Loans.com.au will be offering a $30 Wish voucher to their customers to encourage them to write a positive or a negative review. It is possible that reviews were written by customers who received such a reward.
Like big banks, sucks you in and keeps rates high
Joined 4 years ago. Rates kept on creeping up against benchmark. Recently tried to call to discuss rate change. After 12 days and 4 calls and two firm complaints to staff still zero response. I wanted to give them a chance to reduce the rates - which are now higher than the rates advertised by the big 4 - so that neither of us have to waste time changing. As one can expect, once you are a customer, you are treated poorly, and the rates will keep increasing to above the big 4.
1 comment
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JoshSydney, NSW
- 2 reviews
Best experience ever
This has been the best experience I have ever had in obtaining a loan / any form of finance. I called countless times, asked thousands of questions and it was never too much hassle for Marisa. This is the most transparent company I’ve deal the with; always upfront about their processes, policies and willing to help where needed. Marisa was fantastic in addressing my concerns, walking me through the process and keeping me updated. I have become loans.com.au #1 advocate and have already recommended them to my friends and family. I will not hesitate to use them again. Oh, and they have good rates to!
2 comments
Hayley G.Loans.com.au
Hi Josh, thanks so much for taking the time to share your great feedback, and for the 5 stars for customer service, application, transparency and timeliness! We are so glad to hear you found the car l... Read more
oan application process smooth and that Marisa was able to answer all your questions. We will be sure to pass this on to her and the car loans team!I forgot to mention, it was so amazing to see my loan approved from start to finish in just 4 hours! Well done team.. Keep it up!
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Brad BSydney, NSW
Loans.com.au are scammers - beware..
loans.com.au are notorious for gauging their existing customers. They suck in customers with a competitive ‘bait price‘ and then after 6 months will try every trick in the book to screw their exisiting customers for more money. In recent years this has been by achieved by either not passing on rate cuts or gauging their customers with rates hikes due to “increases in wholesale lending”. It’s funny that they don’t decrease home loan rates when wholesale lending costs come down like they did in 2022.
All customers with loans.com.au end up paying much much higher rates than the industry average. This is a terrible company with a disgraceful business model and I urge you to avoid this company at all costs.
2 comments
Hayley G.Loans.com.au
Hi Brad, thanks for taking the time to leave your feedback. We appreciate it and are sorry you feel this way.
We're always looking for feedback on ways we can improve our service. If there's anythi... Read more
ng we could do to improve outside of reducing rates as you mentioned above, please contact us at [email protected] with any further questions or feedback you have.Thanks Hayley, I suggest you change your business model and stop ripping off new customers with rate increases after they sign up. This is disingenuous and dishonest. Loans.com.au should eliminate t... Read more
heir break fees when they rip off their customers. I strongly urge people to avoid be loans.com.au. There are plenty of plenty of better lenders out there. I moved to Reduce home loans and I am saving a staggering $120 per week in interest repayments on my $660k loan. That’s over $6k per year savings compared to staying with loans.com.au. My only regret is that I didn’t leave loans.com.au sooner. Nevertheless I also managed to encourage two of my friends to leave loans.com.au and they couldn’t be happier.Similar opinion? Write a review on ieatwords.com.au!
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- Home Loans
- Verified customer
Slow, dubious and inefficient
Their rates are generally competitive but don't be fooled into thinking the application steps are as easy as 1, 2, 3 as claimed. First, loans.com.au made a bit of a mess of our settlement although the other bank had a part to play. But we move on as banks are a necessary evil unfortunately.
