Loans.com.au

Discussion in 'Loans & Mortgage Brokers' started by Rugrat, 10th Jun, 2019.

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  1. Rugrat

    Rugrat Well-Known Member

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    Loans.com.au
    Has anyone dealt with them personally? Just looking for any feedback anyone has on them. Their products look ok, and apparently our servicability with them is actually pretty decent. Kind of seems 'to good to be true'...
     
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    we do a bit with their parent Firstmac

    Servicing fits in between CBA and Pepper, if you have a bunch of Ips

    Loans.com is a self service no advice, online and phone/email style service which is fine if you know what you want, and why you want it

    Not an ADI, so while the have redraw offset, there is no 250 k fed gov guarantee on your money, though of all the non banks, this lot has been around a long long while and kept lending through the gfc, when more fancied banks like Macq took their bat and ball and went home

    ta
    rolf
     
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  3. jazzsidana

    jazzsidana Well-Known Member

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    Used them for car loan once and had no issues tbh..
     
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  4. lixas4

    lixas4 Well-Known Member

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    Hi Rolf, what does that mean if loans.com.au go under and you have 100k in an offset against a 500k loan? Would that mean you would only owe 400k from whoever takes on their books? Or would you loose the 100k sitting in the offset, and still have the 500k full loan amount outstanding?
     
  5. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    It could mean any of those things.

    I don't think loans.com.au is going to get into any significant difficulty any time soon, but there are a number of reasons why I would or would not recommend them or their parent company.

    I'd use Firstmac for serviceability purposes. As of today, their calculators work quite well.

    I wouldn't use them for a property I expect to do an equity release on. They like to control the funds very closely. I've seen this kill investors plans very quickly.

    I also wouldn't use them because they advertise cheap rates. I've refinanced loans away from loans.com.au because their rates weren't competitive and they weren't budging on their pricing. Cheap rates have a way of becoming expensive over time.
     
    Last edited: 11th Jun, 2019
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  6. David Shih

    David Shih Mortgage Broker Business Member

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    Used them previously for my OO before using a broker. As Rolf said all DIY and no real issues if you're just after a simple vanilla loan and no offset.

    When I wanted to cashout and start building my investment portfolio that's when I started to engage a broker and moved away from them.

    The other thing is I think they used to do 2 hits on credit file for every enquiry you make so be careful not to do too many enquiries with them. Not sure whether that's still the case today though.

    Cheers,
    David
     
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  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    you dont have 100 k in the redraw

    the lender does :)

    Logic would say you only owe 400............... id want to get a PBR equivalent on that though

    Pyramid Building Society in Vic........ i think victorians are still paying a fuel levy for the bail out

    ta
    rolf
     
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  8. spludgey

    spludgey Well-Known Member

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    Do they give a discount on their SVR? 3.97% doesn't sound that great...