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 5.00%

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

1.99%

Fixed - 2 years

Total estimated upfront fees
$785
Comparison Rate*

2.17%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

1.99%

Fixed - 2 years

Total estimated upfront fees
$785
Comparison Rate*

2.17%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.04%

Fixed - 3 years

Total estimated upfront fees
$785
Comparison Rate*

2.17%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.04%

Fixed - 3 years

Total estimated upfront fees
$785
Comparison Rate*

2.17%

Ongoing fee
$0
Go to site
Company
Well Home Loans

Winner of Best 3 year fixed pi, RateCity Gold Awards 2021

More details
Advertised Rate

1.94%

Fixed - 1 year

Total estimated upfront fees
$785
Comparison Rate*

2.18%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

1.94%

Fixed - 1 year

Total estimated upfront fees
$785
Comparison Rate*

2.18%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.17%

Variable

Total estimated upfront fees
$785
Comparison Rate*

2.20%

Ongoing fee
$0
Go to site
Company
Well Home Loans

Winner of Best variable, Best refinance home loan, RateCity Gold Awards 2021

More details
Advertised Rate

2.17%

Variable

Total estimated upfront fees
$785
Comparison Rate*

2.20%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.69%

Fixed - 4 years

Total estimated upfront fees
$785
Comparison Rate*

2.37%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.69%

Fixed - 4 years

Total estimated upfront fees
$785
Comparison Rate*

2.37%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.26%

Fixed - 1 year

Total estimated upfront fees
$785
Comparison Rate*

2.39%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.26%

Fixed - 1 year

Total estimated upfront fees
$785
Comparison Rate*

2.39%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.36%

Fixed - 3 years

Total estimated upfront fees
$785
Comparison Rate*

2.39%

Ongoing fee
$0
Go to site
Company
Well Home Loans

Winner of Best 3 year investor fixed pi, RateCity Gold Awards 2021

More details
Advertised Rate

2.36%

Fixed - 2 years

Total estimated upfront fees
$785
Comparison Rate*

2.39%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.36%

Fixed - 2 years

Total estimated upfront fees
$785
Comparison Rate*

2.39%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.36%

Variable

Total estimated upfront fees
$785
Comparison Rate*

2.39%

Ongoing fee
$0
Go to site
Company
Well Home Loans

Winner of Best investment home loan, RateCity Gold Awards 2021

More details
Advertised Rate

2.36%

Fixed - 3 years

Total estimated upfront fees
$785
Comparison Rate*

2.39%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.69%

Fixed - 5 years

Total estimated upfront fees
$785
Comparison Rate*

2.41%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.69%

Fixed - 5 years

Total estimated upfront fees
$785
Comparison Rate*

2.41%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.69%

Variable

Total estimated upfront fees
$785
Comparison Rate*

2.52%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.99%

Variable

Total estimated upfront fees
$785
Comparison Rate*

2.52%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.52%

Variable

Total estimated upfront fees
$785
Comparison Rate*

2.55%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.99%

Fixed - 4 years

Total estimated upfront fees
$785
Comparison Rate*

2.60%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.99%

Fixed - 4 years

Total estimated upfront fees
$785
Comparison Rate*

2.60%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.99%

Fixed - 5 years

Total estimated upfront fees
$785
Comparison Rate*

2.64%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.99%

Fixed - 5 years

Total estimated upfront fees
$785
Comparison Rate*

2.64%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.87%

Variable

Total estimated upfront fees
$785
Comparison Rate*

2.90%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.59%

Fixed - 3 years

Total estimated upfront fees
$785
Comparison Rate*

3.01%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.59%

Fixed - 2 years

Total estimated upfront fees
$785
Comparison Rate*

3.05%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.49%

Fixed - 1 year

Total estimated upfront fees
$785
Comparison Rate*

3.09%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

3.09%

Variable

Total estimated upfront fees
$785
Comparison Rate*

3.12%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

3.24%

Fixed - 5 years

Total estimated upfront fees
$785
Comparison Rate*

3.19%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

3.24%

Fixed - 4 years

Total estimated upfront fees
$785
Comparison Rate*

