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 »

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

  • 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 »

Great customer service contact by far!!

5 out of 5, reviewed on Nov 27, 2012

My husband and I have just settled our investment property 2 weeks ago and the entire process from our 1st contact with loan market to settlement was fantastic and I will definately use them again for my next property. Clear and frequent communication which made the process simple and hassle free. Financially we always new where we stood and never worried we'd be short come settlement date.

+ My broker always returned my call and replied to my query emails in a timely manner.

Was this review helpful? Yes

Comments
Loan Market Official

Congratulations on your settlement Ange and Lay! Thank you for your feedback and we look forward to assisting you with your next property purchase.

Kind regards,
The Loan Market team

Will definitly be using Loan Market again

5 out of 5, reviewed on Nov 27, 2012

My husband and I dealt with [Name removed] from the Sydney CBD office. She made everything so easy for us and the whole experience was quick and painless. She put us in a product that we have been very happy with so far, and should we wish to refinance or buy another property in the future we will certainly be going back to Loan Market. I couldn't reccomend them highly enough.

+ How simple it was

Was this review helpful? Yes

Comments
Loan Market Official

Thank you for your kind words and recommendation Kendall.

Kind regards,
The Loan Market team

Lismore, New South Wales

Private message

Great Support - Great Loans Great Service

5 out of 5, reviewed on Nov 27, 2012

I would like to thank [Name removed] and the Team from Loan Market for the excellant service and great advice over the past few months.

I had my home loan refinanced and a line of credit attached to that loan. [Name removed]'s service and attention to detail was faultless and got me a deal which has allowed me to buy an investment property without spending any more than I was paying prior to the refinance.

I am extremely happy with the service I received and the back up service I have received since.

I now have two loans organised by Loan market and I would recommend [Name removed] and the Loan Market Team to anyone looking to refinance or obtain a loan.

+ Supportive, informative and dilagent

Was this review helpful? Yes

Comments
Loan Market Official

Thank you for your feedback and recommendation. It is always great to hear about our customers experiences.

The Loan Market team

Great job!

5 out of 5, reviewed on Nov 27, 2012

I went through a broker named [Name removed] from the Sydney branch. He offered honest knowledgeable advice. No hiccups in getting my loan approved and purchased my first home with ease. It was the smoothest experience! Absolutely recommend loan market - [Name removed] in particular! In addition, he stays in contact with his customers offering regular newsletters and updates! My sister has also purchased a home through the same broker and shes now a happy home owner :)
Great job loan market!

+ Reliable, knowledgeable, genuine

Was this review helpful? Yes

Comments
Loan Market Official

Thank you so much for your kind feedback Dr Grey. Glad to hear you and your sister are happy home owners!

Efficient and stress free!

5 out of 5, reviewed on Nov 27, 2012

Loan market helped me with buying my first home. As soon as my offer was accepted from the vendors I contacted loan market and my broker Lee was onto it immediately. He did everything he could to get my finances approved way ahead of the time I was given. As a very busy full time worker I found this experience to be hassle free and have already recommended loan market to my family and friends. Fantastic job!

Was this review helpful? Yes

Comments
Loan Market Official

Thanks so much for your feedback and recommendations Linda.

All the best,
The Loan Market team

Excellent Service

5 out of 5, reviewed on Dec 21, 2012

[name removed]'s knowledge was amazing and expertise insightful. His office support were thorough and always on the ball with the transaction and kept us informed all the way. What a relief to have someone handle the whole transaction knowing that if any hurdles popped up, they would be dealt with and resolved. Thank you

+ Reliable, Handled entire process and expert in the field

- Some issues with going bank and forth with the bank but nothing which could have been avoided

Was this review helpful? Yes

Comments
Loan Market Official

Hi Michelle

Thank you for taking the time to provide feedback. We wish you a very Happy Christmas and New Year.

The Loan Market Team

Exceptional service from a true professional

5 out of 5, reviewed on Jan 16, 2013

[name removed] - Mortgage Broker from Loan Market
His professionalism and quality of service, genuine interest in his customers and very “non salesy salesmanship” are a pleasure and that’s coming from a professional sales person with 20 years of experience in financial services. I have referred him to friends, family and work associates. If you are looking for someone to help you get funding for you mortgage or need to re-finance, call [name removed] as you will be very lucky to have him help you.

