loans.com.au

Our situation-buying two investment properties, total under $1 mil. Initial sales call made everything sound very easy. Experience was far from. Extremely painful at every step. Online software sucks big time. Partnering with loans.com.au is up there with life’s biggest regrets, never again. Good for basic home loan, anything beyond go elsewhere.

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

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...

Was tempted by the rate- would be fine if you have ample time and over 40% LVR. Found that the service model is call centre based and you will have at least 3 “reps” through the process lots of repeating yourself, paperwork going missing and takes you to drive the process. Also to note they make you pay for your own valuation (unlike the big 4) and they don’t lend to outside city centres. The team were always friendly but got the impression they feel very hamstring also by the inflexibility of their process. Ended up changing providers and had other competing priorities during the buying process, not worth the extra drama for the 0.10% interest rate difference. Would like to have supported a smaller business but yeah…

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.

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.

Do not sign up with Loans.com.au, it is a scam and not worth the money or time!

Rates were very competitive when i first signed up 3 years ago, however after a few out of cycle rate rises and RBA rate cuts (not passing on), this my current rate is barely comparable even to the big 4. My loan rate is not even close to what is being advertised by Loans.com.au

Seems to me the strategy is to sign you up and hope you cant be bother to leave.
To be honest, i dont even understand why anyone would sign up with these guys now with other similar compan...

Firstly the positives - the application and settlement process went fairly smoothly, however from there it has been a downhill slope. They get you in on a good rate and then fail to pass on many of the RBA cuts so you end up on a Big 4 bank rate which largely defeats the purpose of going with them in the first place. When you query your rate you deal with someone in their Loan Solutions team who has little authority to give you anything and then when you go higher up the chain you are given the usual blurb about tight funding margins (isn't t...

These people have no clue of what is going on in the outside world or pay attention to particular circumstances like the big 4 banks do... All they see is you owe me this and then send out an old guy on a motorbike to drop off a letter haha good one. I've called 5 times once a week and all I get is, "someone will call you back tomorrow".

Just remember I have paid off the whole loan in interest only! and now I have lost my job and you want 6k.. all banks have a button to defer for 6months and you want a complicated waste of time pdf... get rea...

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...

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...

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.

During the loan process, Loans.com.au requested a valuation of the property (our up front cost) and then subsequently denied the loan. Is this a normal practice or just unique to this company?

The application process was fine and the rates for new customers are competitive but nothing special. The standout is the quick turnaround on the loan application - 2-week approval and 4-week settlement - which was great. However, 3-4 months post settlement, a new rate was advertised for new customers at 16bps lower because the general marketplace has dropped rates. When I called their loan specialist, they straight out told me that they can’t do anything and possibly the best thing is to go elsewhere but I can’t do that for a few months. Then ...

Pulled my pre and post approved financing from under me at the eleventh hour leaving me financially exposed, I was upfront and honest about every aspect of the property from the first phone conversation. They have completely wasted my time and I'm potentially $55,000 out of pocket with no recourse.