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.
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.
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.
So far so good
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.
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.
ONLINE LOAN OK
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.
Simple, effective and good value
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.
Early days but very happy so far
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...fterwards, 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.
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.
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 from 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%
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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