Once signed on they didn't pass on the full rate cuts. However, they did pass it on for new customers, so as a loyal customer I am on a worse rate than new customers. The application process was also confusing and cumbersome, luckily I was not in any rush for the loan.
What you see is what you get. Straightforward, transparent.
Our loan has helped us feel in control of our mortgage and save money on our biggest investment. A very easy way to manage money and our home loan.
They have excellent service and great rates. They are 0.37% lower than my previous lender and they passed on the rate cut in full both times.
I recently refinanced my home loan with loans.com.au when I realised my interest rate had become really uncompetitive due to my old lender not passing through rate cuts and even increasing my rate by small bits here and there over the past couple of years. By moving to loans.com.au I was able to reduce my rate from well above 4% to just 3.64%, which adds up to a lot of dollars saved every year. The initial application with loans.com.au was all done online and was very easy. There was a little bit of hassle with sending in documents and arranging to be at home for the valuer to come inspect the property, but the time involved was well worth the savings! The staff have been great to deal with, both through the application and with day to day stuff. For instance the other day I made a mistake with a transfer from our home loan account to the wrong bank account and loans had picked it up and reversed it before I even got on the phone to them about it! Highly recommended.
It was great to be able to assess whether or not we were eligible for a loan online, without having anyone calling us to hassle us. The application process was all online and therefore painless, the rates are excellent. The loan is basic, with an offset account attached to a debit card, so we're not having to put up with all the 'bells and whistles' that we're not interested in.
We contacted loans.com.au to refinance a home loan. We are both in our 50's and from a previous conversation prior to putting in an application were told there would not be any descrimination on age. WRONG! BEWARE - when putting in an application and then speaking with a consultant make them do a preliminary approval BEFORE allowing them to do a credit check. We were hoodwinked and misled and they did the credit check before doing their homework first and advise us if they could help us. As it turns out they are descriminating on our age and would only lend for a 16 year term. Worse still we now have an inquiry on our file we did not want because they do not give a sh##. I am seriously thinking about going to COSL and the FBAA - this is a practice that needs to be stopped. Every borrower needs to know where they stand before credit checks are done and placed on credit files. What even got under our skin more the woman clearly did not care less. Just an "oh well" attitude. Our recommendation is find a good broker who actually cares and avoid this lender.
The most competitive rates in the market, they have a very efficient and simple offset facility. They do not have physical banks, they have an arrangement with other entities in the banking sector to meet physical bank requirements.
They trapped me by offering 3.98 six months ago and now I just received a letter that they increased the interest by 0.15 per cent justifying reserve bank advice for banks . But loans.com.au is not a bank. best thing is they still advertising same loan as me for 3.99 % but mine is 4.13% then when I asked about this , they said that is management decision and for some these do not apply but for some it does. Truthfully customer representative acknowledged management treat 2 different ways to its customers. Now I am searching for a different lender
I signed up with loans.com.au less 3 months ago with the rate of 3.99%. However I find out they have quietly increased the rate by 0.15% without any kind of notice tonight. I can only find this out through their online system. This is absolutely unacceptable and not the right way to do business. This is bait advertisement to hook customer up with low rate then raise the rate whenever they want. The worst part is they are still advertising 3.99% to hook up more customer and once you hook up they will raise the rate immediately. By reading other posts, their explanation might be due to tighter restriction by APRA, however loans.com.au is not a bank and does not require the higher capital reserves that have seen the big 4 banks push up rates. Otherwise they won't be selling the same loan at the same rate of 3.99%. They are obviously using this as excuse to rip off their existing customer. Please be wary of this when considering signing up with them. There are still plenty of banks offering rates below what they offer on the market and I am looking to switching my loan now.
Great rates, good add on benefits. Disorganised and slow admin. They forgot to tell us that stamp duty was not included in the loan at the last minute once committed. Panic to find 30K just before settlement!
This was a straight refinance of investment properties. There were some issues along the way (~3 months to settlement), but I could see much of the delay was caused by my prior lender. The interest rate was easily 1% less than what I was paying elsewhere which is remarkable. After 4 months with them it's smooth sailing and great rates so I'd highly recommend these folks. But if you have a complicated or time-urgent settlement then this may not work for you.
I was thrilled to receive such fantastic service from my loan manager Karen Lu & Angela. I had a very quick settlement and they managed to ensure the process kept moving forward with such short timeframes and kept me informed along the way. The settlement team delays made for a stressful last couple of days, however it was all completed in time.
On top up mortgages they will still want to have your house re valued - borrowed an extra 20,000 and took 4 weeks - drove me nuts. They should also offer a credit card.
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