Well Home Loans cuts fixed rates to 2.74%

Well Home Loans has shaken up the mortgage market by unveiling the lowest two-year and three-year fixed rates in Australia.

Well Home Loans has reduced the two-year rate and three-year rate for its Well Balanced owner-occupied mortgage to 2.74 per cent.

The comparison rate for the two-year Well Balanced home loan is 2.96 per cent, while the comparison rate for the three-year Well Balanced home loan is 2.94 per cent.

The criteria for the Well Balanced loan include:

• Loan size of $200,000 to $2 million
• Maximum loan-to-value ratio (LVR) of 90 per cent
• Establishment fee of $250
• No ongoing fees
• Redraw facility included
• Offset account optional (for $10 monthly fee)

Here’s how much borrowers would have to repay with a 30-year Well Balanced loan:

Data accurate as at 5th September 2019

Other lenders also offering low-rate fixed home loans

Some of the other lowest two-year fixed rates in Australia include:

• Kogan Money 2.77 per cent (comparison rate 3.41 per cent)
• Reduce Home Loans 2.79 per cent (3.06 per cent)
• Mortgage House 2.79 per cent (3.46 per cent)
• RACQ Bank 2.90 per cent (4.40 per cent)

Some of the other lowest three-year fixed rates in Australia include:

• Kogan Money 2.77 per cent (comparison rate 3.41 per cent)
• Reduce Home Loans 2.79 per cent (3.04 per cent)
• Mortgage House 2.79 per cent (3.46 per cent)
• RACQ Bank 2.80 per cent (4.27 per cent)

If you opt for a fixed rate home loan, you need to be aware that these rates are only fixed for a certain number of years, as stipulated in your lender’s PDS. After the fixed rate period ends, your rates will revert to a variable rate.

Please note that the home loan with the lowest interest rate won’t always be the best home loan for your situation. 

Compare home loans in Australia