Verified Customer

No Service at all

1 out of 5, reviewed on Jul 10, 2018

Online form takes hours to fill up. Then i got a call from [name removed] who just contact me for more documents. after uploading these person never call me again. Time to time i got marketing email from [name removed] which is too annoying. They doesn't offer anything other than they have some comparisons engine which shows some banks rate. Don't use them. These company takes most of the confidential info about you while you fill their online form, while use them for marketing purposes.

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Loan Market Official

Hi Rhine, We are sorry to hear that you had a poor experience. This is unacceptable, your assigned broker should have followed up immediately after receiving your documents. Please can you ... read more »

Absolute Crooks

1 out of 5, reviewed on Jun 24, 2018

Currently taking loan market to court due to incorrect advice regarding interest rates we have been made to pay over $10,000 to ANZ. Loan market offered to pay some of this cost but not all. They gave us a longer loan than what we needed, told us to lie about our credit cards and so many other immoral things. I do not recommend Loan Market and urge anyone looking at different brokers to please exclude them from your choices as they only have one goal; to get more commission for themselves. They take weeks and weeks to respond to call and emails and all in all have been an absolute nightmare to deal with. I was 6 months pregnant when we used Loan Market and the entire rest of my pregnancy was filled with added stress as a direct result of their poor service and lack of service. Terrible.

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  • 22 reviews
  • 6 answers
  • 45 helpful votes
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Verified Customer

Spent 30mins online filling my details then still not enough

1 out of 5, reviewed on Jun 05, 2018

Meh, read the reviews here and decided to give them a go. Spent 30mins inputting all my figures into their online portal only to be sent a TXT 2 days later from their advisor stating he needed to speak with me instead and that due to technical issues required more information. Only wanted a ball park figure and wasn't able to give me that. "figures and info inputted in the system is not reflected correctly due to technicalities" Whatever move on to another one. Sick of these click bait online product amalgamaters.

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Loan Market Official

Hi Rapapa, Thank you for getting in touch with us. We appreciate you taking the time to create a profile on our website and apologise for the delay in putting you in touch with a broker. Our broke... read more »

  • 2 reviews
  • 2 comments
  • 3 helpful votes
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Verified Customer

No ownership and accountability

1 out of 5, reviewed on Apr 19, 2018

I got my first home loan back in 2014 through a Loan Market broker and than in 2016 again for an investment property and refinance. Combined it made a sizeable portfolio. To begin proceedings for the second loan I had requested for a face to face with the broker. This requested meeting never happened. I was happy to proceed as I needed this sorted quickly (this was in November 2017). My application was lodged with the bank only in January and there was no proactive feedback.

Every time I requested for call back I will receive an SMS. I appreciate things go wrong and I would have been fine if I was kept informed, my calls returned and promise of 2 week turnaround met.

I suffered significant financial loss due to the incompetency of the broker involved.

I sent an email feedback to the concerned bank, the broker and her manager. Never heard back from Loan Market management. I also tried to make a complaint over the phone but it seems that's just a front for sales and do not care about customer service.

After this I reached out to a big 4 bank and the service I got was much better than the broker. The only difference I had to complete the loan application myself. I now have a better rate at my terms with a $3k cash back. The settlement got done today and I have given my feedback to Loan Market by moving away.

Based on my experience I do not see using a broker is of any benefit and strongly recommend new loan buyers to work directly with a bank lender.

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Loan Market Official

Hi Nakellyville, We're sorry to hear about your experience, we take all complaints very seriously here at Loan Market and will do all that we can to help correct the issue. Please can you send y... read more »

I have sent you an email as requested

So it has now been 6 weeks since I sent you the email with all details and still no response from you?? Exactly what I want everyone to be aware of when dealing with brokerage firms. Customer service is the last of your concerns...

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Terrible Services provide by Loan Market

1 out of 5, reviewed on Mar 29, 2018

Tiarne was the worst broker I very deal with. Always saying she is busy and unable to pick up my calls. Feel like the application was not a priority for her. The only way to find out an update about your application is to contact her directly if she answer the phone. At the end, the application got declined and never came me a solution to overcome it. Would not recommend to friends or family.

