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Well Home Loans
4.8 from 130 reviews · View Statistics

Reviews

4.8

120 reviews
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andrew
andrewGreater Melbourne (Outer), VIC

Beware the age barrier discrimination.

published

I did the full application on line which is very thorough, the website said congratulations I meet the criteria and a consultant would be in touch. Great. so far so good.
The next business day I got a call saying that I was too old. Even with a constant income stream to cover the loan. Age is one of the first things asked for on the application.
A waste of time applying.

Incentivised ReviewNo
Loan TypeFixed Rate
Red Guard
Red GuardSouth East Queensland, QLD

Over conservative and heartless lender

published

Time wasted as Well is backed by Bank Adelaide.

Both Well and Bank Adelaide are so reluctant about bonus payment and they even ask the employer to issue assurance in COVID-19, well done. The test criteria are set to turn you down with 5.5% interest and high monthly expense assumptions. In the end, you will be borrowing at less than 5 years of base salary.

Heartless lender, wouldn't recommend to anyone. Came here by word of mouth from OzBargain but clearly they do not deserve any reward and good borrowers at all. Will see how they survive in the future.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeFixed Rate
Loan used forRefinancing
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Sam
SamAdelaide
  • 3 reviews
  • 1 like

Would not recommend

published

Due to delayed and no communication from well home loans, it caused my life savings to disappear.
I am here to WARN you all to proceed at your own risk.
We are in recession currently due to COVID19 pandemic.
Well Home Loans not recommended at all.

John from credit assessment team is shame.

Transparency
Customer Service
Incentivised ReviewNo
Loan TypeVariable Rate
1 comment
Well Home Loans
Well HQ.Well Home Loans
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Sam
SamMetropolitan Adelaide, SA
  • 3 reviews
  • 3 likes

Hopeless

published

My experience with Well Home Loans was horrible, I just wasted my time & effort. Even though they offer cheap rates, this finance provider cater for selected clientele. Good for people who work Monday to Friday with fixed salary. They don't consider people work on rosters / on wages / on fringe benefits. Also, they consider only desktop valuation. They don't conduct a physical valuation.

Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRefinancing
See all Well Home Loans reviews

Questions & Answers

Cody
Codyasked

HI, we are looking to refinance approx. $150,000 but split, part variable and part fixed with several offsets on the variable and redraw capabilities. Is this scenario something you can package?

3 answers
Well Home Loans
Well HQ.Well Home Loans

Hi Cody,
On our Well Balanced home loan we can accommodate split loans (part fixed, part variable) and we also allow multiple offset accounts (though each one will attract the standard offset fee). The only issue we would have with your scenario is that our current minimum loan amount is $200,000.

Cody
Cody

Thank you, how much are the standard offset fees? We currently enjoy fee free offsets accounts.

Well Home Loans
Well HQ.Well Home Loans

No worries Cody,

Our 100% Bank-backed offset account attracts a $10 per month fee and you also get access to a Visa Debit card for using your offset. The offset account itself sits with a major bank so it's protected as per the Financial Claims Scheme and not a sub-account like other non-bank providers. There's also no change to our interest rates to include an offset account.

Hope that helps!

Rosemarie
Rosemarieasked

I’m just wondering if you can pay more off the home loans as they are all fixed. Thanks, Rosemarie

4 answers
Dave
Dave

Yes you can. Adelaide Bank allow $20K per year in extra payments over and above the monthly minimums if you want to do that.

Well Home Loans
Well HQ.Well Home Loans

Hi Rosemarie, as Dave has pointed out (thanks Dave!) you can make up to $20k in extra repayments per year on a fixed rate loan. One unique feature of our fixed loan is also the ability the add a 100% bank backed offset account too! Not many other lenders will let you do that but you can with a Well fixed rate home loan.

Rosemarie
Rosemarie

Ok thanks but do you pay a charge for paying extra?

ayasalah89
ayasalah89asked

Hello,
I'm planning to buy a house and land package and I wonder if Well has home loans for this purpose.

1 answer
Well Home Loans
Well HQ.Well Home Loans

Hi ayasalah89, unfortunately we don't have house and land package loans available.

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