Works like a start up seems like no defined processes horrible customer device
Me and my husband were part of our application . Customer service often rejects my calls saying we had helped her husband with the fact that half information is provided to him . I was not sent all the documents to my account . Was not cc’ed in all email conversations . Technically when two people are applicants they should be provided with same information. Their mobile application was extremely faulty and was not accepting login credentials of my husband and on my login we donot have all documents to complete . When customer service sent emai...l to us they have sent half documents . While posting documents we had double checked with customer service that day new customer service officer informed documents were half sent to us so we had to do another round of getting verifications for rest of the documents .Due to horrible customer service we had to do urgent settlement and had to pay $300 extra for urgency .
Disappointing process from start to finish.
We decided on applying for an equity loan through loans.com.au after reading the encouraging reviews.
We had the initial phone call where pre approval was granted and we then set up the on track account that was supposed to be the direct portal for communications for the application process. Sadly it was pretty much all downhill from there. The on track portal was very frustrating where their were requests for multiple documents constantly. Messages sent with specific questions went unreplied. After submitting our application , a payment of...
stick with the real banks...
they threatened to freeze my account because I fully offset my loans.
they also made discharging my loan so difficult. no forms available online, I had to call them up and go through the rigmorale with their retention process and taking way longer than normal banks. really unhappy with the process.
SMSF Invest Property Loan refinance
Wonderful man I spoke to originally. I tried to refinance my loan from StGeorge to a more competitive rate. This company has only just started taking applications for these types of loans. Their portal is clunky at best. I had promises broken, bad updates from many different staff (usually a different staff member each time ). I eventually got sick of waiting.... from the application being taken, I got up to over 5 weeks with still no answer. Up to 9 weeks now and still haven't got to settlement . I don't think this company is capable to arrange this specific type of finance, even though they advertise it and that the process is easy. I haven't done many things that are harder.
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.
Don't give you access to your property valuation report
As part of the loan approval process, lenders require a property valuation to be conducted on the property of interest. What loans.com.au does is get you to pay for the property valuation, but they refuse to release the report which YOU paid for. What is the explanation for this??? If we pay for something, we should be entitled to it.
Have actively taken steps to make it more difficult for customers to compare interest rates
Loans.com.au have taken away the ability to view the interest rate being charged on your loan accounts. Previously this was always visible on their online banking platform through the account details section. Now account details shows basic account information but no longer tells you what interest rate you are being charged. There is only one possible reason for the removal of this information - to make it even more difficult for customers to know what rates they are paying and to compare them to the market. You would think in the wake of the r...oyal commission lenders would have stopped playing these sorts of games. I've been a customer for almost 15 years and have noticed a steady decline in competitiveness (for existing customers) and service. Unimpressed.
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?
Contacted to find out viability of an investment property. Terrible customer service, passive aggressive, condescending and lacking in knowledge. Couldn't understand what I was trying to ask at times and would butt in before I finished trying to ask. Judgemental have had great experience with Lendi who were extremely helpful and can answer all questions you throw at them try them. Waste of time speaking to this company. The questions on application form do not allow for correct details.
Great for a new loan although for existing customers terrible.
I have been with loans.com.au for 5 years (home loan). Paid off 445k loan within 5 years of a 500k loan. As my 5 year interest only loan expired they would only give me a .2% reduction although a new loan would have been .7% less. Basically they don't care about existing customers but only new customers. I have now organised my home loan to go to another bank. Don't bother with them. There are heaps of other lenders that believe looking after their existing customers.
Follow up was a waste of time
I followed up. Although my fixed rate is almost up (about 1% higher than variabke) I will still be charged a fee. They dont care if I leave. Customer care is zero
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.
Like big banks, sucks you in and keeps rates high
Joined 4 years ago. Rates kept on creeping up against benchmark. Recently tried to call to discuss rate change. After 12 days and 4 calls and two firm complaints to staff still zero response. I wanted to give them a chance to reduce the rates - which are now higher than the rates advertised by the big 4 - so that neither of us have to waste time changing. As one can expect, once you are a customer, you are treated poorly, and the rates will keep increasing to above the big 4.
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).
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.
Questions & Answers
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 firstname.lastname@example.org with your full name and phone number, and someone f...rom our lending team will be in touch with you shortly.
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%
Get an answer from our members and loans.com.au representatives
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