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Well Home Loans

Well Home Loans Questions & Answers

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8 questions from our users

dane

daneasked

Hello. My husband and I are first home buyers and looking to buy a house to live in. We have 93,000 deposit and loooking into a house around 610,000. Since we don't have 20%, how much interest rate can we have and also would like to know how much LMI are we to expect.. thanks

1 answer
Well Home Loans
Well HQ.Well Home Loans

Hi there dane,
Nice work saving up for your deposit and it's always exciting looking for your first home! We have different rates for both Fixed rate loans and Variable rate loans and you can see those on our website (https://www.wellhomeloans.com.au/home-loans/buying-a-house/). We do have different rates based on your LVR (if you're not sure what this is - learn more here: https://bit.ly/2JGtML8) and that will determine what sort of rate you could be eligible for. When needing to get an LMI quote, this is something that's best done with the help of our home loan consultants as it's usually based on your loan amount - give them a call on 1300 899 724 or drop an email to hello@wellhomeloans.com.au and they will be able to help.

Damir36

Damir36asked

Hi dear Well Home Loans team,
My wife and I intend to build our first home next year, with a holding deposit paid for a block of land that will title early in 2021. As we will not have a full 20% deposit, my family who own a home offered to serve as guarantors to help us avoid paying the LMI. Can we apply for a loan with a guarantor?

Thank you in advance for your response,
Damir

1 answer
Well Home Loans
Well HQ.Well Home Loans

Hi Damir36, congrats on the first home! It's nice that your family is able to help you out as well in order to avoid the LMI costs. The type of loan you're looking for is a normally referred to as a family guarantee loan and unfortunately we don't provide those. To double up, we also don't have construction loan products available at the moment. We're not too sure who would be a good lender so we would highly recommend looking for the services of a mortgage broker who can help you to find a lender that offers a construction family guarantee loan. Best of luck and we hope you find someone that's a great fit for you.

Deidre42

Deidre42asked

Hi, my husband and I are seniors and wishing to buy into the housing market, he is 69 and I am 62 and we lost everything in the GFC so dont have any property. Is it possible to borrow if we are this age?

1 answer
Well Home Loans
Well HQ.Well Home Loans

Hi Deidre42,
Thanks for reaching out! Sorry to hear about your troubles during the GFC, it was a pretty tough time for a lot of people. Regarding getting a home loan through Well and seeing if you're able to borrow at those stated ages, it will be best to chat with our home loan experts. With the responsible lending obligations imposed on lenders, this has become more of an issue with regards to lending near retirement age (regardless of whether someone wants to retire or not!). You can get in touch with the team on 1300 899 724 or send a message https://www.wellhomeloans.com.au/contact-us/

Shell

Shellasked

If one were to choose to split their owner-occupied loan between fixed and variable, does the $200K minimum only apply to the total loan balance, or would each portion of the loan need to be at least $200K?

2 answers
Satisfied Customer
Satisfied Customer

I don’t know, as my loan isn’t structured like that. I suggest you contact Well Homes directly - they have been very responsive to queries.

Well Home Loans
Well HQ.Well Home Loans

Hi Shell, when it comes to loan structuring and minimum loan amounts it's best to chat to the team here - give us a call on 1300 899 724 or email support@wellhomeloans.com.au with a way to get in touch with you. Our home loan experts will be the best people to talk to!

@Satisfied Customer - we try our best to get to answering quickly, glad to hear the team are responsive; they like the feedback too :)

Mirjam

Mirjamasked

Hi, my daughter wants to refinance her property. It has a house and child care centre on the property. She is a co-director of the company which trades from the address. She is single with no dependants and is 43 years old. She resides in the house. Are you able to assist with the refinance? Thanks Miriam

1 answer
Well Home Loans
Well HQ.Well Home Loans

Hi Mirjam,
Thats definitely a question for our lending experts and they will be able to talk to you privately about mixed use properties. If you could send your contact details through to support@wellhomeloans.com.au one of the team will get in touch to talk through your situation and find out if we can help!

Dave

Daveasked

Can any existing customers advise if these guys suffer from “rate creep” that other lenders also suffer from?

4 answers
Well Home Loans
Well HQ.Well Home Loans

Hi Dave,
You can check out the Well Balance page which actually shows how our rates have moved on existing loans over the last year (https://www.wellhomeloans.com.au/home-loans/well-balanced/). We've managed to keep our margins as low as possible and while we can't predict the future, we are proud of how low our rates have been. If you're worried about rate movements on a variable home loan, we do have great new rates on our 2 & 3 year fixed rates. They're so low right now that they might be the lowest rates in Australia!
Hope the info helps!

Hi Dave,
I am a fairy new customer of Well and have actually had a rate drop soon after my loan was setup.
So far it seems they are following RBA rate drops within a couple weeks. It wasn't the full RBA rate cut but pretty close.
Better than any other bank I delt with in the past.
Cheers
Mark.

Dave
Dave

Sorry guys,

Your website only lists rates in line with current advertised rates for new customers.

It doesnt state anything in regards to existing customers.

As such, we have decided to use another lender. If you were more transparent with what rates your existing customers were on, we would have considered your products more.

KevinV

KevinVasked

Is there an online account that you can log into and check things? What about an app? Can you also set it up so that the repayments just comes out of the offset account automatically? Thanks.

1 answer
Well Home Loans
Well HQ.Well Home Loans

Hi KevinV, there is online internet banking banking for our products and also an app that can be used. If you have the offset option, the nominated repayments will be automatically deducted from the offset account. You'll just have to make sure that funds are in there on your due date. If you've got any other questions let us know or even give us a call on 1300899724.

IamAlways Right

IamAlways Rightasked

How long does it take to respond to an online enquiry?

1 answer
Well Home Loans
Well HQ.Well Home Loans

Hi IamAlways Right, unfortunately in this instance - 2 days to respond to this enquiry! Now that we know that there's a Q&A section in Product Review, we'll be monitoring more closely. For enquiries through our own channles, the team is in touch with people on the same day during business hours. For our online applications, the team start processing a home loan the second we get it and then help our customers through the whole online process.

Have you submitted an enquiry to the team and haven't had a response? or just asking out of curiosity?

From the Well Team.

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