+ Honest, helpful, understanding, direct, to the point, flexible and caring.

Was this review helpful? Yes

Comments
Loan Market Official

Hi Michael,

Thank you for your review of the service you received from a Loan Market broker. It's great to get feedback from our customers and appreciate you taking the time to post about your experience.

Kind regards,
The Loan Market team

The Perfect Help

5 out of 5, reviewed on Jan 29, 2013

I have had several dealings with Lee Banh and everytime the service he supplies is 5 Star. Fast efficient and quality advice.
I would recommend his company to anyone if you are looking for a home loan or simply refinancing, give them a ring. They will steer you in the right direction with the best service.

+ Hassle free and spot on information.

- Nothing at all.

Was this review helpful? Yes

Comments
Loan Market Official

Hi Steven,

Thank you for your recommendation of your Loan Market broker Lee Banh, it's great to hear he provided outstanding service to you.

From Sam in the Loan Market team

Excellent Customer Support and Product

5 out of 5, reviewed on Feb 15, 2013

Loan Market is the most professional, friendly and reliable broker I have worked with. The purchase of my first property nearly turned into a nightmare when I encountered issues with the first two brokers I chose; luckily, they helped me out and i managed to settle my property within 2 weeks!

Initially, I could not get good terms for my loans and the settlement date was due in two weeks. That was then I asked Loan Markets to help me out. It must have been really hard for him given the really short notice, and provided that the housing market was not too well in the area I purchased my property. So Loan Markets had to put in a lot of effort helping me dispute valuation. Eventually, they managed to help me take out the best rates and terms for loan based on my circumstance.

So thankful with all the help from Loan Markets. They save me so much time and money. It is definitely the most professional and reliable service I worked with!

+ Reliable, efficient, excellent customer service and professional

Was this review helpful? Yes

Comments
Loan Market Official

Hi Leon Great to hear the experience of purchasing your first home was made easier by using Loan Market broker. We strive to make the process of getting a home loan easier and this is particularly... read more »

Great Service!!

5 out of 5, reviewed on Feb 21, 2013

Service second to none. I have used [name removed] for both my personal home loan and my company finances, taking all the stress off my hands and finalising everything for me while saving me money what more can you ask. I have since recommended [name removed] to numerous clients and friends.

Was this review helpful? Yes

Comments
Loan Market Official

Hi Donna

Fantastic to hear about your experience with Loan Market and thank you for taking the time to leave your feedback.

The Loan Market team

Exceeded our expectations.

5 out of 5, reviewed on Feb 26, 2013

We recently used [Name removed] from LoanMarket to refinance our home loan. [Name removed]'s efforts from the first contact to settlement of the loan were outstanding. He promptly responded to all our questions and made the entire process stress free. He offered several worthwhile options and arranged a hassle free refinance that saved us money and time. We have since recommended his services to our friends and workmates.

Was this review helpful? Yes

Comments
Loan Market Official

Hi Joseph

Thank you for taking the time to share your feedback on your experience with your Loan Market broker [Name removed]. We love to hear about our customers experiences.

The Loan Market team

Loan Market Official

Appreciate your feedback Joe, Thanks!. Regards Phil Couch Senior Mortgage Broker ​M: 0421 054 434 P: +61 8 8292 8333 F: +61 8 8351 1026 E: phil.couch@loanmarket.com.au W: phil-couch.loanmarke... read more »

excellent customer service

5 out of 5, reviewed on Feb 28, 2013

we recently worked with [Name removed] from loan market to get my home loan and he done a very good job..
we have secured our homeloan. I and my wife very happy now thanks for the work he did for us
we really appreciated for the service also thanks to loan market

+ honesty,trust worthy,quick respond

- nothing

Was this review helpful? Yes

Comments
Loan Market Official

Hi Alper,
Thank you for your feedback on the service you received from our mortgage broker [Name removed]. Great to hear stories about our happy customers!
The Loan Market team

Outstanding service

5 out of 5, reviewed on Mar 04, 2013

Thank you for your prompt, professional and diligent service. Working with you and your team was straight forward and productive. Your experience and understanding of the market is obvious. Not only did you save us money, but time and stress as well. We will happily recommend your services friends, family and colleagues. professional

+ Professional, efficent and productive

Was this review helpful? Yes

Comments
Loan Market Official

Hi Heath and Alana,

Thank you for taking the time to give us feedback. It's wonderful to hear our mortgage broker [Name removed] could save you money, time and stress on your home loan!