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Loan Market Official

Hi John, We're sorry to hear about your experience, we take all complaints very seriously here at Loan Market and will do all that we can to help correct the issue. Please can you send your full... read more »

Canberra

  • 2 reviews
  • 1 helpful vote
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Poor service, never got back to me

1 out of 5, reviewed on Feb 23, 2018

The mortgage broker gave me a call, we talked through my circumstances and then I was asked to fill in a few forms and send them back his way. I made a trip to get the relevant details so I could have them filled out in a good timeframe. Submitted the documents only for the mortgage broker to ignore my correspondence.

Sent numerous emails, left a voice message. Nothing.

Would not recommend wasting your time.

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Loan Market Official

Hi Jacob, Firstly, I'd like to apologise for the level of service that you received, this is unacceptable. We take all complaints very seriously and I will be raising this today. Please can ... read more »

Do NOT go here

1 out of 5, reviewed on Nov 06, 2017

We went here to get a loan sorted for a second property, Basically we lost the house as the day before the loan was to go conditional we were asked for information that should have been asked for at the start of the 3 weeks, from offer. Then on getting an extension, Loan Market dropped us and told us they had handed it to the bank...the bank knew nothing about it. Absolutely disgusted i would not recommend going here.

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Loan Market Official

Hi Hannah, We're sorry to hear about your experience, we take all complaints very seriously here at Loan Market and will do all that we can to help correct the issue. Please can you send your f... read more »

  • 2 reviews
  • 2 comments
  • 5 helpful votes
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One star as I got the house

1 out of 5, reviewed on Oct 30, 2017

I was really happy with service at the first meeting however went really down hill after that.

End up having to chase broker to sign house doc's, ended up having to meet at ikea to sign off the home loan. Doc came in as broker was on holiday however had to wait until she returned to sign them. Finally once it was all sorted Settlement date was missed due to FGOG not being approved. No call of explanations or apology from broker.

Was recommend loan market though a friend however didn't feel they took the stress away at all. If it your first home don't be afraid to just to seat down with the banks yourself.

wasnt going to write a review, however today I found out that i missed out on a grant, the email reply I got was loan market would of sent you an email. The only email I got was to review them so this is my review.

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Loan Market Official

HI Noala, We are sorry to hear about your experience with your broker. Please send us through in a private message your name and number, and the name of the broker you were working with, so tha... read more »

Hi, do have an email address? Can see where On the site you send private messages?

Loan Market Official

Hi Noala,

Please send the details through to customercare@loanmarket.com.au

Thank you,
Loan Market team

Biggest Scammers & crap Talkers

1 out of 5, reviewed on Sep 11, 2017

There Brokers promise you everything and nothing eventuates. They have screwed 2 of my investment property sales. These guys need there licence revoked.

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Loan Market Official

Hi Nick, We're so sorry to hear about your experience with our brokers. We take this feedback very seriously and would appreciate the opportunity to better our processes if possible. Are you abl... read more »

Unprofessional and unhelpful service

1 out of 5, reviewed on Jun 24, 2017

I got an investment property in the south-eastern suburbs and Gary their agent was very unhelpful. In the initial stages, he was very prompt in responding to messages. Once we paid the fixed rate lock-in fees things he stopped responding to calls and messages. We heard from the agent only after multiple follow-ups. We started the entire process two and half months prior to settlement and inspite of having all our finances and documentation correct, we didn't hear from the agent 2 weeks prior to settlement whether the loan is approved or not. My bank wasn't willing to discuss with me regarding my loan until settlement. As I went through an agent most of the banks communicate via the agent until settlement. Be very cautious of this as it will leave us hanging in limbo.We had no choice but to go via Gary. We received the loan document 3 days before settlement.I and my husband ended up taking two days off work to go to the city to hand over the loan documents. Throughout this stage, we never heard back from Gary. Its been 2 weeks since settlement and Gary hasn't even contacted us to make sure everything went well.For my previous investment property, I used a different company they were very professional. Please stay away from loan market and their agents, especially Gary. Never recommend their service or their agent. Very dissatisfied customer service.

