Pros
Cons
Maximum LVR 80% | Interest rate structure Variable |
Borrowing range $200k - $2m Calculate how much you can borrow | Total Repayments $413,700 |
Principal & interest | Interest only |
Loan term range 5 - 30 years | Offset account 100% offset account |
Extra repayments Unlimited extra repayments | Redraw facility Redraw fee: $0 |
Allows split interest | Suitable For Owner Occupiers |
Applicable States ACT, NSW, NT, QLD, SA, TAS, VIC, WA | |
Estimated upfront fees $635 | Application fee $250 |
Settlement fee $0 | Valuation fee $0 |
Legal fee $385 | Ongoing fee $0 |
Discharge fee $300 | Property Type |
SMSF Trustee | Minimum SMSF Amount |
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.
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.
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.
