Fast and easy process if you have clear documents for submission the process is pretty much automated.
The percentage of loan was deciding factor as it was lowest in the market. Customer service was great. It was agreed for a fixed percentage for a period of 2 years.
Loans made enjoyable
The whole process of applying for a home loan was made much easier than I could have imagined. The online system is so intuitive and helpful, everything is made so clear and manageable and the overwhelm that can enter into getting a loan is just dissolved in lucid step-by-step instructions and helpful feedback. Great rates and a painless process. Highly recommended.
Disappointing process from start to finish.
We decided on applying for an equity loan through loans.com.au after reading the encouraging reviews.
We had the initial phone call where pre approval was granted and we then set up the on track account that was supposed to be the direct portal for communications for the application process. Sadly it was pretty much all downhill from there. The on track portal was very frustrating where their were requests for multiple documents constantly. Messages sent with specific questions went unreplied. After submitting our application , a payment of...
Experience with loans.com as an old customer
what a pathetic customer service! They returned my phone call ,unfortunately the line was not very clear ,I could only hear some words ,within few seconds they hung up the phone and never called me back . Still more to write but I don't want to.
Positive: good rates. Negative: losing track of submitted documents; poor communication internally and with client; inadequate, confusing and slow requests for information. Had the appearance of poor systems supporting the staff, and had to pro-actively manage them during the application process.
Not a happy experience
After some comparisons, reviews, etc I decided to approach them for a home loan. Rate was certainly attractive and initial team member was excellent to deal with. After going over some details & ascertaining what would be required we moved to submit an application and were given conditional pre approval.
Once we had found a property and advised them we were proceeding I found we had a different Account Manager who was also excellent as she worked to get this done. We started submitting all requested documentation and meeting all requested cond...itions. However, time was ticking down and whilst we kept getting assured things were on track we started to become concerned at the delays we were facing. There were 2 instances where they failed to respond to messages via the Ontrack portal which didn't help. We got to 1 week from due diligence when they changed the goalposts. I had informed them from the start I was self employed. Also from the start, they advised me company financials would NOT be required and I double checked with the consultant at the start to be sure, remembering that all calls are recorded. Now they suddenly required full company financials with only a week to go & my accountant was on leave :( Suddenly the lack of transparency became a major issue. With very little time left and a very intractable lender, my only way to resolve this was to go to my business bankers with an urgent request for help. Within 25 hours I had my funds. Yes, it cost me a slightly higher interest rate ( 1.87 vs 3.45 ) but at least I had my funds. From a big 4 bank no less. The other issue is I initially paid their quoted valuers fees only to be hit with a request for double that amount. Again, they didn't seem to know their own costs. Then the final rub. I was out & out lied to. As soon as it became clear that I may not be able to finance with them, I rang and discussed to see if there was any way forward. As it appeared no, I then asked for a copy of the valuation which I had paid for. I was informed they could not provide as it remained the property of the valuation firm, something I checked on & was advised most certainly not, it was indeed the property of loans.com.au. Again, I remind, all calls are recorded so all calls will be on record with them if they choose to check. All in all, it started very promisingly but dragged on and finally I withdrew the application. A major waste of time and the cause of major stress.
Made it so easy!
Lani and Mike were super quick to follow up, supportive and just wonderful in general! I'd recommend them and loans.com.au for making this a great process for first home buyers.
- Home Loans
Excellent customer service
Brodie & Gaurav gave exceptional customer service - they were very professional & courteous at all times & answered all my questions efficiently & promptly. Would highly recommend them. Five stars & 10/10 for this company.
So easy to extend the loan!
Happily we’re getting an extension on our home loan and got the lending manager who set us up last time! The loan extension has been surprisingly easy with only a couple of pages of paperwork, we should be all sorted within a week! Pool and landscaping here we come!
Customer service is amazing. Jazmin is very friendly, accommodating, professional and a pleasure to work with. Jazmin is also very knowledgeable about everything to do with loans, any questions asked are answered excellently.
Highly recommend loans.com.au and jazmin for home loans.
10 out of 10
I dealt with Nicholas Brown who couldn’t have been more helpful, flexible and customer caring. He made the process so incredibly easy. I would highly recommend loans.com, particularly Nic as a consultant.
Bank balance decline
How can your income, credit check, deposit & valuation be approved, then you get declined because your bank balance will only be $5800 once your deposit is paid... shouldn’t a loan be approved based on your affordability to pay not your bank balance...
- Home Loans
No rate cuts, slightly lower rate offered for new customers only, even the big banks are offering better rates.
When I joined with Loans.com.au about two years ago they had one of the lowest rates available. Being an online only lender it allowed them to keep rates low as their overheads were much lower than the big banks (something they would mention quite frequently on their website and in discussion with their lending managers). Fast forward two years and even the big banks are offering better rates than what Loans.com.au is offering! I contacted the Loans Solutions team to try get a better rate or even to match the new customer rate which is slightly...less than what existing customers are on. I got told I can't but I could get a fixed rate loan for 2 years at what other lenders are offering for their variable rates. Here are some points that make that unattractive to me: 1). Commbank has a four year fixed rate @ 1.99% if I wanted to go fixed. 2). RBA has said the rate will not increase for the next 3-4 years, so there is no reason for me to go fixed when the only way the rate can go is down in the next few years if it does move. 3). Athena home loans and some others are offering variable interest rates at around 2.19% which is a lot better than your 2.63%. 4). Loans.com.au fixed rate loan terms are terrible. a). Interest rate is slightly higher than what some other lenders are offering for variable rates. b). Interest rate is significantly higher than what other lenders are offering for fixed rates. c). You lose any existing discount which means once the 2 years is up, you jump to an even higher rate.
Do not go with loans.com.au because they treat existing customers very bad
As is the case with many borrowers with loans.com.au, I was enticed by the initially low rates. However, the lender raised rates a number of times, even when the Reserve Bank didn't raise rates. When the Reserve Bank drop, they do not pass the full interest rate cut to me. Instead they pass it on to new customers. If you look at the interest rate they are giving to new customers, there is a difference of 0.34%.(they are currently giving new customers 2.57%, but they are giving me 2.91% for exactly same owner occupier product) I have contacted...loans.com.au to see if they can match my interest rate with new customers. They said they cannot because the funding is different as they keep finding excuses. When they increase the interest rate for me, they keep saying it's associated with funding costs. But it's hard to believe because other banks are not doing what they are doing to their existing customers. Not sure if this is loan sharking?
Really happy so far!
A really straightforward process. The staff were so efficient and competent, if they said they were going to send something - it was sent. The customer service was excellent, they were really friendly, and always happy to go the extra mile. They passed on the rate cut. And I am quite happy with my current rate. The app is only ok though.
The reviewer stated that an incentive was offered for this review
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 f...rom 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%
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