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.
Well Home Loans home loans rates
- 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
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:
- Variable-rate home loans
- Fixed-rate home loans
- Principal-and-interest mortgages
- Interest-only mortgages
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’.
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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.