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Loan Market Official

Hi Arya, We're so sorry to hear about your experience with this broker - we'll be sure to raise this with the Victorian state team. We appreciate you letting us know about this situation as w... read more »

  • 2 reviews
  • 2 helpful votes
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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.

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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 »

  • 8 reviews
  • 2 comments
  • 2 answers
  • 15 helpful votes
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not a fan

1 out of 5, reviewed on May 29, 2017

Everything is so slow with them. they never get back to you with messages. i had the worst service when i tried to get money out that shouldn't have gone In. it took 4 days to get I to theirs and another 4 days to get back into mine. 8 days for money that should not have been there. not happy. I have been trying to sign In all day but the site is Down. it's the worst, will be moving lenders asap.

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Loan Market Official

Hi Michelle, Thanks so much for your review, I'm sorry you're having issues with your lender. I would encourage you to provide feedback to them so they can better their processes. How did ev... read more »

Sydney

  • 1 review
  • 1 comment
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Over-promise and Under-deliver (only if they deliver)

1 out of 5, reviewed on May 17, 2017

Top notch service is when people set the expectations right from day-1 and delivery that, our expectations were set to very high standards but what we received so far is close to nothing (frustration might be the right word).

I and my partner got in touch with loan market after reading excellent reviews about them on productreview. The broker assigned to us first contacted me in less than an hour after we provided our details online. In the next hour we received an email from her secretary asking for the documents to start with the application, all good so far. We met our broker on the 4th day from the first contact, meeting with her went really good, based on initial assessment of our documents she discussed with us our borrowing capacity and informed that being a platinum broker for 1 of the TIER-1 banks she can easily get a pre-approval in 4 hours. It’s been more than 3 weeks since we first contacted loan market and till not we are answering their/banks queries on the documentation we provided (ideally all these queries should have come from the broker on day-1 of us providing them with the documentation). In one of the recent mail exchanges we were told that based on the risk assessment conducted the bank is not happy to lend us loan exceeding a certain amount (which was 600k lesser than what she told us initially – not acceptable). I called the broker and informed that if that is the case we are not interested in proceeding with our application any further (the pre-approval we received while dealing directly with another bank was for significantly higher amount, the only reason we wanted Loan Market's support was to get better rates and options on LMI capitalization), but was assured on the call that she would get pre approvals done on the max amount possible. I agreed and asked her to proceed with the application, it’s been 2 days already and we still are waiting for their response. Top notch service is where the broker keeps you informed on each stage of your application, not where the customer gives them a call/mail and ask for an update and yet receive no response. After wasting so much of time (trust me we got the pre-approval while dealing directly with another bank in less than 3 days), we don’t know if we should wait for their response or approach another broker or deal with the banks directly.

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Comments
Loan Market Official

Hi VM24, We're sorry to hear that you had a bad experience with your original broker. We pride ourselves on providing excellent customer service, and we'll be sure to raise this with the state t... read more »

Your another broker (after our preliminary discussion) is yet to get back to me for the last 2 weeks.

nothing but useless!!

1 out of 5, reviewed on May 12, 2017

Newcastle permanent would have to be the most pathetic bank out of them all! hold my money that I've earned to earn interest on it, will definitely be changing banks asap & I recommend anyone who is with this bank do the same thing!

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Loan Market Official

Hi Alex,

We're sorry to hear you had a challenging experience with this lender. How did you find your Loan Market broker?

Loan Market Team

Victoria

  • 2 reviews
  • 4 answers
  • 1 helpful vote
Private message

Too slow

1 out of 5, reviewed on May 03, 2017

Submitted our complete paperwork to the broker on 15 April, application for loan hasn't been lodged til now-- 2 May. Taking forever and doesn't give any update about what's happening. Planning to get someone else to do our loan application now.

