Beware the age barrier discrimination.
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.
Over conservative and heartless lender
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.
Would not recommend
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.
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.
Appalling customer service, 1 month of no reply despite 7 follow up emails/phonecalls
I have been absolutely appalled by the terrible customer service I have received from Well home loans this past few weeks. It has now been more than one month since I have had any contact from Brett, our supposed home loan consultant, despite a couple of follow up emails and several phone calls to him directly and to the 1300 number. Having been sick of being unable to contact Brett, I have spoken to Patrick on 2 occasions and requested some form of update to absolutely no avail, despite his assurances on both occasions that either Brett...or he would be back to me by the end of the day (now more than a week since my last phone call). I am not a demanding customer, however the behaviour of the representatives of Well home loans has meant that I will never recommend them as a lender to my peers, colleagues or family members. All that would have been required to appease me would have been a quick follow up email or phone call to update me on the process to date and whether anything further is required. However a distinct lack of respect and regard for me as a customer has left a very sour taste.
Questions & Answers
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
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 email@example.com and they will be able to help.
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,
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.
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?
Well HQ.Well Home Loans
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/
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