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Melbourne

  • 1 review
  • 5 helpful votes
Private message

I wish there was no star rating

1 out of 5, reviewed on Nov 19, 2012

My partner and myself had the worst experience with loan market in the chadstone area. I would stay well clear of that area and the people running it. They don't care. Similar to the other reviews in here we actually lost 2 houses because the loan market representative mislead us and didn't know what they were talking about. We got our loan approved by NAB in the end and the funny thing is that the loan market guy said NAB rejected our pre approval worst company worst experience

- Everything from communication to knowledge

5 people found this helpful, do you? Yes

Comments
Loan Market Official

Hi there We are really sorry to hear about the experience you have had with our brokers in Chadstone. We would like to look more closely into the issues you have raised. Could you contact us direc... read more »

Melbourne

  • 34 reviews
  • 9 comments
  • 2 questions
  • 18 answers
  • 20 helpful votes
Private message

Stay away, bad!

1 out of 5, reviewed on Apr 07, 2014

It's a long story, but to cut it short - my "broker" from loan market provided me with a loan offer without giving me any details about why she has chosen this particular lender for me, what the rate is, what the package is, and what I would be paying in the end. Apparently she chose this particular lender because I already had a bank account with them. When I said I wanted options and wanted to know which lender can give me lower rates (as I am about to be a first home owner and of course, want the best rates in the beginning), I was given a very unsatisfactory answer i.e. it is a variable rate and will change over time.

I was never given any more information other than what I ask. In the end I just got a home loan offer in my mailbox and was told via email to check my mailbox and return the documents to the bank.

Zero customer service, zero communication with me other than 1-2 sentence replies to my emails - why bother being a broker? In the end I went with another broker who used to work with Loan market but opened his own business. He came to my home after hours to discuss my options, emailed me information and answered everything I asked, called and emailed me to let me know how each step of the application was going, and finalised the home loan for me in record time with another lender with a lower rate and better benefits. well, I can't say better, because I was not filled in on why I was recommended to go with lender #1 by the broker from loanmarket.

If you're with LoanMarket I hope you get an excellent broker, unlike the one I landed. Otherwise, stay away and go for another company that values customers and actually wants to help.

4 people found this helpful, do you? Yes

Comments
Loan Market Official

Hi Arya, We are sorry to hear about the experience you have had with one of our brokers. Could you please contact us directly with the details and we will look into it further. You can email us a... read more »

Melbourne

  • 3 reviews
  • 1 comment
  • 4 helpful votes
Private message

I would never use this company

1 out of 5, reviewed on Oct 03, 2012

Oh my God, where do I begin?

We were referred to Loan Market by a volume builder that we were evaluating and thought it wouldn't hurt to get some professional advice-man, we were so wrong.

A representative from the Epping office came to our house and made lots of promises about how easy getting the finance was going to be and how he really wanted to help us. He was so nice and we were so trusting. So we decided to give them our business and put our faith in a stranger to get the finance for our land and construction.

Well after the first meeting everything went wrong.

The consultant applied for the first loan with our bank (the one we'd always banked with) and it got declined. Confused we sought clarification. He gave us nonsense reasons and started with "You should make it an investment loan" talk. I got so sick of hearing it from him over the next few conversations that I prompted him about why and he replied "Look it really doesn't matter, but at the end of the day, I want to get paid."

Honestly, he really said that.

So we gave him another chance and he applied with another one of the Big 4, which also got declined. Oh I forgot to mention that in the middle of that application he contacted me and told me that for two weeks he was going away on "special assignment" and that he would not reachable.

Then when he gets back we got declined (as above). So I got jack of this, fired him and contacted the last bank he;d dealt with looking for answers.

He had apparently not finished the application, there weren't signatures, employment details or any supporting paperwork and I found out that the loan amount he applied for was nothing like what we had asked for. The bank had even tried to contact him to seek clarification on the paperwork issue and he had not called them back so they just declined it. Thanks for that black mark on my credit report.

