Well Home Loans is a non-bank lender with a history stretching back more than 40 years. Well Home Loans is an online-only provider, so it doesn’t have any branches.

Like a lot of other online-only providers, Well Home Loans offers low-rate mortgages for ‘vanilla’ borrowers. However, it also has home loans that cater to specialist borrowers and bad credit borrowers.

Well Home Loans specialises in mortgages – it doesn’t offer any other products.

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Well Home Loans home loans rates

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

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’.

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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