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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
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.
Hi Anthony, thanks for your honest review we appreciate your feedback. We'd like to review this for you. Can you please send through your full name, loan a/c number and mobile to loansolutions@loans.com.au and someone can be in touch shortly.
- 15 reviews
- 10 likes
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.
Hi Adam, we're sorry and disappointed to hear you are no longer happy with your loan. We'd like to escalate your case to our loan solutions team, so please send your full name and loan account number ...
Read moreto loansolutions@loans.com.au and we'll do what we can to assist.
Thanks but I've assisted myself by refinancing with a much better rate with another lender. Shame you only keep new customers happy leaving the existing ones unhappy.
- 2 reviews
- 1 like
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.......
Read more 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...Hi Mike, we're sorry to hear about your experience. We appreciate you taking the time to leave your feedback as we'll use this to improve our processes ongoing. I've forwarded your comments on to our ...
Read moreLoans Solutions team, however if you have any further feedback please email it, along with your full name and account number to customercare@loans.com.au.
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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!
Hi Laural, thanks for the feedback. We are currently reviewing rates following the RBA decision to reduce the Cash Rate. We expect to have an answer soon and are committed to ensuring our customers al...
Read moreways have a competitive interest rate. We will communicate with all customers as soon as our decision is made.
- 3 reviews
- 2 likes
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...
Hi Todd, we are sorry you feel the service you received was not 5 stars. Although we have recently announced we are reducing our variable home loan rate by 0.25% for existing customers, we appreciate ...
Read moreyou leaving your honest feedback. Please contact us at customercare@loans.com.au with any further questions or feedback you have.
Thanks Hayley, it’s not this weeks rate drop that was the issue, it’s that you consistently pass less than the full amount to existing lenders and consistently advertise better rates for new lenders, ...
Read morebasically every rate drop for the last 18 months. It’s also not about your service, it’s about your rate. If you want to keep your customers don’t screw them into leaving.
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.
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- 2 reviews
- 6 likes
BEWARE: Loyalty tax for existing customers. Access to lower advertised rates blocked! Date: Aug 2019
I refinanced our home loan 3 years ago with loans.com.au. Standard P&I loan. It was a long process which I came close to withdrawing my application a number of times due to frustrations. I persisted because I was lured by the low advertised interest rate. However, over time my interest rate has crept slowly up and now well above their advertised rates. BEWARE, as an existing customer you will be locked out and unable to get their lower advertised rates. Loyalty tax on existing customers. A fact well hidden. Transparency?
But that is not the kic...
As I write this, the advertised rate for the product I have is 0.1% lower than I am getting (with them passing on 0.2% of rate reduction). I had been paying 3.84% interest rate when their advertised rate had been lower. i am leaving them as my situation means that negotiating with them is not worth it. but beware of suck in and increase rates later tactics!
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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.
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
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We're sorry you're unhappy with your experience and we'd like to look further into your case. Can you please email customerrelations@loans.com.au with your full name, account number and phone number, someone will be in touch with you shortly.