I've also forgotten to mention that he had asked us to rush the construction company to contracts and he had wanted us to get the loan quickly and get in (easy job, easy money you see). When the first application didn't pan out, he got us to push back the finance date with the land company (which we did twice!) and he still did the wrong thing.

So I took control and applied to another bank and they declined the application because -wait for it- there were too many recent applications on our file! Yep. He had applied to another bank without our knowledge or permission!!!!

This last application has no paperwork, signatures and was $200K under what we had asked for! What was this guy doing running around Melbourne screwing up our credit files? Seemed so.

So after a lot of angry phone calls to his State Manager and the threat of Consumer Affairs we got the last application removed from the credit files, but it took forever. The bank said they could do it, they just needed the request from the company and the company said that the bank wouldn't do it. Frustraiting!

I have demanded that this person never contact us again and despite it being received with acknowledgement of why and acceptance, he has still tried several times.

In the end, I got it done with our original bank who showed me his application. It was terrible. There was no employment history, salary details and the type of loan he had applied for, we would never had got it. My wife and I made this next application and it got approved and we are about to move into our house.

We nearly lost our land and any chance of getting finance for another year or so because of him. I would never deal with loan market ever again!

If you want good, honest advice from a mortgage broker, then go to Smartline here in Melbourne, I think that they are in Northcote (or close to it). The manager there gave us free, honest advice about our options and didn't ask for anything in return. He was so nice to deal with. If I had my time over again, I wish I'd gone to him, not loan market.

Bottom line, don't deal with loan market. At least not with this guy in the Epping office.

- Contact, Response time.

4 people found this helpful, do you? Yes

Comments
Loan Market Official

Hi We are really sorry to hear about the experience you have had with one of our brokers in Epping. We would like to look more closely into the issues you have raised. Could you contact us direct... read more »

Dear Loan Market, I had already reported it to the State Manager, I would be disappointed to discover that

Melbourne

  • 8 reviews
  • 2 comments
  • 21 helpful votes
Private message

Appalling service, nearly cost us our house

1 out of 5, reviewed on Sep 06, 2012

My husband and I were looking to buy our first home and a friend recommended we go through Loanmarket mortgage brokers. We contacted a broker at the Bulleen office in Melbourne and he started to organise our loan. All seemed well until our land settled (we were building a house off the plan) and our land loan was financed. Our broker here told me we needed approximately $7000 to settle our loan for stamp duty etc and asked for an authority to withdraw this from my bank. I agreed and later checked my account to find almost $8500 taken from my account. When I queried this with him he told me he simply "didn't know" what the extra money was for. He told me he'd get back to me, he never did.

Our broker also "accidentally" applied for our loan to be principal and interest repayments, despite telling us it would be interest only payments. When I told him to change it he told me it was simply "too hard" to change it. He also opened up a savings account with our lender that I never requested and although I had stated I wanted the loan to come out of my existing statement account, he someone organised for it to come out of the new account, the one I never asked for. I then received a call from our builder asking where we were up to with our finances for the house. I wasn't sure, so I contacted our broker and was told I needed to provide new payslips, bank statements etc before the loan could be approved. This was baffling to me as I thought we already had the loan and had already signed the contract with our builder.

I contacted another mortgage broker from Mortgage Choice and queried what was going on. It was then I found out just how bad our current broker was. I was told if he was asking for new payslips it meant our pre approval for the loan had lapsed as he hadn't applied for the house loan in time and effectively we had signed our building contract without funding approval from the bank. I was also told the application process for the new loan would take approx a month and we were due to start building in a fortnight. During this time also, I had gone onto Maternity leave and was told some banks wouldn't lend to someone on Maternity leave (panic). I called our broker and got no response so I emailed him. 4 days later I still had no response so I called again and basically he sounded like he could care less. Later my husband called up and spoke to the receptionist there who was rude and insulting and made out like we were clients from hell. She also gave out advice on loans, which was odd coming from a receptionist. I promptly sacked that broker and went with Mortgage Choice, who have been fantastic. Everything was explained, so we were no longer in the dark and our loan was sorted.

