I am considering taking out an investment property loan with Loans.com.au
I can get a 4.49% variable rate with full offset account which is really nice. Does anyone have experience working with them? My strategy is to get a no fee home loan with CBA and do all the initial paperwork with them because I get they can get everything processed quickly. Then, once everything with the property is settled, refinance with loans.com.au
Does anyone have an opinion on this?
I know someone who went with them for a loan last year, and I observed the back end for origination/settlements was a little bit disorganised. This led to on the day before proposed settlement (a Tuesday), they withdrew their preapproval because they had not followed the correct procedure for someone who wasn't PR and had the wrong loan files set up. Fortunately due to the small size of their operation, they were able to have one person take ownership of the situation (after some phone calls) and prioritise the processing. Ultimately, we were able to settle by the end of that week. It was a lot of headache pre-settlement, but hopefully now things are underway, it'll be seamless.
I have loans with them and CBA. CBA is more efficient but loans.com is not bad as long as you stay on top of your application…
I have been with them for a while.
The list of transactions on the website is a problem, some of my transactions appear as two lines. One with a $0 amount + description, and another one with the $ number. Makes it hard to view and do anything work in excel. And the transaction descriptions aren't always correct, in fact it feels like somebody is hand typing it in cause the descriptions for the same payments are different sometimes.
Other than that, everything else seems ok.
Makes you wonder if they have calculated and charged the correct interest amount!!
I just checked the interest they are charging. It's correct.
For the transactions appearing as two lines, you can install this addon to fix it…
https://chrome.google.com/webstore/detail/firstmac-money-ass…
My current interest rate for my account is is 4.75%, been with them since 2012.
The current rate on the website is 4.54%, and they have removed the annual fee since I first joined.
with regards to ur interest rate of 4.75 % is that because it is a fixed rate
otherwise it would be 4.54
I am currently considering loans.com.au as they have the lowest advertised rate. however I am concerned that being a small lender they will just increase the variable interest rate above the advertised rate once they sign you on.
Would you guys mind telling me what interest rate they are charging you at the moment and when you signed up? Their current advertised rate is 4.54%
Thanks!
I had The WORST experience trying to apply with Loans.com.au,
They screwed us around for 5 months never returning phone calls or giving us wrong or limited information, In the beginning they commented how efficient we where at submitting all documents they requested with in 24 hours as most people dont or need to be reminded….
Between 2 people nick and john they both gave contradicting answers, They just could not get it sorted, They said we where approved, Then changed to we need more documentation then my payslips where out dated cuz they screwed around to long so wanted newer ones My god, this went on for 5 months, Who would have thought someone on a above average wage, Who has saved 60% deposit would have so much issues?! Then they came back saying the loan was to high risk for them WTF?!
The over all bad experience even cost me $250 (or close amount) for the house to be evaluated, aS they require you to pay it prior to even knowing if they will give you the money…
Yes there rate is low, But as they say, You get what you pay for sometimes… Pay peanuts, Get monkeys working for you
I think a home loan provider run by monkeys would do better than them, But thats just my opinion….
I used them to do a refinance and they were surprisingly efficient and had no issues with them at all.
Their rates are very competitive, communication good, web site to use for your transaction is functional but lacks the bells and whistles of the main players.
I can't see any real reason to go with CBA if you intend to switch straight after as this will be double hassle (and fees).