Just last month, we had to terminate a fixed term home loan of $880,000 and the breakout fees were about $600 odd dollars. And because the current pandemic situation is now forcing us to convert the other fixed home loan of $215,000 to a variable one in ord...Read more
er to save, we contacted them. But lo and behold we have been told that the breakout fees for an amount which is less than a quarter of $880,000 is closer to $600. When we made queries of the same loan 6 months ago the breakout fee was about $200. Now there's 6 months left to the end of the term of this loan. Also, the cost to terminate a fixed loan just last month that was more than four times greater than $215000 was $600 odd dollars. So, it just doesn't make any mathematical sense based on the factors that they say may be used to compute this fee. Why should the breakout fee be almost the same for an amount which is much much smaller? When contacted they could only offer a general explanation that does not convince and the numbers just don't add up. Until I get a convincing explanation, I can't help but think this lender is taking the opportunity to exploit the current situation. And yes, the roll over standard variable rate of 3.22% for current customers when new customers get about 2.8% for the same loan is also highly questionable and looks exploitative too. So loans.com.au, now is the time for you to build customer loyalty, not give them reasons to walk away with a vengeance. I would not wish to walk away from a promising relationship but if loyalty is not reciprocated, especially in this difficult time, then I have little choice.1 comment
Hayley G.Loans.com.au
Hi Akshir. Thank you for taking the time to give your honest feedback, we appreciate it. I have escalated this matter to Customer Relations. If you could please send through your full name and suburb ... Read more
to [email protected], we will look in to your specific situation and see what we can do to help in the case of your fees.Similar opinion? Write a review on ieatwords.com.au!
KeeffePerth, WA
- 3 reviews
Easy loan but poor after hours customer service
Great company for getting a loan. Pre-approval given within 24 hrs all online with a short phone call.
A few back and forward with submitting documents which was a bit annoying and no notification when they required further documents.
The day time staff are fabulous .... after hours staff are rude and just horrible to deal with! No point of having an after hours service really!
1 comment
Hayley G.Loans.com.au
Hi Keeffe, thanks so much for taking the time to leave a review for your experience with our Car Loan team. Thanks for the 4-stars! We are glad to hear you had a good experience, and will pass on the ... Read more
feedback regarding document submission and the after hours service.Similar opinion? Write a review on ieatwords.com.au!
Doesn't look after existing customer
First it attracts you with low interest rate and after becoming customer,loan.com.au treat us like we are nothing. I call them everytime when reserve bank cut interest rate but Everytime I here I am getting best interest rate blah..blah..blah . I am normal person and do not understand other than interest rate. My intreset rate is 3.22 variable now and my friend who went with other bank same time when both bank have same interest rate, her interest rate is 2.69 variable only. What a shame..
1 comment
Hayley G.Loans.com.au
Hi there. We're sorry to hear this. If you need some help understanding the interest rate or your product, please feel free to get in touch with us via [email protected]. If you send us your f... Read more
ull name and suburb, we will look in to your specific situation and do what we can to help.Similar opinion? Write a review on ieatwords.com.au!
TassSydney, NSW
- 2 reviews
Existing customers don't benefit from advertised rates
I have on many occasions asked that my rate be reviewed to reflect the rate of new customers. Been told no each time as the source of their loans is different for new customers and if unhappy I should just go elsewhere
2 comments
Hayley G.Loans.com.au
Hi Tass. We appreciate you taking the time to leave your honest review. If you have any further feedback please contact [email protected] and we will see how we can help.
Will I be wasting my time if I do so as I have each previous time or will there be movement?
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Lida L.Gungahlin 2912, ACT
Not Good Once You Become Their Customer
The introductory rate was good with offset account. However, my rate bumped up twice within the first 6 months after I became their customer. Called a couple of times for a rate review but they would not lower their rate at all. Not to mention most of lenders have passed on the RBA cut recently but Loans.com.au always find excuses not to fully pass it or don't pass it at all.
If you are casual or self-employed, be prepared to give them 3 years of income history, at least that's what happened to me. Also be aware it's not free when you decide to leave them.
1 comment
Hayley G.Loans.com.au
Hi Lida, we appreciate your feedback and honest review. Thank you for the high rating of our Online Tools. Please contact us at [email protected] with your full name and confirm the suburb so ... Read more
we can look further into your individual situation regarding your rate and please feel free to leave any further questions or feedback you have.Similar opinion? Write a review on ieatwords.com.au!
JosephMetropolitan Adelaide, SA
- 4 reviews
Worst experience in my life
Low rate but it is a bait. First charged with $220 for valuation for each case, then urge you sign contract, in contract the fees are much higher than other banks. For example, $176k loan needs $2623 for settlement!!! Now I turn to ANZ, it only cost me $360.