I then found out that our previous broker had put us onto a 3 year discounted rate home loan which would have been cancelled when the house loan was applied for as the bank won't allow the second loan to be on the discounted rate. Luckily for us our new broker done some number crunching and figured out a way to keep us on our discounted rate. Our old broker also forgot to apply for the First Home Owners Grant for us. Essentially, everything he done was wrong and he was hopeless. I contacted the state manager for Loanmarket and sent through a complaint. All we received as a reply was that he would "organise re-training for the office." Absolutely appalling service at Loanmarket and I would never recommend them to anyone.

- Everything. Almost cost us our house, cost us a lot of money. Absolutely hopless and disgusting service.

4 people found this helpful, do you? Yes

Comments
Loan Market Official

Hi We are so sorry to hear about the experience you have had with our Bulleen office. We would like to look more closely into the issues you have raised. Could you contact us directly at feedback... read more »

  • 1 review
  • 3 helpful votes
Private message

Amazing Service!!!

5 out of 5, reviewed on Apr 20, 2015

They have been absolutely amazing throughout this whole process. I could not recommend him high enough, he had my loan approved so fast and was always there to answer any silly question I had, and as a first home buyer you have lots. Thank you so much [name removed] you were awesome!

3 people found this helpful, do you? Yes

Comments
Loan Market Official

Hi Jaclyn, Thanks for your great review of Loan Market broker [name removed]. It's fantastic to hear he was able to help you quickly, and was available for all your questions. Congratulations... read more »

Melbourne

  • 1 review
  • 3 helpful votes
Private message

Verified Customer

Loan Market rockstar - [Name removed]

5 out of 5, reviewed on Mar 08, 2015

I got my home loan approved by a gentleman known as [Name removed] from Loan Market. I have to say that without a doubt [Name removed] is the most knowledgeable mortgage broker I have ever met. Me and my wife were looking for a house for a few months rocking up at house inspections on Saturdays. Since we were relatively new to the property market, we weren't sure what to expect, what to prepare for - starting from the budget, interest rate, deposit, insurance. Questions like, would I get locked in for a higher interest rate for years together? Am I getting the best interest rate? Value for money? The more I kept thinking about it, the more these words start to blend in. After one such house inspections, I got in touch with [Name removed] to really re-assess our financial situation and seek some expert advise. [Name removed] came to my house the very next day and he gave a full assessment of what is within our reach. The next week, we starting our search looking for houses within that budget recommended by [Name removed]. For our peace of mind, we had got a conditional approval from MeBank arranged by [Name removed]. Over the next couple of weeks, after the house inspections, we occasionally called up [Name removed] with more questions and every time he patiently answered the questions. On some occasions, we called him around 8pm on weekdays and also on Sundays and every time, he patiently answered all our questions to our satisfaction.

On one lucky Saturday, we found the house of our dreams and immediately sent the documents to [Name removed] to get the ball rolling on the final finance approval. The entire process was so smooth and efficient. The conditional approval made things a lot easier as we knew that all our financial documents had already been checked out. [Name removed] also got us a property report with the estimated market value of the house so we knew we would not be overpaying.

I am so happy that I made the decision to go with Loan Market and seek the expert advise and consulting services of [Name removed]. I highly recommend him :-)

3 people found this helpful, do you? Yes

Comments
Loan Market Official

Hi there, Congratulations on finding the home of your dreams! Thank you so much for your glowing review of Loan Market broker [Name removed]. House hunting can definitely be an overwhelming e... read more »

  • 1 review
  • 3 helpful votes
Private message

Worst - dont ever be a referral

1 out of 5, reviewed on Jan 10, 2014

Well i had a referral agreement with loanmarket And because my loan guy decided not to finalise loan and passed my referral onto someone else, I ended up losing, by not receiving the commission in which was agreed on. Is this fair? I had no control over this situation and I believe it is unfair

- Unfair treatment

3 people found this helpful, do you? Yes

Comments
Loan Market Official

Hi Jade We're sorry to hear about your referral agreement experience. We’d like to know more about it so we could look into it further - would you please email us directly at [email protected] read more »

Brisbane

  • 1 review
  • 3 helpful votes
Private message

Worst experience ever!!!

