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- 5 reviews
- 2 likes
I have been a customer with Loans.com.au for 5 years now which is saying a lot in itself as I tend to move banks very often in search of more competitive rates and more complex services. Here are the reasons I have stayed with loans.com.au:
- Their rates are fairly competitive and they will beat competitor rates if they have to
- My journey with loans.com.au began with the transfer of an existing loan but I now have loans for 4 properties with them
- The purchases subsequent to the first loan have been complex, one of them involving a subdivsio...
Positives - low interest rate, low loan establishment costs
Negatives - back office administration very tardy. Better if you have one consultant to process the Loan application from start to Finish. There were far too many staff associated with the loan approval making the process administratively inefficient
- 3 reviews
The overall customer service experience was 3.5/5 as it's hard to get in touch with the same person the next time. Calls required long waits. Return back calls either were considerably delayed or were never received. Interest rates are very competitive and would definitely recommend loans.com.au to friends which is why overall score for review is 4/5.
- 2 reviews
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...
Read moreoyal 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.
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The service was friendly truthful. Everything happened as Jasmin said it would. couldn't be happier. There were no unexpected costs as everything was outlined in the first interview. Very satisfied with the whole experience.
Hi there, thanks so much for your awesome review. We'll share this with Jazmin and the team! If there's every anything we can do to make our service 5-star, please do let us know!
Andrew was super helpful in arranging my loan & the app once I could access (hint best to log in on the website home page) has been easy to use & easy to upload docs. I’m at the stage of printing, signing & returning mortgage docs after having my loan approved. It is a bit daunting doing it yourself & hoping all docs are in order but settlement is some time away so I have time to provide more or duplicate docs if required.
So far it’s been an easy, no fuss, no frills process. I would recommend loans.com.au if you’re ok with an amount of diy.
Hey there, thanks so much for the great feedback and the recommendation. If there's anything else we could do to make the service 5-star, please let us know!
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.
Hi Lionel, thank you for taking the time to leave your feedback, we appreciate it. We will pass this on to the appropriate team and see what we can do to improve. If you have any further feedback, ple...
Read morease feel free to send it to customercare@loans.com.au, ensuring you include your full name and account number so we can trace it back to your individual situation.Related Articles
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- 2 reviews
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.
Hi Charley, thank you for taking the time to leave your honest feedback, we really appreciate it.
We're sorry to hear about the delay in response regarding your requested rate review. I will pass thi...
Read mores on to Customer Relations and see what we can do to help. So we can look into your individual case, can you please email your full name and suburb of your security property and we will look into this for you.
I was happy with the online application with loans.com. I found the up loading of documents next to useless ended up just emailing my document's. Also found the first person contact taking details of my assets and income, short and pushy. Also could be clearer on the documents there are after.
The reviewer stated that an incentive was offered for this review
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- 2 reviews
After struggling with a few lenders to get pre-approval, Loans.com.au proved to be the best for competitive interest rates and streamlined approval process. Although the mobile App needs some tweaking to prevent notifications being repeated, the Case Manager always replied promptly to queries, usually via a phone call or text message when I wasn’t available.
There were no surprise costs or fees and the general quality of service was excellent. I have used Loans.com.au for three home loans, and will continue to do so in the future.
The reviewer stated that an incentive was offered for this review
- 2 reviews
Despite being all set to run with my pre-existing bank lender, when my brother, who was already a Loans.com.au customer, recommended them, I thought I should give it a look - if nothing else to placate him. Already accustomed to the lengthy and involved pre-approval process of the pre-existing lender, I was surprised but initially a bit concerned because Loans.com.au seemed very casual about the pre-approval process, which was over and done with in little more than a phone call. I was equally surprised to find that there were no real concerns a...
Read morefterwards, and that Loans.com.au are just easier to deal with than a bank that had known me, and had my full financial history, for over 30 years. Go figure! Once over the initial concern, I found the online application process relatively simple and easy. My only negatives are (and these are only minor) in the area of conflicting information that comes from automatically generated emails, online and text messages. Often there were requests or directions that, when I spoke to the Lending Manager, were unnecessary or not relevant. I found I was being told to disregard one thing or other on numerous occasions. The other issue that was a little frustrating was the need to schedule appointment times to make telephone contact with the Lending Manager. Sometimes, when time is limited, it’s nice to be able to just pick up the phone, even if one has to wait a little. While it’s possible to telephone the contact centre almost any time, ultimately I found the response to a question was usually “I’ll schedule a time for you to discuss this with your Lending Manager in the next few days”. Those are niggly little things that one can be picky about, but overall, with the loan now settled a couple of weeks ago, I’m quite happy with what I’ve seen so far. Home loans being the long term things they are, time will tell if the satisfaction level remains the same, or not. Let’s hope it does, or better still, improves even more. To anyone who’s hesitant about dealing with an online lender, as I was, I’d highly recommend closely checking out Loans.com.au. Despite the low and almost unbeatable interest rates and fees, the people are nice, friendly, helpful and the process is relatively pain-free.The reviewer stated that an incentive was offered for this review
- 2 reviews
I had a good experience with loans.com. My only problem was checking my ID. They had my passport and several other cards but insisted on my drivers licence as well. I think that was an overkill. All went well . Low set up costs. Low interest rate.
The reviewer stated that an incentive was offered for this review
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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 there, to find the interest rate on your loan accounts, you need to log in to Smart Money, click manage, account and account details. We will always want this information to be visible for our cust...
Read moreomers to see. Please let us know if you have any issues seeing your interest rate after following the above steps via customercare@loans.com.au or 13 10 90 and we'll assist you.