in ...staying with them. The time frame for this was short and absolutely no one helped. I spoke to numerous people who all said they would get back to me and didn't. I was then hit up for a $600 exit fee, which they then charged me interest on. It was only 1 month down the track when someone finally contacted me and offered to waive the fee and refinance but at this point I had gone elsewhere. They clearly had no interest in keeping me as a customer and I informed them I wanted to make a formal complaint. They sent me a template email regarding the process, to which no one ever got in touch with me to discuss until they told me that they had come to the decision that the complaint was closed. ZERO reasons as to why. I had informed them that I was incredibly disappointed and would leave multiple bad reviews to warn other and of course that's when they contacted me. I then had to go through a half an hour conversation detailing the different issues; the rep then apologized profusely for the lack of service I had received and said they would look into it further. The customer service rep said they would call me the following week to update me. They didn't. I followed up two weeks later. No response. I sent another email a week later only to get a decline in request, another nonsense apology and the line, we pride ourselves on our customer service. The accident was on the 2nd of October with the last correspondence on the 27th of November. I contacted them via phone, email and messenger over 30 times on the matter and they contacted me twice by phone and responded to some of the emails. If you want to pay a company to do absolutely nothing then this is the company for you! Cheap interest rates apparently means they can rip you off.
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.
Waste of time
Another waste of time lender - apparently won't lend based off my partners work contract, despite us not only having a healthy upfront deposit on the vehicle, over 35% at this stage - they even refused to move forward with a different offer for a loan for just myself stating that they would have to assume that I'm paying all the bills, etc.. if I took my partner off the loan - full of crap! While I understand there is a risk assessment based off financial circumstances, working circumstances and other variables, they've just given us the run ar...ound as well. You can't seriously expect every condition to be perfectly met, and then they pull the "This is a requirement under our responsible lending guidelines" - Shove it! You were quick and fast to get us to jump onboard, you were quick and fast to look into our perfect credit reports, but then as soon as that was over, it took days to get to where we are now. This process should not be so difficult, and it definitely shouldn't be so disheartening either. While I understand how dodgy and greedy lenders can be, who would've thought that it was this bad! Even after attempting to re-review everything, for just myself on a lesser loan amount, they still give us the run around and say it's not possible given the circumstances. Full of crap! Offered no other alternative, and no compromise. Just palmed us off like we're not worth their time. Look at the other online-reviews, you can clearly see that this company is a shocker and they clearly mess everyone around. If I could rate 0-Stars, I would.
Disorganised, not professional
I withdrew my home loan application after the sales team were unable to clearly articulate what documentation was required. If they cant get the front end right how will they be managing my loan ongoing? Looking elsewhere
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...
- Home Loans
We joined loans.com.au 2.5years ago. At the time the rates were good and competitive.
These days not so much.
3.16% P&I Owner Occ
3.58% IO Investment
3.31% P&I Investment
These guys quite often don't pass on rates in full to existing customers. They also pass on larger cuts for new customers.
They make themselves appear competitive to new customers, but as soon as you've signed on the dotted line, expect your rates to creep up.
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.
Not passing full rate cut to their customers
In last 3 rate cuts by RBA. Only once have been forwarded to customers in FULL. There are many other lenders offering far better rate than these. It seems as loans.com.au don't even want to retain the customers by matching or lowering the rate. They might be only focusing on revenue from loan exit fee.
Customer support is also limited to weekdays-working hours only
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.
So many hoops to jump through to get a loan finalised
the rates they offer are great but they have a deceiving web site that makes you think you are applying for a quote, and they have aggressive callbacks trying to get you to commit. then once you apply their ontrack system makes you jump through so many hoops and waiting in between, expect over a week to settle with the way they keep asking you for one or two documents at a time and then following up with some more requests every day. They also won't send you the terms in writing without asking for it like they are doing you a personal favour or something to review their terms in writing before proceeding. I have applied for home loans with less fuss than this.
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?
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