Well Balanced Home Loan (Principal and Interest) (LVR 60%-80%)
- Last updated on 10 Apr 2020
Discount Variable Home Loan
Make the move to UBank's award winning home loan
2.59%
Variable
2.59%
Owner Occupier Discounted Variable Rate
2.47%
Variable
2.50%
$984
based on $300,000 loan amount for 25 years
Pros
- No ongoing fees
- 100% full offset account
- Extra repayments + redraw services
- Free redraw facility
Cons
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Maximum LVR 80% | Interest rate structure Variable |
Borrowing range $200k - $2m | Total Repayments $354,240 |
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 |
$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.
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FAQs
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.