Maximum LVR | Maximum LVR 80% |
|---|---|
Interest rate structure | Interest rate structure Variable |
Borrowing range | |
Total repayments | |
Principal & interest | Principal & interest |
Interest only | Interest only |
Loan term | Loan term 5 - 30 years |
Offset account | Offset account |
Extra repayments | Extra repayments Unlimited extra repayments |
Redraw facility | Redraw facility Redraw fee: $0 |
Allows split interest | Allows split interest |
Suitable For | Suitable ForOwner Occupiers |
Applicable States | Applicable StatesACT, NSW, NT, QLD, SA, TAS, VIC, WA |
Make Repayments | Make RepaymentsFortnightly, Monthly, Weekly |
Estimated upfront fees | Estimated upfront fees $500.00 |
Application fee | Application fee $250 |
Settlement fee | Settlement fee $250 |
Valuation fee | Valuation fee $0 |
Legal fee | Legal fee $0 |
Ongoing fee | Ongoing fee $0 |
Discharge fee | Discharge fee $300 |
Property Type | Property Type |
SMSF Trustee | SMSF Trustee |
Minimum SMSF Amount | Minimum SMSF Amount |
Maximum LVR | Maximum LVR 80% |
|---|---|
Interest rate structure | Interest rate structure Variable |
Borrowing range | |
Total repayments | |
Principal & interest | Principal & interest |
Interest only | Interest only |
Loan term | Loan term 5 - 30 years |
Offset account | Offset account |
Extra repayments | Extra repayments Unlimited extra repayments |
Redraw facility | Redraw facility Redraw fee: $0 |
Allows split interest | Allows split interest |
Suitable For | Suitable ForOwner Occupiers |
Applicable States | Applicable StatesACT, NSW, NT, QLD, SA, TAS, VIC, WA |
|---|---|
Make Repayments | Make RepaymentsFortnightly, Monthly, Weekly |
Estimated upfront fees | Estimated upfront fees $500.00 |
Application fee | Application fee $250 |
Settlement fee | Settlement fee $250 |
Valuation fee | Valuation fee $0 |
Legal fee | Legal fee $0 |
Ongoing fee | Ongoing fee $0 |
Discharge fee | Discharge fee $300 |
Property Type | Property Type |
SMSF Trustee | SMSF Trustee |
Minimum SMSF Amount | 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.
