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'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.17 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

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

Well Home Loans home loans rates

Product
Advertised Rate
Total estimated upfront fees
Company
Comparison Rate*
Ongoing fee
Go to site

2.17%

Variable

$785
Well Home Loans

2.20%

$0
More details

2.17%

Variable

$785
Well Home Loans

2.20%

$0
More details

2.22%

Fixed - 1 year

$785
Well Home Loans

2.21%

$0
More details

2.22%

Fixed - 1 year

$785
Well Home Loans

2.21%

$0
More details

2.22%

Fixed - 2 years

$785
Well Home Loans

2.21%

$0
More details

2.22%

Fixed - 2 years

$785
Well Home Loans

2.21%

$0
More details

2.27%

Fixed - 3 years

$785
Well Home Loans

2.23%

$0
More details

2.27%

Fixed - 3 years

$785
Well Home Loans

2.23%

$0
More details

2.69%

Fixed - 4 years

$785
Well Home Loans

2.37%

$0
More details

2.69%

Fixed - 4 years

$785
Well Home Loans

2.37%

$0
More details

2.69%

Fixed - 5 years

$785
Well Home Loans

2.41%

$0
More details

2.69%

Fixed - 5 years

$785
Well Home Loans

2.41%

$0
More details

2.52%

Variable

$785
Well Home Loans

2.55%

$0
More details

2.44%

Fixed - 3 years

$785
Well Home Loans

2.76%

$0
More details

2.44%

Fixed - 4 years

$785
Well Home Loans

2.76%

$0
More details

2.39%

Fixed - 2 years

$785
Well Home Loans

2.78%

$0
More details

2.39%

Fixed - 2 years

$785
Well Home Loans

2.78%

$0
More details

2.39%

Fixed - 1 year

$785
Well Home Loans

2.82%

$0
More details

2.39%

Fixed - 1 year

$785
Well Home Loans

2.82%

$0
More details

2.82%

Variable

$785
Well Home Loans

2.85%

$0
More details

2.82%

Variable

$785
Well Home Loans

2.85%

$0
More details

2.99%

Fixed - 4 years

$785
Well Home Loans

2.91%

$0
More details

2.99%

Fixed - 4 years

$785
Well Home Loans

2.91%

$0
More details

2.99%

Fixed - 5 years

$785
Well Home Loans

2.92%

$0
More details

2.99%

Fixed - 5 years

$785
Well Home Loans

2.92%

$0
More details

3.11%

Variable

$785
Well Home Loans

2.97%

$0
More details

2.69%

Fixed - 3 years

$785
Well Home Loans

3.04%

$0
More details

2.64%

Fixed - 2 years

$785
Well Home Loans

3.06%

$0
More details

2.64%

Fixed - 1 year

$785
Well Home Loans

3.10%

$0
More details

3.09%

Variable

$785
Well Home Loans

3.12%

$0
More details

3.24%

Fixed - 4 years

$785
Well Home Loans

3.19%

$0
More details

3.24%

Fixed - 5 years

$785
Well Home Loans

3.19%

$0
More details

4.24%

Variable

$785
Well Home Loans

3.21%

$0
More details

3.79%

Variable

$785
Well Home Loans

3.82%

$0
More details

3.19%

Fixed - 5 years

$785
Well Home Loans

3.85%

$0
More details

2.69%

Fixed - 3 years

$785
Well Home Loans

3.87%

$0
More details

3.19%

Fixed - 4 years

$785
Well Home Loans

3.92%

$0
More details

2.64%

Fixed - 2 years

$785
Well Home Loans

3.99%

$0
More details

2.64%

Fixed - 1 year

$785
Well Home Loans

4.12%

$0
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 Well 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

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.

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.

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 is a guarantor?

A guarantor is someone who provides a legally binding promise that they will pay off a mortgage if the principal borrower fails to do so.

Often, guarantors are parents in a solid financial position, while the principal borrower is a child in a weaker financial position who is struggling to enter the property market.

Lenders usually regard borrowers as less risky when they have a guarantor – and therefore may charge lower interest rates or even approve mortgages they would have otherwise rejected.

However, if the borrower falls behind on their repayments, the lender might chase the guarantor for payment. In some circumstances, the lender might even seize and sell the guarantor’s property to recoup their money.

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.

What is breach of contract?

A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

What happens when you default on your mortgage?

A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

You may also want to talk to a financial counsellor. 

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

Mortgage Calculator, Repayment Type

Will you pay off the amount you borrowed + interest or just the interest for a period?

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.

Why was Real Time Ratings developed?

Real Time RatingsTM was developed to save people time and money. A home loan is one of the biggest financial decisions you will ever make – and one of the most complicated. Real Time RatingsTM is designed to help you find the right loan. Until now, there has been no place borrowers can benchmark the latest rates and offers when they hit the market. Rates change all the time now and new offers hit the market almost daily, we saw the need for a way to compare these new deals against the rest of the market and make a more informed decision.

What is a debt service ratio?

A method of gauging a borrower’s home loan serviceability (ability to afford home loan repayments), the debt service ratio (DSR) is the fraction of an applicant’s income that will need to go towards paying back a loan. The DSR is typically expressed as a percentage, and lenders may decline loans to borrowers with too high a DSR (often over 30 per cent).