1 out of 5, reviewed on Jun 15, 2013

We have had the worst experience ever! It took our broker 5 weeks to inform us that we can get a loan if we increase our deposit with $15k. After the initial 3 weeks given in our contract our broker informed us that a third party that he usually uses did not lodge our application. We did not sign any consent for him to share our private information with a third party. In addition to this he also lied to us over the initial 3 weeks, telling us our application is basically approved and it was at the ginal stages. After hearing the very disappointing news that our application has not been lodge in 3 weeks, we decided to give this broker another opportunity. During the next 2 weeks he lied to us and we even received emails where the broker copied and pasted dates to cover up his lies! Now today a week from the date when we told him we do not want to take up the loan, we receive a call from the bank informing us of settlement procedure. We also received bank documents. This after he called me to say he has withdrawn the offer. Yet another lie as the bank still had the offer accepted.

Absolutely the worst experience. I believe this broker should not have a licence to provide services to individuals. If loanmarket is by any means concerned about their reputation I would advise that they look into this broker. We are from Brisbane QLD and happy mention names if it would help protect others from such inconvenient and disappointing experiences.

3 people found this helpful, do you? Yes

Comments
Loan Market Official

Hi Charlene, We are sorry to hear about the experience you have had with one of our brokers and would like to look more closely into the issues you have raised. Could you please contact us direct... read more »

  • 1 review
  • 2 helpful votes
Private message

Loan Refinance

5 out of 5, reviewed on Aug 31, 2015

Thank you Krissie for assisting me with my loan refinance. Krissie was extremely professional and friendly which made the process stress free. I would have no hesitation in using Krissie again or recommending her to my family and friends.

2 people found this helpful, do you? Yes

Comments
Loan Market Official

Hi Chris,

Thanks for your review of your Loan Market broker Krissie, it's great to hear she made the process stress-free.

From Sam in the Loan Market team

  • 2 reviews
  • 2 helpful votes
Private message

Tarneit

1 out of 5, reviewed on Jun 04, 2017

Very bad experience, become a victim of an inexperience broker from loan market
Lost hundreds of dollar and also paid plenty as settlement missed twice due to broker
Despite given all details/doco months before settlement date, broker was unable to arrange $ numbers as discussed
After two settlement dates missed, I have decided to go to a bank directly and then got everything settle in 3 Days only.

1 person found this helpful, do you? Yes

Comments
Loan Market Official

Hi there, We are so sorry to hear this was your experience. We take this feedback very seriously and would appreciate the opportunity to better our processes if possible. Are you able to please ... read more »

  • 1 review
  • 1 helpful vote
Private message

If you have a house or getting into the market, its well worth enquiring!

5 out of 5, reviewed on May 10, 2017

We were in a delemma and what options were available to us, to make matters worse we weren't aware of the options to decide on. Enquiries with 3 different brokers left us 2months of supplying details for loans that never progressed. Then we contacted Loan Market that put us in touch with Michael Kordish. He contacted us, arranged for a meeting time to that suited us, and advised of all options. The best of these was chosen and decided to pursue- this was not even on the table from the other 3x brokers! He has also negotiated a better interest rate than the others enquired with- 2 of which were the same bank too! Currently we have approval for our loan and in quicker than expected time to pursue our property goals.
We would highly recommend Michael to anyone- whether currently own their home, looking for investment or simply looking to refinance to get a better deal. He has exceeded our expectations, kept us informed the whole way AND done it all quicker than the others! The professionalism and courtesy displayed is very much appreciated by us and commendable to Michael and the business.
Michael is a genuine guy who has wanted nothing but the best for his clients-us. The short time with him has eased our pain with going through this process, provided a service/solution that we most needed, and enabled us to pursue what we had aimed to do.
Thanks so much Michael for your time and effort provided, and Loan Market for providing such a quality expert to help us out!