July 12th 2017 Update: Not even deserving of 1 star

Signed up with Loan Market thinking they could help us with our complicated scenario but instead of helping, the broker made our already bad situation to worse. It was such a waste of time and totally bad decision to even consider you. Brokers are supposed to assess your situation and find a suitable lender, took him a month to assess our situation. Took him another two weeks to send our application and ended up declined. So what happened to his month long assessment? He knew our situation from the beginning. We provided him with all the paperwork he needed. I'm more than happy for him not to push through with our application if he thinks it won't get approved instead of hurting our credit rating more. After we got declined, we did not hear anything from him. It goes to show that they don't really care. I wonder where all these good feedbacks are coming from? Are they paid? Tsss.

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Loan Market Official

Hi Aivee, We're so sorry to hear that you had a bad experience with one of our broker team. Are you able to send us through in a private message your name and number, and the name of the bro... read more »

Verified Customer

No contact

1 out of 5, reviewed on Apr 22, 2017

I've been waiting for a call from [name removed] for a week now. No contact from him yet, which I'm actually glad because I managed to find a very good broker in the meantime that cares about his customers.

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Loan Market Official

Hi there, We're so sorry to hear that you had a bad experience with one of our broker team. Are you able to send us through in a private message your name and number, and the name of the bro... read more »

Melbourne

  • 1 review
  • 1 helpful vote
Private message

Verified Customer

No communication at critical time.

1 out of 5, reviewed on Mar 08, 2017

My personal experience with Loan Market has been terrible . Missed out on property and finance got rejected by bank but I can understand that as lending standards are comparatively tough as compared to last year. What I don't understand is terrible follow up from my broker in Wantrina, Victoria. Called multiple times to see what's going on with application but no call back and no reply to sms from broker for four days.
Gap of 150K in broker's calculation of my affordability and lenders calculation of my affordability is also unacceptable

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Comments
Loan Market Official

Hi Yogi, We're so sorry to hear this was your experience. We take our customer's feedback very seriously and would appreciate the opportunity to talk to you. Would you be able to please priva... read more »

Melbourne

  • 5 reviews
  • 1 comment
  • 9 helpful votes
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Definitely not as advertised! Be wary..

1 out of 5, reviewed on Apr 05, 2016

I went through loanmarket.com.au rep in Mill Park to CBA and found the bank the worst in terms of customer service. I have never had such an experience with a bank before.

The broker promised me that the turnaround times were no more than 7 business days and 11 days later, I was still being given the run around.

I then requested a withdrawal on 23 March 2016 and the broker stated he requested the bank to withdraw my application & that too is now around 11 days old but no confirmation on withdrawal of my application.

This is the most disgusting service I have every had from any financial institution.

Please reconsider approaching CBA bank for any service. They are definitely on my banned banks list. No more services with CBA for sure.

Be wary of loanmarket.com.au. I have written a similar review on the CBA product review page for consistency as they are both (in my books) the worst financial institutions I have dealt with till date.

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Loan Market Official

Hi Anto, We're sorry to hear about the experience you've had with one of our Loan Market brokers. We'd like to get some more information so we can ensure that this doesn't happen again. Please ... read more »

I have sent you the info as per request

  • 2 reviews
  • 1 helpful vote
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Don't use if your planning on getting a second opinion.

1 out of 5, reviewed on Mar 22, 2016

Don't use [name removed] on Gerorge st if your planning on getting a second opinion.

Had been dealing with [name removed] for a week and after he found out i was seeking a second broker's advice to see what they could offer the tone of the call changed & he got very uncomfortable and proceeded to cancel our dealings.

Now i'm sure they are great at what they do and i don't know the exact etiquette of dealing with brokers in terms of exclusivity but as i said this is a big purchase in ones life and of course you are wanting to get a second or even third opinion before signing your life away to a 30 year mortgage.