I reject all of my applications, at a price of $880 loss.
Their customer relation Trax said in the phone I agree to pay valuation fees, but I do not know every fees even refinance fee is much higher than other banks;
furthermore, two valuation fees only $128 each, $184 should be refunded a...Read more
1 comment
Hayley G.Loans.com.au
Hi Joseph. Thank you for your honest response and the details of your experience with the valuation charges. We are escalating this to the Customer Relations team. So we can further assist your case, ... Read more
please contact us at [email protected] with your full name and suburb so we can look further into your individual situation. Thanks.Similar opinion? Write a review on ieatwords.com.au!
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MattGreater Melbourne (Outer), VIC
- 3 reviews
Not passing 19th March Rate Cut at all!
We're massively disappointed that loans.com.au are gouging customers at a time like this. They should be extremely ashamed of themselves. They are passing ZERO of the 2nd RBA rate cut from 19th March 2020. NADA - at a time like this!! How can they live with themselves?
We've been with them for many years now, and they are also the lender most likely to *not* pass the full cuts, raise your rate ad-hoc, and any cut they do pass is always applied to your account many weeks later and later than just about everyone else (more gouging).
They wo...Read more
n't let you change to another of their products either: for instance: the loan we got with loans.com.au several years ago has become uncompetitive due to ad-hoc rate rises (apart from the RBA), reduced RBA rate reductions, delayed rate reductions etc. So we look around and see that they have a similar product at a much lower "sucker" rate, and think we'd get that because they have our details and history, and this should simplify the application process.. You can see where this is going.. So we call, and we CANNOT get the new product! (yes, you guessed correctly!) Absolutely not! - they give us total bull$hit like "the funding rate path when you joined determines the rate you must be on now" which is pure lies & utter utter garbage. The funding rate now is the funding rate NOW, not from years ago!2 comments
Hayley G.Loans.com.au
Hi Matt. We'd like to thank you for taking the time to leave a review, and appreciate your honest response. We are very sorry to hear that you have had an unfavourable experience with us. Please conta... Read more
ct us at [email protected] with your full name and suburb so we can look further into your individual situation and please feel free to leave any further questions or feedback you have.Hi Hayley, unless you are going to pass on at least SOME of the RBA cut, then speaking with you will serve no purpose. I am so disappointed with you guys, I have no words. Absolutely deplorable deci... Read more
sion by you in these times to pad your own nest and gouge people who are suffering horribly through no fault of their own. Do you know WHY the cut was made???? TO LOWER DEBT COSTS for people suffering out here.Similar opinion? Write a review on ieatwords.com.au!
MelMelbourne
- 3 reviews
Passed on first rate cut but not the second
The whole point of the RBA cutting rates is to keep the economy going, but only works if the company the loan is with passes on the rate cut.
The rba cut interest rates twice this month.
Loans.com.au passed on the first rate cut at the end of the month, then said they can’t pass on the second rate cut due to “running” costs.
This has been the case throughout the entire time of having a loan with them. Lured me in with cheap rates, but raised interest rates after only having my loan for 6 months.
So, happy to raise the rate, not happy to pas...Read more
s on interest rate cuts. Seriously, shifty as. They will also process your loan quickly and with little fuss, it gives you a false sense thinking they are better than the banks.... reality is, they are the same as the big banks....1 comment
Hayley G.Loans.com.au
Hi Mel, we appreciate you taking the time to leave a review and we are sorry to hear that you have had an unfavourable experience with us. If there’s anything further we could do to improve, please do share your feedback at [email protected].