The Loan Market team

Loan Market Official

Thank you Heath and Alana, Always a pleasure saving clients money!.. Regards Phil Couch Senior Mortgage Broker ​M: 0421 054 434 P: +61 8 8292 8333 F: +61 8 8351 1026 E: phil.couch@loanmarket.... read more »

Brisbane's best broker!

5 out of 5, reviewed on Mar 06, 2013

I have just secured my first home loan utilising [name removed]'s brokerage at Loan Market. I could not be more satisfied with [name removed]'s service. I had honestly never heard of Loan Market before but I would recommend [name removed] at Loan Market without hesitation. The whole process of applying for a loan is daunting and stressful but she really takes all the pain out of it. She just seemed to do her thing and voila! I now have a competitive mortgage and I didn't even need to speak to anyone from a bank! [name removed] was seriously accommodating with her time and she made a big effort to explain every step of the process to me which I really appreciated. When I am ready for a second mortgage for an investment property she is definitely who I am going to call.

Was this review helpful? Yes

Comments
Loan Market Official

Hi Analiese, Great to hear about your experience in securing your first home loan. Purchasing your first home can be such an exciting time if you have the right support and it's lovely to hear tha... read more »

Canberra

  • 2 reviews
Private message

Great Service

5 out of 5, reviewed on Mar 06, 2013

Very happy with [name removed] from Loan Market, would definatley recommend. He was always on time to all of our appointments, whenever he said that he would ring he did. My knowledge of loans wasnt too bad but my partners was terrible and he always put it in a very easy way fer her to understand. Overall I would rate [name removed]'s service a 10/10. Very happy.

+ His knowledge was fantastic, professionalism great.

- St George's service was very average.

Was this review helpful? Yes

Comments
Loan Market Official

Hi Alex

Great to hear about your experience with a Loan Market broker. We love receiving customer feedback and appreciate you taking the time to review us.

The Loan Market team

everything you need to know about taking out a home loan

5 out of 5, reviewed on Mar 07, 2013

Our Broker [Name removed] helped us every step of the way. any time of day he was there to answer any questions we had, we now feel confident to grow our wealth in a property portfolio, with the great advice our broker will continue to give over the many years to come

+ very personal and flexible service. honesty and integrity all the way

- nothing

Was this review helpful? Yes

Comments
Loan Market Official

Hi Bryan,

What great feedback! Thank you for taking the time to review your experience with your Loan Market mortgage broker [Name removed].

The Loan Market team

Helpful, professional and efficient. Wouldn't have got my Home Loan without their help.

5 out of 5, reviewed on Mar 09, 2013

I have been a client of Loan Market for approximatley 10 years now. I love their professionalism, helpfulness and efficiency. They were very prompt and I didn't have to wait long to find out my loan had been approved. Thanks for your help again, [Name removed]. I know I couldn't have done it without your help.

+ Professional, helpful and efficient

Was this review helpful? Yes

Comments
Loan Market Official

Hi Colleen,

Thank you for providing us with your feedback. It's great for us to hear about our customer's experiences, especially from someone who has worked with a Loan Market mortgage broker over many years.

The Loan Market team

1 of 27 pages


Questions & Answers

Is it possible that you can arrange a loan for us?

BarrieS asked on Dec 02, 2017

Answer this

Hi Barrie,

We will most definitely try to help get your sorted with a loan. I would recommend that you speak with one of our experienced brokers and they will be more than happy to provide you with assistance.

Please get in touch with us by either calling 13 LOAN (13 56 26), or simply put an enquiry in online at www.loanmarket.com.au and we'll find you a broker in your local area so that you can get started.

Thanks,
Bec

I have a home loan of $116,000.00. What can Mortgage do for me, both fixed & unfixed?

Mars asked on Nov 29, 2017

Answer this

Hi Mars,

Thank you for your question. In order to provide you with an answer I will need to put you through to one of our brokers. If you could please email me your full name, contact number and postcode one of our brokers will be in touch shortly and will be more than happy to help you. Please send the email through to customercare@loanmarket.com.au

Thanks,
Loan Market team

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

See all 28 questions about Loan Market