Frequently asked questions

Discover answers to frequently asked questions about home loans and equity release with Wellman Finance.

Your questions. Our answers

Straightforward guidance on home loans, refinancing, and mortgage advice, so you can make confident financial decisions.

First home loans Melbourne FAQs

1. How much deposit do I need as a first-home buyer?

Most lenders prefer a 20% deposit, but many first-home buyers secure a loan with as little as 5% and in some cases even less through government schemes. A broker can help you understand your options and how your deposit size affects your borrowing power and repayments. You can read more about first home loans here.

2. Am I eligible for any first-home buyer grants or government schemes?

Depending on your state and circumstances, you may be eligible for incentives such as the First Home Owner Grant (FHOG), stamp duty concessions, or the First Home Guarantee (FHBG). We can help assess your eligibility and guide you through the application process.

3. How much can I borrow as a first-home buyer?

Your borrowing capacity depends on factors like income, living expenses, debts, deposit amount, and credit history. A mortgage broker can calculate your borrowing power across multiple lenders so you know exactly what you can afford before you start house-hunting.

4. What costs should I expect besides the deposit?

First-home buyers should budget for costs such as stamp duty (if applicable), conveyancing, building and pest inspections, loan setup fees, mortgage insurance (LMI if your deposit is under 20%), and moving expenses. We’ll help you map out the full cost breakdown upfront.

5. Should I get pre-approval before making an offer?

Yes-pre-approval gives you clarity on your borrowing limit and shows sellers you’re a serious buyer. It also helps speed up the final approval process once you find the right property. Contact us to find out why we are the experts in first home loans Melbourne. We can organise your pre-approval and ensure everything is in order.

Download your free first home buyer guide

Buying your first home is exciting but can feel overwhelming. This guide breaks the process into clear, practical steps so you can move forward with confidence. With the right preparation, your first home is closer than you think.

Equity release mortgage Melbourne FAQs

1. What is an equity release?

An equity release is where you take a new loan to release equity (new funds) against an existing property that you own. You can read more about equity releases mortgages here.

2. How do I take cash out/release equity?

The first thing we need to know is the value of your property and your current lending against this property. This will then determine how much equity/cash out you can access.

3. What can I use an equity release loan for?

You can use it for a number of purposes, these include as a deposit for a new property purchase, home renovations/upgrades and for investment purposes to purchase shares or managed funds.

4. How do I structure my equity release loan?

This will be determined by the purpose of your equity loan. If it is for a different purpose than your existing loan, then we will structure this equity loan as a new separate loan split. You also woll have the option of Principal and Interest or Interest only repayments. Interest only is most common when your new equity release loan is for investment purposes.

5. Where do I start?

Contact us to find out why we are the experts in Equity release mortgages Melbourne and we will arrange some valuations on your property with some different banks and lenders. We will also look at your additional borrowing capacity, as you will need to have enough income to service your new equity loan.

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