Loans.com.au: $150 off Settlement -- 3.59% (3.61% CR)

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LSeanS on 02/02/2017 - 07:14 loans.com.au (211 clicks)
Last edited 10/02/2017 - 14:14 by 2 other users

Loans.com.au is at 3.59% (3.61% CR) right now for their essentials loan (redraw, no offset) and 3.67% (3.69% CR) for their offset loan (the one I have).

If I was smarter I'd have the essentials loan — free repayments and free redraws, I'd just have to be more organized about moving money to a transaction account.

This is currently better than uBank (which is at 3.74%).

The best deal is probably their smart loan package, which lets you get both your home loan and your investor loan with them at 3.59% (3.61% CR) — which is a great rate for an investment loan.

Pros:

• Great rate.
• Decent website once you're all set up (but the transactions are all spread across multiple lines so it can be hard to download).
  Cons:
• The application process is a pain. They're just a bit disorganized — but at least you're dealing with someone on the phone/computer, so when they forget to ask you for something it wastes less of your time than one of the big banks forgetting to ask you in person. I've applied for two or three loans with them and each one they've stuffed up in a new and interesting way.
• There are some fees when you set it up ($520 + government fees, but see below for a discount on those)

MOD: Referral wiki removed. Use randomised referral instead.

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Loans.com.au

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  PJC on 02/02/2017 - 07:37

  https://www.ozbargain.com.au/wiki/help:deal_posting_guidelin…
  How to check if a referral link for a store is allowed

  • Is this your first post or has it been 6 weeks since your first post? Users with a L or P/P next to their name on deal posts are not allowed to post referral links or codes.

  • If any of the above is true, stop! Referral codes are not allowed anywhere in the deal, not even in the deal description. Otherwise, continue (please note as of April 2015 we DO allow referrals for Group Buy sites).

  

  PJC on 02/02/2017 - 07:37 (Collapsed - Offtopic. Show)
  • 

    Moderatorneil on 02/02/2017 - 09:44

    Fixed. Please just use report in future.

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  RubenM on 02/02/2017 - 07:38

  OO only (I would assume).

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  tazmaniak on 02/02/2017 - 08:20

  +1

  Great rates, but caution - these guys were a nightmare to deal with for my application to refinance.
  The house was in a state of renovation, so they essentially forced me to max out my credit cards to make the house as presentable as possible for valuation. No huge deal, but when I accomplished everything they requested and got the appropriate valuation, they denied my application anyway.
  Cost me around $15,000 in repairs such as unnecessary painting of windows that were to be pulled out and replaced with aluminium, etc. Not to mention the wasted time and stress. After all that saga ANZ approved me instantly without any problems.

  TLDR: Long as your application is 1000% 'safe for them', they'd probably wouldn't be such unethical pricks.

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    [Deactivated] on 02/02/2017 - 10:24

    +1

    I'm a customer and pretty much hate loans.com.au. Huge fees for accidentally not having enough in your offset ($35 per transaction attempt), zero interest in renegotiating rates, very minimal banking features, other stuff that has rustled my jimmies that i cant think of. If you can, avoid.

    • 

      bloomer on 02/02/2017 - 10:55

      I don't know if the other very cheap lenders have better interfaces or lower fees for not having the right balance in your offset, but this is perhaps part of the tradeoff for very low mortgage rates?

      It's certainly true that their administrative processes when signing up are quite rigid and they don't seem to renogotiate, but for a simple loan scenario, I've been happy with what I got for the rate I got.

      • 

        SeanS on 02/02/2017 - 15:23

        We had a similar experience with them taking forever on an investment property, where we ending up going to CommBank out of frustration with delayed it settlement and getting it sorted much faster. But where we had the time on refinancing our own home it worked fine…

  • 

    Joberu on 03/02/2017 - 19:17

    Same here. Refinance application took months and in that time two "loan managers" came and went and that delayed things even longer.
    Luckily we weren't in a rush though so although frustrating it didn't cost is any extra.

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  Bratam on 02/02/2017 - 08:35

  +2

  Good rates to start with but then they start to screw you over with out of cycle interest rate increases. Had three of them in 3 years and they are no longer competitive. They refuse to put me on the loans available to new customers. Time to move over to Reduce home loans, much better deal.

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    Joberu on 02/02/2017 - 10:03

    +1

    Just logged into my account and you're right - the sneaky buggers have increased my home and investment loans to 3.85%
    Time to refinance.

    • 

      bloomer on 02/02/2017 - 10:48

      I have a home loan with them (a few years now) and haven't seen any increases that were ahead of what other lenders were doing (in most cases decreases were in sync with other lenders or earlier, and increases were in sync with other lenders or a little later). It seems to depend on what type of loan you have with them though, but in my case they have been the cheapest lender for almost the whole time.

      • 

        bloomer on 02/02/2017 - 13:47

        +1

        Why did I get negged for stating factually what I've experienced FFS??

      • 

        Joberu on 03/02/2017 - 19:12

        Fair point except for the fact they are currently advertising a lower rate. They don't advertise these lower rates as "introductory" rates only like the banks do - so it's misleading in my opinion. I specifically asked if the rate I signed up for was introductory only and was told "no". And yet within a few years my rate has now increased above the currently advertised rate.

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  spa on 02/02/2017 - 10:32

  Hopefully someone educated on the subject might know, as it was something I was researching a while ago when I considered loans.com.au, but is there any issue with it not being on this list http://www.apra.gov.au/adi/pages/adilist.aspx (maybe it comes under one of those), when it comes to the offset account and govt deposit guarantee?

  • 

    bloomer on 02/02/2017 - 10:50

    I think this was discussed on a really long thread on Whirlpool a long time back and the conclusion was reassuring, but hopefully someone here will have more precise info.

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    vee on 02/02/2017 - 13:38

    I have done some research a while ago and the money in the so-called offset account is not under the gov deposit guarantee. They are not a bank, simply a company and hence I decided not to go ahead with them. Just to be on the safe side. You never know what can happen.

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  squeeb on 08/02/2017 - 12:11

  I'm about to apply for a loan.

  If anyone is willing to split their $450 referral bonus, $225 each, PM me.

  • 

    Bratam on 08/02/2017 - 13:13

    PM sent for referral bonus

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      Associatedcc0529 @ Loans.com.au on 09/02/2017 - 11:03

      new user cannot send PM :( I am about to apply one as well.

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        Bratam on 09/02/2017 - 12:57

        Put you mobile number up and I will give you a call

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  monkeyer on 21/02/2017 - 18:34

  If you need a referral code let me know :)