3.19%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

3.79%

Variable

Total estimated upfront fees
$785
Comparison Rate*

3.82%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

3.19%

Fixed - 5 years

Total estimated upfront fees
$785
Comparison Rate*

3.85%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.69%

Fixed - 3 years

Total estimated upfront fees
$785
Comparison Rate*

3.87%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

3.19%

Fixed - 4 years

Total estimated upfront fees
$785
Comparison Rate*

3.92%

Ongoing fee
$0
Go to site
Company
Well Home Loans
More details
Advertised Rate

2.64%

Fixed - 2 years

Total estimated upfront fees
$785
Comparison Rate*

3.99%

Ongoing fee
$0
Go to site
Company
Well Home Loans
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

How can I get ANZ home loan pre-approval?

Shopping for a new home is an exciting experience and getting a pre-approval on the loan may give you the peace of mind that you are looking at properties within your budget. 

At the time of applying for the ANZ Bank home loan pre-approval, you will be required to provide proof of employment and income, along with records of your savings and debts.

An ANZ home loan pre-approval time frame is usually up to three months. However, being pre-approved doesn’t necessarily mean you will get your home loan. Other factors could lead to your home loan application being rejected, even with a prior pre-approval. Some factors include the property evaluation not meeting the bank’s criteria or a change in your financial circumstances.

You can make an application for ANZ home loan pre-approval online or call on 1800100641 Mon-Fri 8.00 am to 8.00 pm (AEST).

Why should I get an ING home loan pre-approval?

When you apply for an ING home loan pre-approval, you might be required to provide proof of employment and income, savings, as well as details on any on-going debts. The lender could also make a credit enquiry against your name. If you’re pre-approved, you will know how much money ING is willing to lend you. 

Please note, however, that a pre-approval is nothing more than an idea of your ability to borrow funds and is not the final approval. You should receive the home loan approval  only after finalising the property and submitting a formal loan application to the lender, ING. Additionally, a pre-approval does not stay valid indefinitely, since your financial circumstances and the home loan market could change overnight.

 

 

Can I get a NAB home loan on casual employment?

While many lenders consider casual employees as high-risk borrowers because of their fluctuating incomes, there are a few specialist lenders, such as NAB, which may provide home loans to individuals employed on a casual basis. A NAB home loan for casual employment is essentially a low doc home loan specifically designed to help casually employed individuals who may be unable to provide standard financial documents. However, since such loans are deemed high risk compared to regular home loans, you could be charged higher rates and receive lower maximum LVRs (Loan to Value Ratio, which is the loan amount you can borrow against the value of the property).

While applying for a home loan as a casual employee, you will likely be asked to demonstrate that you've been working steadily and might need to provide group certificates for the last two years. It is at the lender’s discretion to pick either of the two group certificates and consider that to be your income. If you’ve not had the same job for several years, providing proof of income could be a bit of a challenge for you. In this scenario, some lenders may rely on your year to date (YTD) income, and instead calculate your yearly income from that.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

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.

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.

Can I apply for an ANZ non-resident home loan? 

You may be eligible to apply for an ANZ non-resident home loan only if you meet the following two conditions:

  1. You hold a Temporary Skill Shortage (TSS) visa or its predecessor, the Temporary Skilled Work (subclass 457) visa.
  2. Your job is included in the Australian government’s Medium and Long Term Strategic Skills List. 

However, non-resident home loan applications may need Foreign Investment Review Board (FIRB) approval in addition to meeting ANZ’s Mortgage Credit Requirements. Also, they may not be eligible for loans that require paying for Lender’s Mortgage Insurance (LMI). As a result, you may not be able to borrow more than 80 per cent of your home’s value. However, you can apply as a co-borrower with your spouse if they are a citizen of either Australia or New Zealand, or are a permanent resident.

