flagFounded: 2000

businessOwned by: FSA Group, which is ASX Listed

monetization_onFunded by: Pepper Home Loans, FSA (Westpac institutional

securityLMI Provider: Self-insured

account_balanceLender type: Non-Bank, Specialist Lender, Debt Agreements

Fox Symes was originally a company that specialised in debt solutions such as debt agreements, personal insolvency and debt negotiations as well as being a mortgage broker themselves. However, they’ve now branched out into being a lender themselves.

Their focus is primarily on helping clients who have too much debt and want to consolidate it into one easy repayment. Their home loan offering is designed to help customers who already own a home to consolidate their credit cards and other debts into their home loan.

How do FoxSymes’ home loans compare?

They’re great at

But they’ve got some drawbacks…

  • They have a bad reputation with debt agreements
  • They’re not focused on people buying a home or investors
  • Interest rates and fees are not always competitive
  • Their risk fee, which is similar to LMI, can be expensive
  • People who want branch access
  • Their loans aren’t available through most mortgage brokers
  • A risk some of their smaller brands may hike interest rates after your loan is advanced
  • They’re not experts in construction loans

Why do Fox Symes have a bad reputation?

During period from 2000 to 2009 Fox Symes was reported by some customers to have breached particular laws or to have behaved unethically.

In 2006 they settled a claim with the ACCC about the claims they made and fees charged to customers entering into Part IX debt agreements.

There were also many complaints or reports from customers about not being given other options aside from entering into a debt agreement or declaring bankruptcy. Potentially, many people who entered into these agreements would have had better options that didn’t damage their credit history.

We cannot comment on if these allegations are fair or not as we do not have first-hand experience dealing with Fox Symes for a debt agreement.

However, it looks to us like Fox Symes is now operating ethically and gives customers who are struggling with their debts a range of options including Part IX debt agreements as well as the ability to refinance their debts into a home loan.

In this day and age of credit licensing and the regulation of the debt agreement industry, we doubt that Fox Symes is operating unethically.

Please keep in mind that any lender that helps people with a bad credit history or who helps people to consolidate debt will have more loans in arrears and more customer complaints on social media. So you have to take the online customer reviews with a grain of salt.

What home loans types do they have?

Fox Symes has their own specialist lending products through FSA which are funded via the wholesale money markets in conjunction with Westpac.

In addition to this, they also partnered with Pepper Home Loans, a specialist lender for people with bad credit or who cannot prove their income.

Their three main home loans are their Bad Credit Home Loan, Self Employed Home Loan and their Debt Consolidation Loan.

Making sure you get a good deal

Under the NCCP Act, a lender or mortgage broker has to recommend a loan to you that is ‘not unsuitable’.

What that means for you as a customer is if you apply with someone who offers their own home loans and is a mortgage broker as well, then they don’t have to offer you a home loan from another lender if their own home loan meets your needs.

In other words if you want to get a good deal, then you have to compare Fox Symes Home Loans to options available from a mortgage broker.

Compare Fox Symes to other lenders

Not sure which lender is right for you? Our Home Loan Experts can help!

Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.

  • Drew

    Hi, I’ve got some missed payments so how much can I borrow to consolidate debt?

  • Hi Drew,
    If you have missed payments but, overall, are repaying your debts, you can usually borrow up to 80% of the property value.

  • Solander

    I’ve got enough equity in my home and I’d like to consolidate debt and refinance with Fox Symes. How much can I borrow?

  • Hey Solander,
    If you have clean credit and all of your repayments have been on time then you can usually borrow up to 90% of the property value. If you have missed payments but, overall, are repaying your debts, you can borrow up to 80% of the property value. However, if you have serious credit impairment or missing payments on all debts, you can only borrow up to 75% of the property value and approval will also depend on your ability to prove that this will not happen again.

  • Miz

    I think I’m getting a more expensive rate than what the new customers are getting. Can you help me negotiate a better rate?

  • Hi Miz,

    Please check out our page on Negotiating Your Interest Rate to find 5 steps to getting a better interest rate on your mortgage. We’ve linked the page below. If you’d like to discuss things directly then simply call 1300 889 743.

  • shan087

    Hi, I am looking at consolidating my debts with fox symes through a mortgage consolidation loan, however I am concerned that if I was to go for a loan later on down the track they will look at me borrowing from fox symes as a bad thing, can you shed some light on this please I am not entering into a part 9 debt agreement it is just a consolidation loan.

  • Hi shan087,
    Applying with a specialist lender may initially be considered a bad thing but once your loan application makes it through a lender’s credit department, it should not be a big deal. You or your mortgage broker will need to explain this clearly to the lender you’re applying with and it should be okay.