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AshGreater Melbourne (Outer), VIC
- 3 reviews
During time of crisis
Don't be lured to their loan rate as when i signed up after 6 months whether the interest rates go up or not they raised it. When the reserve bank dropped it they don't drop it and when you ask for hardship due to coronavirus impact and ask if it will affect your credit profile i get advised yes really even through these difficult times where the whole world is suffering. Thanks for not helping through this time of stress and anxiety
2 comments
Hayley G.Loans.com.au
Hi Ash. Thanks for taking the time to leave your feedback, we are so sorry to hear about this. I have escalated your case to Customer Relations for review, however we will need some more details from ... Read more
you in order to help you in this time. Can you please email your Full Name and Account Number to [email protected] as soon as you can and we will be able to assist you from there.Well after this message the lady apologised and said she made a mistake so I will take that comment back as she obviously didnt know.
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Scammers - beware!
Lure you in with low initial rates, then jack your rate up with a series of small incremental rate increases (out of alignment with the RBA decisions) due to 'overseas funding costs blah blah blah'.
RBA cuts are not passed on, only to new customers.
It's a big, nasty scam and it shouldn't be legal. Avoid.
2 comments
Hayley G.Loans.com.au
Hi James, we're sorry to hear that you feel this way. Earlier this month we were please to announce a 0.25% reduction in variable loans for our existing customers as well as new customers. We are alwa... Read more
ys looking for feedback on ways we can improve our service. If you have any further feedback, please do contact us at [email protected].Nothing like a stock standard response that fails to address the criticisms I have raised in this complaint. Other potential customers undoubtedly would like you to address the points I have raised? Or is this an admission of your business practices?
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Russ LPerth
- 3 reviews
Good to start, don't look after existing customers
Since joining Loans.com.au the interest rate for new customers has dropped much lower than existing customers. They are not interested in dropping for existing customers either. Looking to refinance elsewhere.
3 comments
Hayley G.Loans.com.au
Hi Russ, thanks for taking the time to leave a review. If there’s anything further we could do to improve, we’d love to hear your feedback at [email protected].
Hi Hayley,
I have emailed the customercare address with some feedback. Awaiting a response.... Read more
ThanksHayley G.Loans.com.au
Hi Russ, thanks for letting me know. I will flag this on my end too so we can address this is as soon as possible.
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ASHNIL P.South East Queensland, QLD
- Home Loans
- Verified customer
You'll be a fool if you apply with these guys
Trust me, I have been a customer for a while now and know the real experience! Don't be fooled by their low advertised rates, they are for SHOW ONLY! After you become a customer you'll see how your rates slowly bump up compared to their advertised rates. For example, my investment loan rate is 3.18% compared to their advertised rate of 2.94%. Also you'll have to wait like for 3-4 weeks to see the RBA cuts apply to your loan accounts. On the other hand, it takes just hours for them to increase the rates when needed! That tells a lot about the ethics of the company!!
1 comment
Hayley G.Loans.com.au
Hi Ashnil, we appreciate you taking the time to leave your honest feedback and we're sorry to see you left 1 star. We're always looking for feedback on ways we can improve our service. Please contact ... Read more
us at [email protected] with any further questions or feedback you have.Similar opinion? Write a review on ieatwords.com.au!
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the rates are introductory only - after a year or two they bump your product to a rate that is way worse than the market
I have been with loans.com.au since 2014. The rate was good at first, hence I went with them. A couple of years later I saw a massive gap between my rate and rates advertised for new customers. My rate now is way worse then the market rate and when queried they even say the rates are for new customers only. They won't be new forever so they will also suffer in a couple of years. I am currently organising a refinance with another bank (although a more annoying because property prices have come down a lot) - hence I am for the moment a prisoner w...Read more
ith loans.com.au. My advice, choose another tradional bank but make them fight for your business (must ask for the base rate and discount off the base rate, and if that discount is for the life of the loan).1 comment
Hayley G.Loans.com.au
Hi Ian, we're sorry to see you left 1 star. We're always looking for feedback on ways we can improve our service. Please contact us at [email protected] with any further questions or feedback you have.
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belFar North Queensland, QLD
- 2 reviews
Honest, fast and helpful
Loan was settled today. I called on Monday and it was done and settled by Thursday enabling us to buy the car we wanted. Thanks for getting it through for us.
1 comment
Hayley G.Loans.com.au
Hi Bel, thank you so much for the 5-stars. We really appreciate you taking the time to leave your honest feedback. We are so glad to have helped you with your car loan for when you needed it!
