Well Balanced Home Loan (Principal and Interest) (LVR 60%-80%)
- Last updated on 10 Apr 2020
based on $300,000 loan amount for 25 years
- No ongoing fees
- 100% full offset account
- Extra repayments + redraw services
- Free redraw facility
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Interest rate structure
$200k - $2m
Principal & interest
Loan term range
5 - 30 years
100% offset account
Unlimited extra repayments
Redraw fee: $0
Allows split interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Estimated upfront fees
Minimum SMSF Amount
$10 monthly fee applies for offset account
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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.
Your $100 gift card works just like a digital VISA debit card and can be used anywhere that these cards are accepted until its balance runs out.
An offset account functions as a transaction account that is linked to your home loan. The balance of this account is offset daily against the loan amount and reduces the amount of principal that you pay interest on.
By using an offset account it’s possible to reduce the length of your loan and the total amount of interest payed by thousands of dollars.
Example: If you have a mortgage of $500,000 but holding an offset account with $50,000, you will only pay interest on $450,000 rather then $500,000.