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
Comparison Rate*
Ongoing fee
Go to site
Company

2.17%

Variable

$785

2.20%

$0
Well Home Loans
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2.17%

Variable

$785

2.20%

$0
Well Home Loans
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2.22%

Fixed - 1 year

$785

2.21%

$0
Well Home Loans
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2.22%

Fixed - 2 years

$785

2.21%

$0
Well Home Loans
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2.22%

Fixed - 2 years

$785

2.21%

$0
Well Home Loans
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2.22%

Fixed - 1 year

$785

2.21%

$0
Well Home Loans
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2.27%

Fixed - 3 years

$785

2.23%

$0
Well Home Loans
More details

2.27%

Fixed - 3 years

$785

2.23%

$0
Well Home Loans
More details

2.69%

Fixed - 4 years

$785

2.37%

$0
Well Home Loans
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2.69%

Fixed - 4 years

$785

2.37%

$0
Well Home Loans
More details

2.69%

Fixed - 5 years

$785

2.41%

$0
Well Home Loans
More details

2.69%

Fixed - 5 years

$785

2.41%

$0
Well Home Loans
More details

2.52%

Variable

$785

2.55%

$0
Well Home Loans
More details

2.44%

Fixed - 3 years

$785

2.76%

$0
Well Home Loans
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2.44%

Fixed - 4 years

$785

2.76%

$0
Well Home Loans
More details

2.39%

Fixed - 2 years

$785

2.78%

$0
Well Home Loans
More details

2.39%

Fixed - 2 years

$785

2.78%

$0
Well Home Loans
More details

2.39%

Fixed - 1 year

$785

2.82%

$0
Well Home Loans
More details

2.39%

Fixed - 1 year

$785

2.82%

$0
Well Home Loans
More details

2.82%

Variable

$785

2.85%

$0
Well Home Loans
More details

2.82%

Variable

$785

2.85%

$0
Well Home Loans
More details

2.99%

Fixed - 4 years

$785

2.91%

$0
Well Home Loans
More details

2.99%

Fixed - 4 years

$785

2.91%

$0
Well Home Loans
More details

2.99%

Fixed - 5 years

$785

2.92%

$0
Well Home Loans
More details

2.99%

Fixed - 5 years

$785

2.92%

$0
Well Home Loans
More details

3.11%

Variable

$785

2.97%

$0
Well Home Loans
More details

2.69%

Fixed - 3 years

$785

3.04%

$0
Well Home Loans
More details

2.64%

Fixed - 2 years

$785

3.06%

$0
Well Home Loans
More details

2.64%

Fixed - 1 year

$785

3.10%

$0
Well Home Loans
More details

3.09%

Variable

$785

3.12%

$0
Well Home Loans
More details

3.24%

Fixed - 4 years

$785

3.19%

$0
Well Home Loans
More details

3.24%

Fixed - 5 years

$785

3.19%

$0
Well Home Loans
More details

4.24%

Variable

$785

3.21%

$0
Well Home Loans
More details

3.79%

Variable

$785

3.82%

$0
Well Home Loans
More details

3.19%

Fixed - 5 years

$785

3.85%

$0
Well Home Loans
More details

2.69%

Fixed - 3 years

$785

3.87%

$0
Well Home Loans
More details

3.19%

Fixed - 4 years

$785

3.92%

$0
Well Home Loans
More details

2.64%

Fixed - 2 years

$785

3.99%

$0
Well Home Loans
More details

2.64%

Fixed - 1 year

$785

4.12%

$0
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 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.

How do I know if I have to pay LMI?

Each lender has its own policies, but as a general rule you will have to pay lender’s mortgage insurance (LMI) if your loan-to-value ratio (LVR) exceeds 80 per cent. This applies whether you’re taking out a new home loan or you’re refinancing.

If you’re looking to buy a property, you can use this LMI calculator to work out how much you’re likely to be charged in LMI.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

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 personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time. 

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.

How can I get a home loan with no deposit?

Following the Global Financial Crisis, no-deposit loans, as they once used to be known, have largely been removed from the market. Now, if you wish to enter the market with no deposit, you will require a property of your own to secure a loan against or the assistance of a guarantor.

How much of the RBA rate cut do lenders pass on to borrowers?

When the Reserve Bank of Australia cuts its official cash rate, there is no guarantee lenders will then pass that cut on to lenders by way of lower interest rates. 

Sometimes lenders pass on the cut in full, sometimes they partially pass on the cut, sometimes they don’t at all. When they don’t, they often defend the decision by saying they need to balance the needs of their shareholders with the needs of their borrowers. 

As the attached graph shows, more recent cuts have seen less lenders passing on the full RBA interest rate cut; the average lender was more likely to pass on about two-thirds of the 25 basis points cut to its borrowers.  image002

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 an ombudsman?

An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.