Well Home Loans home loan repayment calculator

Thinking about taking out a home loan with Well Home Loans? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Well Home Loans home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 1.84%

Total interest payable

$0

Total loan repayments

$0

Pros and cons

  • Very low interest rates for some borrowers
  • Offset account may be available
  • 95% LVR option available
  • High interest rates for some borrowers
  • High application fees for some loans
  • Mortgage risk fee for some borrowers

Well Home Loans home loans rates

Advertised Rate

1.87

% p.a

Variable

Total estimated upfront fees
$400
Comparison Rate*

1.90

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

1.84

% p.a

Fixed - 1 year

Total estimated upfront fees
$785
Comparison Rate*

2.01

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

1.95

% p.a

Fixed - 2 years

Total estimated upfront fees
$785
Comparison Rate*

2.02

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

1.99

% p.a

Variable

Total estimated upfront fees
$785
Comparison Rate*

2.02

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.14

% p.a

Fixed - 3 years

Total estimated upfront fees
$785
Comparison Rate*

2.06

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.79

% p.a

Fixed - 4 years

Total estimated upfront fees
$785
Comparison Rate*

2.28

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.14

% p.a

Fixed - 2 years

Total estimated upfront fees
$785
Comparison Rate*

2.32

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.24

% p.a

Fixed - 1 year

Total estimated upfront fees
$785
Comparison Rate*

2.35

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.32

% p.a

Variable

Total estimated upfront fees
$785
Comparison Rate*

2.35

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.34

% p.a

Fixed - 3 years

Total estimated upfront fees
$785
Comparison Rate*

2.36

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.49

% p.a

Variable

Total estimated upfront fees
$785
Comparison Rate*

2.37

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.94

% p.a

Fixed - 5 years

Total estimated upfront fees
$785
Comparison Rate*

2.39

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 2 years

Total estimated upfront fees
$785
Comparison Rate*

2.52

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.49

% p.a

Fixed - 1 year

Total estimated upfront fees
$785
Comparison Rate*

2.52

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.99

% p.a

Variable

Total estimated upfront fees
$785
Comparison Rate*

2.52

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.54

% p.a

Fixed - 3 years

Total estimated upfront fees
$785
Comparison Rate*

2.54

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.52

% p.a

Variable

Total estimated upfront fees
$785
Comparison Rate*

2.55

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.14

% p.a

Fixed - 4 years

Total estimated upfront fees
$785
Comparison Rate*

2.62

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.14

% p.a

Fixed - 5 years

Total estimated upfront fees
$785
Comparison Rate*

2.67

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.24

% p.a

Fixed - 4 years

Total estimated upfront fees
$785
Comparison Rate*

2.77

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.24

% p.a

Fixed - 5 years

Total estimated upfront fees
$785
Comparison Rate*

2.82

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.87

% p.a

Variable

Total estimated upfront fees
$785
Comparison Rate*

2.90

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.09

% p.a

Variable

Total estimated upfront fees
$785
Comparison Rate*

3.12

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.79

% p.a

Variable

Total estimated upfront fees
$785
Comparison Rate*

3.82

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.19

% p.a

Fixed - 5 years

Total estimated upfront fees
$785
Comparison Rate*

3.85

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 3 years

Total estimated upfront fees
$785
Comparison Rate*

3.87

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.19

% p.a

Fixed - 4 years

Total estimated upfront fees
$785
Comparison Rate*

3.92

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.64

% p.a

Fixed - 2 years

Total estimated upfront fees
$785
Comparison Rate*

3.99

% p.a

Ongoing fee
$0
Go to site
More details

About Well Home Loans home loans

Well Home Loans provides mortgages to owner-occupiers and investors, as well as those who are interested in refinancing and debt consolidation.

Well Home Loans offers three different types of mortgages aimed at three different types of customer:

  • Borrowers who have a good credit history and can provide evidence of their income
  • Borrowers who have had some credit blemishes in the past, but not in the past two years
  • Borrowers who are in ‘bad credit’

Well Home Loans has a range of interest rate options:

Depending on your loan type and your borrowing profile, you may be able to access an offset account and redraw facility, and you may be able to take out a mortgage with as little as a 5 per cent deposit. Different Well Home Loans products come with different fees.

Well Home Loans home loan rates

Well Home Loans interest rates range from very low to high, depending on the creditworthiness of the borrower and the type of loan they want.

Well Home Loans’ ‘vanilla’ mortgage product, which is aimed at borrowers with a good credit history, has a very low interest rate. Well Home Loans also has mortgages designed for borrowers who have had some credit blemishes in the past or who are currently in ‘bad credit’. These have high interest rates.

Well Home Loans generally follows these criteria when setting interest rates:

  • Principal-and-interest mortgages have lower interest rates than interest-only mortgages
  • Owner-occupied mortgages have lower interest rates than investment mortgages
  • Home loans with low LVRs (loan-to-value ratios) have lower interest rates than home loans with high LVRs
  • Borrowers with better credit histories receive lower interest rates than borrowers with worse credit histories

Well Home Loans home loans review

Well Home Loans targets three different types of customer:

  • Borrowers who have a good credit history and can provide evidence of their income - they generally receive very low interest rates
  • Borrowers who have had some credit blemishes in the past, but not in the past two years - they generally receive high interest rates
  • Borrowers who are in ‘bad credit’ - they generally receive high interest rates

Well Home Loans’ ‘vanilla’ loan has no upfront fee and no ongoing fee - unless you want an offset account, in which case you pay a moderate monthly fee.

The mortgage aimed at borrowers who have had some credit blemishes in the past comes with a high upfront fee, a moderate monthly fee and an ongoing ‘mortgage risk fee’.

The mortgage aimed at bad credit borrowers also has a high upfront fee, a moderate monthly fee and an ongoing ‘mortgage risk fee’.

Learn more about home loans

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

What are the different types of home loan interest rates?

A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan. 

Having understood what are home loan rates in general, here are the two types you usually have with a home loan:

Fixed rates

These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.

Variable rates

With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments. 

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

Does Australia have no-deposit home loans?

Australia no longer has no-deposit home loans – or 100 per cent home loans as they’re also known – because they’re regarded as too risky.

However, some lenders allow some borrowers to take out mortgages with a 5 per cent deposit.

Another option is to source a deposit from elsewhere – either by using a parental guarantee or by drawing out equity from another property.

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

What are the responsibilities of a mortgage broker?

Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.

In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).

These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for,  actually meet your needs, and don’t prove unnecessarily challenging for you.

Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

How to apply for a home loan pre-approval from St. George?

By applying for a home loan pre-approval, you can establish how much you can afford to borrow and look for houses within that pre-approved budget. Getting home loan pre-approval from St. George is a fairly simple process that can be completed within 15 minutes. 

The first step in this process is completing a home loan application. Once that application is submitted, a home loan expert from St. George will contact you to understand your requirements and your current financial position. You could also directly contact a home loan expert at the bank by calling 13 33 30 or by visiting your nearest branch. 

Once the application has been processed, the home loan expert will ask for some basic documentation to confirm your borrowing capacity. After this, you should be issued a home loan pre-approval, subject to certain conditions. 

Based on your home loan pre-approval from St. George, you can then find a property and make an offer. Your home loan expert will arrange to have the property valued and may request for more documentation, taking your home loan application to the next step.