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
Excessive early repayment fees and $400 establishment fee. Early repayment fee just went up to $700 in the first and second year and $500 in subsequent years. Means you're paying $700 early repayment in the first 2 years of a 3 year loan! Shop around. There's better deals out there. I'll never use them again.
I was told after wasting a fair amount of time completing an online application and liaising with a customer service representative that I was ineligible for a car loan because I’d qualified for JobKeeper. Even though my business had recovered strongly after an initial dip at the beginning of the pandemic. If lenders are going to apply blanket rules such as these, they need to be stated up front. As a self employed small business person, I don’t have this kind of time to waste.
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