1 person found this helpful, do you? Yes

Comments
Loan Market Official

Hi Drew, This was such great feedback to read! We appreciate you sharing it with us. We love hearing how our brokers help make your lives easier, and can negotiate better rates for you in doing... read more »

Sydney

  • 3 reviews
  • 2 helpful votes
Private message

Loan Market Campbelltown - Highly Recommended.

5 out of 5, reviewed on Apr 18, 2016

Daniel has helped my husband and I secure our first home a few years ago. He was the best part of the process, providing great service and guidance throughout the process. So naturally, when we decided we wanted to purchase a new property, we called Daniel.
Daniel was again very helpful and was able to provide us with all the information we needed - as well as leaving very little for myself and my husband to do.
I would recommend Daniel to any friends/family/colleagues in the future and will definitely use him again!

1 person found this helpful, do you? Yes

Comments
Loan Market Official

Hello Mrsk88,

We are very happy that Daniel has helped you on two occasions now. We are glad to know that our services are helping you build your property portfolio.

Thanks,
Michael at Loan Market

Cessnock

  • 1 review
  • 1 helpful vote
Private message

Excellent

5 out of 5, reviewed on Apr 14, 2016

Di & team go out of their way to accomplish all that their clients require with a minimum of stress

1 person found this helpful, do you? Yes

Comments
Loan Market Official

Hi Shane,

We are glad Di and the Loan Market team were able to help you and you had a stress free experience using Loan Market.

Thanks,
Michael from Loan Market

  • 1 review
  • 1 helpful vote
Private message

All hail the king of mortgage brokers

4 out of 5, reviewed on Apr 12, 2016

We were pleased about the way nick conducts things and always ready to explain in laymen's terms any pitfalls we might have missed and the ability to distress the situation as needed, was a big thing for us, we just felt that nicks personal touch every step of the way was refreshing. We had a less than acceptable experience prior to nick and are well pleased with nick, thank you nick.. when you deal with peoples dreams and aspirations, a degree of sensitivity is a must, nick didn't let us down. Cheers and thank you.

1 person found this helpful, do you? Yes

Comments
Loan Market Official

Hi Woz,

We are very happy that your experience using Loan Market was stress free and you are happy with Nick's services.

Thanks,
Michael from Loan Market

  • 1 review
  • 1 helpful vote
Private message

Excellent service

5 out of 5, reviewed on Mar 30, 2016

I had the pleasure of using John Fenn (Gold Coast) from loan market and the whole process was ten out of ten.
John has tons of broker experience and his advise was excellent. I highly recommend you use John for all your finance needs.

1 person found this helpful, do you? Yes

Comments
Loan Market Official

Hi Simon,

Thanks for your feedback on John Fenn. We're glad you were happy with the excellent service he provided.

Thanks,
Steph from Loan Market

Queensland

  • 2 reviews
  • 2 helpful votes
Private message

Pathetic

1 out of 5, reviewed on Aug 25, 2014

OMG where do I start......service is bad, no communication, lost documents.
I cannot believe these people, they just do not have a clue on how to communicate.
One month later & we still no nothing about who is the lender, interest rate etc.
I will never recommend these people to any of my business partners, even our own banks are more on the ball than these people.
[name removed] & your sidekicks -Townsville Office, you may be able to talk the talk but when it comes down to actually making things happen, it doesn't.

1 person found this helpful, do you? Yes

Comments
Loan Market Official

Hi there, We're really sorry to hear about the experience you've had with one of our brokers. We'd love to get some more information from you so we can get to the bottom of this. Please email the... read more »