How long does Bankwest take to approve home loans?

Full approval for a home loan usually involves a property valuation, which, Bankwest suggests, can take “a week or two”. As a result, getting your home loan approved may take longer. However, you may get full approval within this time if you applied for and received conditional approval, sometimes called a pre-approval, from Bankwest before finalising the home you want to buy.  

Another way of speeding up approvals can be by completing, signing, and submitting your home loan application digitally. Essentially, you give the bank or your mortgage broker a copy of your home’s sale contract and then complete the rest of the steps online. Bankwest has claimed this cuts the approval time to less than four days, although this may only happen if your income and credit history can be verified easily, or if your home’s valuation doesn’t take time.

How long does NAB home loan approval take?

The time required to get your home loan from NAB approved can vary based on a number of factors involved in the application process. 

Once you have applied for a home loan, a NAB specialist will contact you within 24 hours over the phone to take down relevant information, including your total income, debts (existing loans, credit cards, etc.), assets (car, shares, etc.), and your monthly expenses (food, utility bills, etc.). Your lender might also ask for information related to the property you want to purchase, including the type of dwelling and preferred postcode.

NAB will then verify all your information and check your credit score, and if the details stack up, you should be given a conditional approval certificate. This certificate stipulates how much money NAB is willing to lend you and is typically valid for 90 days. 

Once you have your conditional approval, you can start browsing for properties that you like and that fit within the budget that NAB has provided. After you find a suitable property, you’ll need to give a copy of the signed deed to NAB, following which you should get full approval and access to the funds. This process can take up to 4-6 weeks. 

Can I take a personal loan after a home loan?

Are you struggling to pay the deposit for your dream home? A personal loan can help you pay the deposit. The question that may arise in your mind is can I take a home loan after a personal loan, or can you take a personal loan at the same time as a home loan, as it is. The answer is that, yes, provided you can meet the general eligibility criteria for both a personal loan and a home loan, your application should be approved. Those eligibility criteria may include:

  • Higher-income to show repayment capability for both the loans
  • Clear credit history with no delays in bill payments or defaults on debts
  • Zero or minimal current outstanding debt
  • Some amount of savings
  • Proven rent history will be positively perceived by the lenders

A personal loan after or during a home loan may impact serviceability, however, as the numbers can seriously add up. Every loan you avail of increases your monthly installments and the amount you use to repay the personal loan will be considered to lower the money available for the repayment of your home loan.

As to whether you can get a personal loan after your home loan, the answer is a very likely "yes", though it does come with a caveat: as long as you can show sufficient income to repay both the loans on time, you should be able to get that personal loan approved. A personal loan can also help to improve your credit score showing financial discipline and responsibility, which may benefit you with more favorable terms for your home loan.

How to break up with your mortgage broker

If you find a mortgage broker giving you generic advice or trying to sell you a competitive offer from an unsuitable lender, you might be better off  breaking up with the mortgage broker and consulting someone else. Breaking up with a mortgage broker can be done over the phone, or via email. You can also raise a complaint, either with the broker’s aggregator or with the Australian Financial Complaints Authority as necessary.

As licensed industry professionals, mortgage brokers have the responsibility of giving you accurate advice so that you know what to expect when you apply for a home loan. You may have approached the mortgage broker, for instance, because you have questions about the terms of a home loan a lender offered you. 

You should remember that mortgage brokers are obliged by law to act in your best interests and as part of complying with The Australian Securities and Investments Commission’s (ASIC) regulations. If you feel you didn’t get the right advice from the mortgage broker, or that you lost money as a result of accepting the broker’s suggestions regarding a lender or home loan offer, you can file a complaint with the ASIC and seek compensation. 

When you first speak to a mortgage broker, consider asking them about their Lender Panel, which is the list of lenders they usually recommend and who may pay them a commission. This information can help you decide if the advice they give you has anything to do with the remuneration they may receive from one or more lenders.