Online real estate marketplace Homely.com.au has integrated online home loan provider, Well Home Loans, into its full-service real estate search.
The integration with Well Home Loans includes a comprehensive, instant borrowing calculator that provides helpful data for home buyers to gauge the realistic cost of every property listed on Homely, without having to provide information about themselves upfront.
The calculator integration is part of a collaboration between Homely and Well Home Loans.
The partnership is designed to bridge the gap between browsing and inquiring online by offering easy-to-understand loan estimate breakdowns right from the get go.
The Well Home Loan Calculator shows property seekers how much they may need to save for a deposit, stamp duty, estimated monthly repayments, LVR, estimated total loan amount and even government taxes down to the dollar.
CEO of Well Home Loans, Scott Spencer said the company’s goal had always been to understand all the things people dislike about banks and do the opposite.
“We have built a reputation for offering some of Australia’s lowest interest rates, providing great service and being fully transparent with customers,” Mr Spencer said.
“Well Home Loans has a reputation as being surprisingly easy to do business with, as well as a really smooth digital experience.”
This new integration, now a part of every ‘for sale’ listing on the Homely platform, is another way Homely aims to offer its users ‘more than real estate’.
“The easy-to-use widget is a helping hand in one of the most complicated and frustrating aspects of home buying for most Australians – understanding all the costs associated with buying their next home,” they explained.
Mr Spencer continued one of the things that held people back from entering the market was figuring out the costs involved.
“If you don’t know how much you need to save for a deposit, how much you need to budget for transaction costs and how much you need to pay in ongoing mortgage payments, it can feel too hard to take the next step,” he said.
“The beauty of this calculator is that it clears up a lot of that confusion, which allows people to make more informed decisions.
“Including additional costs like stamp duty and lender’s mortgage insurance (LMI) in our tools means people can feel more confident about where they stand when looking to buy. We see a lot of homebuyers surprised or not prepared because they didn’t know where to find the information – now they don’t have to go anywhere else to look for it.”
Homely’s Head of Product, Luke Kenyon said a good product helped consumers find what they are looking for in the one place.
“While Homely already offers an industry-leading and unique set of tools to help home buyers find the perfect place to live, we know that the financial element of buying a house is what gets a lot of people stuck on their journey,” Mr Kenyon said.
“Being able to offer that information in a digestible, seamless, hassle-free way is exactly the kind of solution consumers need.”