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Ben KAU
- 8 reviews
Bad customer experience, higher rates for existing customers
Avoid these guys, plenty of other lenders
Good 5 years ago, but do not communicate rate changes clearly, would not rectify their mistakes.Worst they have higher rates for existing customers now.
2 comments
Hayley G.Loans.com.au
Hi Ben, we are sorry to hear about your experience. Although we have recently announced we are reducing our variable home loan rate by 0.25% for existing customers, we appreciate you taking the time t... Read more
o leave your honest feedback. Please contact us at [email protected] with any further questions or feedback you have.Hi thanks,
rates offered to existing customers are over 0.5% higher than rates offered to new customers AFTER the drop. Other lenders are offering guarantees of the same rate for existing customers as... Read more
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Todd
- 2 reviews
18 months into 30 years
Best rate when we applied, but they don't pass on rate cuts to existing loans, only to new customers, now I'm refinancing away from loans.com.au as they are ~0.5% above the market price. They happily watch customers leave, take your loan to Athena the first time...
2 comments
Hayley G.Loans.com.au
Hi Todd, we are sorry you feel the service you received was not 5 stars. Although we have recently announced we are reducing our variable home loan rate by 0.25% for existing customers, we appreciate ... Read more
you leaving your honest feedback. Please contact us at [email protected] with any further questions or feedback you have.Thanks Hayley, it’s not this weeks rate drop that was the issue, it’s that you consistently pass less than the full amount to existing lenders and consistently advertise better rates for new lenders, ... Read more
basically every rate drop for the last 18 months. It’s also not about your service, it’s about your rate. If you want to keep your customers don’t screw them into leaving.Similar opinion? Write a review on ieatwords.com.au!
stvenmelbourne
- 2 reviews
A lot low rate then my previous bank
Was easy to change over from my old bank only a month or 2 wait which is normal. Good interest rate. Will see if they pass on the full rate cut as they failed to the last cut.
1 comment
Hayley G.Loans.com.au
Hi there. Thanks so much for the great review. We are pleased to announce that we are reducing our variable home loan rate by 0.25 percent for all existing customers, so if your home loan is a variabl... Read more
e rate, you will receive the 0.25% reduction. If there’s anything else we could do to make our service 5-star, please let us know. We appreciate your feedback!Similar opinion? Write a review on ieatwords.com.au!
Questions & Answers
Jason Limasked
Our homeloan - owners occupied with you are still 3.34%, it is no where near the advertised rate. why?
1 answer
Hayley G.Loans.com.au
Hi Jason, thanks for your question. Earlier this month we announced we are reducing our variable home loan rate by 0.25 percent for all existing customers, effective Thursday 26 March. We're always looking for feedback on ways we can improve our service. If you have any further feedback or questions please do let us know.
Hannaasked
Does anyone know if they accept 1 year proof of bonus or do I need 2 years?
Thanks
1 answer
Hayley G.Loans.com.au
Hi Hanna, that depends upon your specific circumstances. For information specific to your financial situation please contact our Sales Team on 13 10 90.
Adam N.asked
Im looking at a car loan. Is the interest rate offered today locked in for the duration of the loan or can loans.com.au put Up the interest rate at any stage of the loan period?
2 answers
Hayley G.Loans.com.au
Hi Adam, all of our car loans are fixed rate so the rate does not change during the life of the loan.
Is the advertised interest rate of 4.89% what Ill be given if I apply today. I mean once I apply and loans.com.au give me approval. It won't be approved for say 8.0% interest? The 4.89% interest rate is exactly what I'm approved on? In other words, if I apply for the loan today can you guarantee that I'll only pay 4.89% on approval?
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Hayley G.Loans.com.au
Hi Charley, thank you for taking the time to leave your honest feedback, we really appreciate it.
We're sorry to hear about the delay in response regarding your requested rate review. I will pass thi... Read more
s on to Customer Relations and see what we can do to help. So we can look into your individual case, can you please email your full name and suburb of your security property and we will look into this for you.