It was a smooth transition to refinance my SMSF home loan. They explained everything and customer service was helpful in the phone with queries.
I have taken out 8 home loans in my lifetime. Dealing with loans.com.au for my home loan was an incredibly painful experience. From the very beginning, their processes seemed to be stuck in the Stone Age. The amount of paperwork and red tape they put me through was beyond frustrating. It felt like every step of the application process was met with unnecessary obstacles and delays. I found myself constantly having to follow up and provide the same information repeatedly, which wasted valuable time and energy. Their lack of streamlined procedures only added to the mounting stress of purchasing a home. Moreover, the communication from their team was severely lacking. I often had to chase them for updates and information, and even then, their responses were vague and unhelpful. It was evident that they didn't prioritise effective communication with their clients.
We needed to re finance and our normal bank rejected us due to the area we were in, apparently ,blacklisted was the term. Loans.com were easy to approach, fast and great to deal with. Highly recommend.
You can get trapped with an old loan and pay a lot more than new customers they do not do internal refinancing, they are difficult to contact and at time of writing this my online account messaging system does not work and my account details have disappeared, have been on phone and every call has been a 30 min plus wait. Sorry there are no pros, just a headache and stress.
Impossible to contact / unless you are a new customer. Unable to contact them by phone after waiting for days after work trying to get through. Usually around thirty plus people waiting each afternoon . Never again will I get a loan through these muppets. Absolutely no customer service or care given . How can they possibly even get any repeat customers. Poor business model .
Good rates and service to get you signed up. After 6 months they start jacking their rates bit by bit. Within 18 months you are 1% above their new customer rates. A really shonky company to do business with. Their business model revolves around sucking in new customers with good deals and then completely ripping them off a year later. Avoid at all costs. If you do sign with them be prepared to leave as soon as they do the wrong by you and start charging you additional rate increases outside of RBA adjustments.
Went with them because of the competitive rates. However, there’s a lot of other costs including a home valuation fee of $425 for which we don’t even get a copy, and other application costs which totalled almost $1000. Instructions & documentation are confusing, documents & communications come via various platforms (email, app, SMS) and even within the loans.com.au site / browser, same and similar documents are filed in different places. I have to print out my own documents. They ask for documents that they don’t actually need and when we enquire, one of their them members answered with attitude as if we were supposed to know our conveyancer would be submitting it through PEXA. IPad app does not display in landscape format
I never come across this sort of lending provider who is very much irresponsible. I bought the property in Auction and requested 60 days settlement. During this period I was required to change my company details on the contract and I checked multiple times with loans.com.au to ensure it will not affect my borrowing capacity and every time i rang they confirm "YES" not an issue at all. After a few days, they came back saying we can lend 30k less from the agreed amount. I thought ok. then after a few days, they came back to me asking for my wife's and 2021 Financials. I pushed my accountant to get that across to the line. The amount of time they took to confirm was ridiculous. I was approaching close to the settlement date and required to obtain an extension on top of 60 days. After providing the requested financials they requested my personal 2021 financials and other company's financials. Again pushed my accountant to get that across to the line. Now I was only 7 days from the new settlement date. Finally, confirm to lend me money as I required (80%) then received loan agreement and it was with an incorrect property address. I believe this loans.com.au is JOKE. I never come across this kind of organisation before and running a lending business. Strongly suggest if you apply with loans.com.au ensure you have your backup plan. These guys are not organised at all.
Lost paperwork, miscommunication internally and poor customer communication made loans.com.au a nightmare to deal with. Their website loan calculator is amateur which should have tipped us off. Details on required information was confusing or inadequate, and we had to constantly prompt them to ensure the application was on track. Regular issues despite person we interacted with. Competitive rate makes us hope short term pain is offset by long term gain.
- treats new customers well. journey is different once you become a customer - get punished for being a loyal customers - you will get very quick response if you are to become a new customer -they don't have discharge certificate online -getting discharge certificate is pain. they will purposefully delay or won't respond be careful
Initial phone call was great, but unfortunately that's where it stopped. They said we only needed a few things for the loan, but in the end had to provide over 20 items to secure the loan. They highlight their OnTrack app, but it straight out didn't work on my android and the bride couldn't even get a log in. This meant everything had to be done with my log in. Their customer service guy we spoke to didn't even know there was an App for OnTrack - he only knew about the app once the loan settled. The OnTrack app had terrible reviews but their tech team didn't know about these. There are so many more examples but not enough space to write about them. All this led to us needing to close this by moving away and even then they proved how poor they were. It's our loan but they wouldn't tell us what the settlement amount was!! I can honestly say we will never consider this lender again.
Extremely difficult to deal with. Made us jump through hoops to secure a minimum loan, does not follow through with customers or service. Poor communication, and cannot recommend enough for loans.
Very quick online process. Efficient and helpful when communicating with them. Once loan set up, the app is easy to use. Very competitive rates.
No Care, no responsibility approach. I refinanced three investment properties. The web based portal never worked until after settlement for two properties. There is still $1,200 in loans.com fees which I am in dispute over(apparently a settlement fee which is not advertised and verbally told at the start would only be applicable for one property being three properties will settle at once); the person who is collecting information would not listen and often provided incorrect information and requests (which was sorted out by the representative after more telephone calls, but delayed settlment) I submitted a review and it has still not appeared on the website (its been 3 days so far - how many poor reviews exist for them?) The interest rates promoted on the web are lower than what I am paying now (for a variable interest only loan). In summary, Don't chase the lowest rate with these guys; you will be disappointed with the service. And yes, they don't reward existing customers by passing on lower rates.
From start to finish, it has been a nightmare. I refinanced three investment properties and I needed to constantly keep an eye on what was going on - the web based portal never worked until after settlement for two properties, so there was always a string of phone calls which you need to book a time to touch base with your representative; there is still $1,200 in fees which I am in dispute over - no-one has got back to me (apparently a settlement fee which is not advertised and verbally told at the start would only be applicable for one property being three properties will settle at once); the person who is collecting information would not listen and often provided incorrect information and requests (which was sorted out by the representative after more telephone calls, but delayed settlment); I submitted a review and it has still not appeared on the website (its been 3 days so far - how many poor reviews exist for them?) The interest rates promoted on the web are lower than what I am paying now (for a variable interest only loan). In summary, you pay for what you get - don't chase the lowest rate with these guys; you will be disappointed with the service. And yes, they don't reward existing customers by passing on lower rates.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
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