Great Rates, nightmare application process
The initial consultation and rates offered were great which inspired me to choose to go with Loans.com.au over another comparable process.
And then began the application process.
Instead of getting a list of all of the required documentation/information at the beginning of the process, the requirements kept evolving as the process went on.
What should have been a straightforward process took significantly longer due to the shifting goal posts.
The quality and timeliness of communications dropped significantly as the process went on as well.
Overall experience was satisfactory, a few small improvements could make it great.
People were friendly and helpful. You need to be pro active and follow the progress yourself otherwise things don’t move forward. Was mislead on valuation cost. Wasn’t contacted after settlement so had to call asking about offset account and how to get a visa debit cards. I think we settled at a busy time.
Home Loan application process
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
Discharging from Loans.com.au due to very high interest rates. The customer service kept changing originally agreed discharging date accusing another bank. Who is dishonest? Made complaint to AFCA. Trying to resolve discharging issues
- Home Loans
Initial low interest rate will rise
I refinanced by mortgage several years ago with this company due to the much lower interest rate on offer. However this didn’t last & the interest rate crept up either due to them not passing on rate cuts or occasionally increasing their rate because of ‘addition funding costs’. As a result the interest is now higher than that my from my previous borrower.
It is also significantly higher than the interest rate being offered to new customers on their website.
I have no issue with the service I received in dealing with this company.
Great at first, then goes bad.
Excellent refinancing a few years ago. Very pleased. However interest rate cuts are not passed on and we were left with no option but to refinance with another lender at much better interest rates.
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.
very bad service once you convert your loan to them
Loans.com.au attract new customers with low rate to start, but once you become their customer, they will ignor your request for refinance, or provide better mortage rates, or discharge forms request. We signed up with loans.com.au since mid 2015, after one year lower rate fix, our fix rate or variable rate has been always more than 1% higher than the equivilent new customer's rate. We requested numerous time, they would not do anything about it. Upon we request to discharge, they keep delay in more than a week to send out discharge form.......while other bank can send out within 60 minutes in same period of time. Their excuses are unacceptable.... eg. the fund that we drawn down when you signed up was in a higher cost, that is why your variable rate will be much higher than current market rates... we need to check a lot before discharge form send out...
- Home Loans
Need to pass rate cuts being an online lender
I refinanced to LCA few years back, as LCA, being a few online lender at that time, was offering competitive rates. Whilst I felt that they have a reasonably good Customer Service and online user experience (smooth settlement process and quick turnaround time for responding to queries etc.), however when it comes to passing the rate cuts to their customers over the last couple of years, they are not as quick as the other new online/Fintech lenders. Sometimes they pass only a certain percentage of the rate cut and sometimes they don't pass the rate cut at all.
Initially great! But haven’t passed on interest rate cuts! What’s the point??
The customer service was great but I would no longer recommend. They didn’t pass on the interest rate cuts 3 times even though I was on variable. The point of being with them is that they have competitive rates but they are now higher then the big four. Disappointed!
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.
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.
Good to start, don't look after existing customers
Since joining Loans.com.au the interest rate for new customers has dropped much lower than existing customers. They are not interested in dropping for existing customers either. Looking to refinance elsewhere.
18 months into 30 years
Best rate when we applied, but they don't pass on rate cuts to existing loans, only to new customers, now I'm refinancing away from loans.com.au as they are ~0.5% above the market price. They happily watch customers leave, take your loan to Athena the first time...
Watch out - attractive interest rate and then....
Satisfactory customer service, however loans.com.au are very arrogant and unwilling to negotiate when interest rates become very uncompetitive (+0.75%) above their advertised rate! When approached and a review of the rate I was paying was requested, they refused! So ultimately I've switched to another institution. Watch out and do your homework - Not recommended.
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 email@example.com with your full name and phone number, and someone f...rom 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.
Get an answer from our members and loans.com.au representatives
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