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Homely integrates Well Home Loans into its platform

The online home loan provider will now be included within the real estate marketplace’s services, the addition also introducing a new borrowing calculator.

Online real estate marketplace Homely.com.au (Homely) has integrated the digital non-bank lender, Well Home Loans (part of the Stargate Flexstar Group), into its platform. 

The partnership, which reflects a wider trend of digital lenders collaborating with online real estate platforms, will allow those on Homely to access loans with the non-bank.

It also introduces a loan calculator to the property website.

Named the “Well Home Loan Calculator”, the addition presents the minimum deposit, estimated monthly repayments, stamp duty, loan-to-value ratio (LVR), Lenders Mortgage Insurance costs, and estimated total loan amount and government taxes for a specific property. 

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Said by Homely to be a way to “bridge the gap between browsing and enquiring online by offering easily-to-understand loan estimate breakdowns right from the get go”, this calculator will exist as a widget on every “for sale” listing on the real estate platform. 

Speaking of the partnership, Well Home Loans CEO Scott Spencer said that he believes one of the factors holding people back from entering the housing market is determining the total cost. 

“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. 

Mr Spencer added that “the beauty of this calculator” is that it allows people to make more informed decisions, highlighting additional costs such as stamp duty and LMI – an inclusion that he believes will help those on Homely 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,” he said.

Homely’s head of product Luke Kenyon added that he feels a good product is one that helps “consumers find what they are looking for all in one place” and that Homely is aware that the financial element of purchasing property is what “gets a lot of people stuck on their journey”. 

“Being able to offer that information in a digestible, seamless, hassle-free way is exactly the kind of solution consumers need,” he added. 

Increase in digital brokerage collaboration

The announcement of Homely and Well Home Loans’ partnership reflects a wider trend of digital real estate platforms expanding into the mortgage space.

On 1 July this year, owner of realestate.com.au REA Group acquired the franchise brokerage brand Mortgage Choice, less than one month after it was reported that the company had acquired 34 per cent interest in home loan application and e-lodgement solution provider Simpology.

In 2018, REA Group rival, Domain, launched Domain Loan Finder (now Domain Home Loans) in collaboration with the parent entity of mortgage platform Lendi, Auscred. 

[Related: Australians less likely to apply online for mortgages]

Homely integrates Well Home Loans into its platform
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