  • 2 reviews
  • 2 comments
  • 1 answer
  • 2 helpful votes
Private message

Tom

5 out of 5, reviewed on Oct 24, 2013

I would recommend our mortgage broker r.s. (finacial advisor) to anyone hoping to buy or invest. My partner and I used Loan Market's services around the same time our friends were dealling directly with a Bank, the main difference being the amount of paperwork our friends had to deal with.
Our experience was relativly simply just a couple of meetings to work out our needs, our broker went away did all the background work and came back with the 3 best deals and once we decided on the lender he liased with the bank, put together the mortgage docs and meet with us to sign them off.
It was good to have a third party (little vested interst) go through the mortgage docs with us as we felt we were getting all the info.
Broker also hooked us up with conveyancer which work out well.
The kicker was the effort our broker put into explaining the best ways to set up our loans/bank accounts, using credit cards, offset accounts, becoming gold member of our bank etc all those little secrets a bank would rather keep hidden, which will save us thousands in the coming years.
I would be confident in referring our broker to family and friend in the future.

1 person found this helpful, do you? Yes

Comments
Loan Market Official

Hi Tom, Great to hear that your Loan Market broker was able to take most of the leg work from you. Having a broker to take an impartial view of the hundreds of options out there really does help. H... read more »

Very professional and pain free process. Would use them again.

5 out of 5, reviewed on Oct 20, 2017

The Team ar Loan Market were very professional. A quick 30 day settlement. We would not hesitate and recommend them.

Was this review helpful? Yes

Comments
Loan Market Official

Hi Michael!

We're so glad to hear this was the case - thank you so much for sharing!

We wish you all the best with your new purchase and look forward to working with you again!

Loan Market team

Jacqui Hinchcliffe

5 out of 5, reviewed on Oct 18, 2017

Jacqui Hinchcliffe from loan market is the most professional hardworking knowledgable and delightful person that we could have ever asked for. She was able to get my family a home loan when others couldn't. She was very fast with her communication and spoke to us in a way that we completely understood, so there was no confusion throughout the whole loan process. I can't recommend her highly enough she was amazing. Thanks for everything Jacqui.
She is based on the gold coast qld.

Was this review helpful? Yes

Comments
Loan Market Official

Hi Timothy, We're so glad you had such a great experience with Jacqui! We love hearing these stories and are so glad you took the time to share it with us. We will be sure to pass this onto J... read more »

Excellent service

5 out of 5, reviewed on Oct 18, 2017

Doreen Lehmann took away our stresses as first home buyers as she was by our side the whole way through. She would respond to our questions straight away and would chase up all of our queries very promptly. We were very happy with her service and would recommend her to everyone! She has also helped us with speaking to a finance adviser who is also great, to help us get our life insurance and income protection in place. She provides many contacts for various things that are relevant for purchasing land or a home. We couldn't be happier!

Was this review helpful? Yes

Comments
Loan Market Official

Hi Susan, Thanks so much for taking the time to leave us a review - we're so glad that you had such a great experience with Doreen and her team! We'll be sure to pass that on to them. Thank y... read more »

1 of 26 pages


Questions & Answers

What is your rate for a personal loan?

Terry asked on Oct 04, 2017

Answer this

Hi Terry!

Thanks for reaching out to us! We work across a panel of over 35 different lenders, so the rates are varied depending on what you're looking for.
If you wanted to give us a call on 13 56 26, or leave your details for us at www.loanmarket.com.au/brokers, then one of our experienced brokers can get in contact with you and will be able to assist you from there!

Thanks and all the best,

Rhona
Loan Market Customer Care

hi, can you please recommend me a highly skilled broker based in your Perth (Osborne Park) office? I need to apply for a home loan ASAP. Thanks,

Sham asked on Aug 21, 2017

Answer this

Hi Sham,

Thanks for your enquiry.

We have some excellent brokers in WA and would be happy to put you in touch with one of them. If you'd like to call us one 13 56 26, one of our staff will be able to put you in contact with somebody straight away.

Thanks and all the best!

Rhona

Is this applicable in Malaysia as I came across this ad in my facebook with application form mentioned Malaysia. [email removed]

saseedharan asked on Aug 14, 2017

Answer this

Hi there,

i'm sorry, but unfortunately it's not clear as to what it is that you're referring to, but if you would like to email [email protected] then we will endeavour to answer your question there.

Thanks,

Rhona

See all 26 questions about Loan Market