James

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Loan Market Official

Hi James, We're sorry to hear about the experience you've had with one of our Loan Market brokers. We'd like to get some more information so we can ensure that this doesn't happen again. Please e... read more »

Nightmare experience!! Do not recommend

1 out of 5, reviewed on Feb 23, 2016

We went to Loan Market to obtain a pre-approval as we were looking at purchasing a second property. After looking at a property, the Real Estate agent set us up with Loan Market in Cheltenham, VIC. Initially I received a phone call from one of their supposedly top Broker, who said for me to come in for a meeting first thing on a Saturday morning. Once I got there, he informed me the reception staff had double booked his appointments, and that he could not meet with me as he had the meeting with another couple, which was unusual, as he had actually booked my appointment in himself. He gave me a few forms to fill out, and then immediately left to deal with the other clients. He came back after a couple of minutes, wrote down a few numbers and informed me we could borrow a certain figure. This initial meeting with this Broker lasted no longer than 5-10minutes. After I filled out the un-explained forms and sent them back to the Broker via email, we were then handballed off to another Broker working from the same site, and I was notified of this by email.

After receiving an email from the second Broker, who informed me that she was now taking over our pre-approval. I then never heard from the original Broker again. The second Broker then informed me that we could borrow up to a certain amount that was $50,000 less than what the first Broker had discussed with me in our initial brief meeting.
I was then sent all these loan structures, which would be created and what I understood to be activated when we purchased our second property. All this was very new to us, and from what I understood is that nothing would be changed or activated until we actually purchased a second property. I continued to make it clear in emails saying ‘what if we don’t purchase another property, as we don’t think the amount we can borrow is enough for what we want at this stage’; she said things would be easily closed. I then seen new loans arise in our accounts, and I continued to question these, explaining that we might not be purchasing anything yet as we just want a pre-approval in case we find what we are after. She said that the bank wanted to proceed with settlement before purchasing a property (which seemed odd to us, however, as one does, they go to a Broker for advice on loans!).

After being continually rushed into signing documents, whereby I would receive calls on a daily basis asking how we were going with signing the documents, we then ended up with our originally home loan closed and two other loan opened before even purchasing another property!!!
This meant that our available redraw from our original home loan was no longer available and other loans open, including an investment loan, when we had not even purchased anything yet.
I asked her if this could be fixed, and she said no, and recommended we would have to wait 6 months while paying an interest only loan at a higher rate. At this stage, I chose no longer to deal with this Broker as I could no longer deal with the misleading information and was so upset with the situation we were now in.
We then incurred a few hundred dollars interest on the investment loan which was at a higher rate than a normal home loan while we had a the painstaking task of trying to fix this nightmare!!

Throughout the process we felt extremely pushed and rushed to get everything signed and sent back to the Broker, as I would received daily emails and phone calls from her asking for the documents to be sent.
Being the first time we were actually looking down the path of buying a second property, we feel like we were misled and continuously rushed into signing documents. All we were after was a pre-approval in case we found a property and so we could go into the market knowing what we could buy!
This has been extremely stressful for us, and an unfortunate lesson for us to learn the hard way.
If you are new to this, I recommend staying away from Loan Market!

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Loan Market Official

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

1 of 33 pages


Questions & Answers

We want to buy our first home. Can you recommend a god broker from your company? Thanks!

Rea asked on Aug 01, 2018

Answer this

Jason Cuerel is a fantastic broker - couldn’t have been happier with his service.

Hi Rea,

We are more than happy to help, if you can just email us your full name, postcode and best contact number to 'customercare@loanmarket,com.au' and we'll put you in touch with the best broker in your area.

Look forward to hearing from you!
Loan Market Customer Care.

Jason Cuerel is a fantastic broker. I can definitely recommend him :)

I need a loan to build a house with 800k, I am self employed on 5 year contract with Aust Post. My current debt on mortgage is 400k empty block of land. My current taxable income is 60k self & 60k wife. My current house is with 950k equity and $ 5k credit card. Looking to finance interest only loan for 3- 5 year term.Can you help?

Ron asked on May 15, 2018

Answer this

Hi Ron,

Thank you for getting in touch - one of our mortgage brokers will be more than happy to help you!

Please send your postcode and phone number to customercare@loanmarket.com.au and I'll put you in touch with someone.

Thanks,
Loan Market team

3136 - 0413 952 777

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

See all 30 questions about Loan Market