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Pros and cons

  • Very low interest rates for some borrowers
  • Offset account may be available
  • 90% LVR option available
  • High interest rates for some borrowers
  • High application fees for some loans
  • Extra fee for offset account on some loans

Owner occupied Well Money home loan rates

TMD

Loan typePrincipal & Interest rateInterest Only
Well Balanced (Min Deposit 20%)
2.6% p.a.
2.63% p.a. Comparison rate
3.79% p.a.
2.74% p.a. Comparison rate
1 Year Well Balanced (Min Deposit 20%)
n/a
5.99% p.a.
4.03% p.a. Comparison rate
2 Year Well Balanced (Min Deposit 20%)
n/a
6.19% p.a.
4.26% p.a. Comparison rate
3 Year Well Balanced (Min Deposit 20%)
n/a
6.34% p.a.
4.5% p.a. Comparison rate
4 Year Well Balanced (Min Deposit 20%)
n/a
6.39% p.a.
4.73% p.a. Comparison rate
5 Year Well Balanced (Min Deposit 20%)
n/a
6.64% p.a.
5.03% p.a. Comparison rate
Well Balanced (Min Deposit 40%)
2.57% p.a.
2.6% p.a. Comparison rate
n/a
1 Year Well Balanced (Min Deposit 10%)
4.64% p.a.
2.81% p.a. Comparison rate
n/a
2 Year Well Balanced (Min Deposit 10%)
5.34% p.a.
3.11% p.a. Comparison rate
n/a
Well Balanced (Min Deposit 10%)
3.27% p.a.
3.3% p.a. Comparison rate
n/a
3 Year Well Balanced (Min Deposit 10%)
5.79% p.a.
3.45% p.a. Comparison rate
n/a
4 Year Well Balanced (Min Deposit 10%)
6.09% p.a.
3.81% p.a. Comparison rate
n/a
5 Year Well Balanced (Min Deposit 10%)
6.09% p.a.
4.07% p.a. Comparison rate
n/a

Investment purpose Well Money home loan rates

TMD

Loan typePrincipal & Interest rateInterest Only
Well Balanced (Min Deposit 20%)
2.92% p.a.
2.95% p.a. Comparison rate
3.24% p.a.
2.98% p.a. Comparison rate
1 Year Well Balanced (Min Deposit 20%)
n/a
4.94% p.a.
3.43% p.a. Comparison rate
2 Year Well Balanced (Min Deposit 20%)
n/a
5.64% p.a.
3.7% p.a. Comparison rate
3 Year Well Balanced (Min Deposit 20%)
n/a
6.09% p.a.
4.02% p.a. Comparison rate
4 Year Well Balanced (Min Deposit 20%)
n/a
6.44% p.a.
4.37% p.a. Comparison rate
5 Year Well Balanced (Min Deposit 20%)
n/a
6.49% p.a.
4.64% p.a. Comparison rate
1 Year Well Balanced (Min Deposit 10%)
4.84% p.a.
3.12% p.a. Comparison rate
n/a
2 Year Well Balanced (Min Deposit 10%)
5.54% p.a.
3.41% p.a. Comparison rate
n/a
Well Balanced (Min Deposit 10%)
3.62% p.a.
3.65% p.a. Comparison rate
n/a
3 Year Well Balanced (Min Deposit 10%)
5.99% p.a.
3.75% p.a. Comparison rate
n/a
4 Year Well Balanced (Min Deposit 10%)
6.24% p.a.
4.08% p.a. Comparison rate
n/a
5 Year Well Balanced (Min Deposit 10%)
6.29% p.a.
4.36% p.a. Comparison rate
n/a

Well Money home loan calculator

Thinking about taking out a home loan with Well Money? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Well Money home loans compare with other options.

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With a repayment type

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Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.57%

Total interest payable

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Total loan repayments

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About Well Money home loans

Well Money provides mortgages to owner-occupiers and investors, with a range of interest rate options:

  • Variable rate home loans
  • Fixed rate home loans
  • Principal and interest mortgages
  • Interest-only mortgages

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 10 per cent deposit. Different Well Money products come with different fees.

Well Money 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 Money home loans review

Several of Well Money’s home loans charge no ongoing fees, unless you want an offset account, which may be an extra charge. 

Borrowers may be able to make extra repayments to help pay their home loan faster, and have access to these payments when they need them thanks to a redraw facility. Split loan options are also available. 

Keep in mind that borrowers may also need to budget for higher than average upfront fees. 

Learn more about home loans

What are the different types of home loan interest rates?

A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan. 

Having understood what are home loan rates in general, here are the two types you usually have with a home loan:

Fixed rates

These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.

Variable rates

With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments. 

Do you compare mortgages using the comparison or advertised rate?

A lot of Australians compare home loans using the advertised interest rate, which indicates how much interest you’ll be charged on your mortgage repayments. The lower your rate, the cheaper your home loan should be.

However, interest charges aren’t the only cost associated with home loans. Most mortgage lenders also charge fees on their home loans. A mortgage with a low interest rate and high fees can sometimes cost more than a mortgage with a high interest rate and low fees.

A home loan’s comparison rate combines the cost of interest with the cost of standard fees and charges into a single percentage rate. Mortgage lenders are required to display a comparison rate alongside their advertised rate to better indicate the home loan’s overall cost.

Keep in mind that to ensure consistency, all comparison rates are calculated assuming a $150,000 principal and interest mortgage with a 25 year term. As your home loan may be different, the comparison rate may not accurately reflect exactly how much your home loan may cost. Also, the comparison rate doesn’t include every home loan fee and charge, so it’s still important to compare home loans and read the fine print before you apply.

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.

Is the lowest home loan rate always the cheapest?

The home loan with the lowest interest rate may not always be the cheapest mortgage option for you. Sometimes a home loan with a low interest rate may charge high fees, which may cost more in total than a mortgage with a higher interest rate and no fees.

Consider checking the comparison rate, which combines interest and standard fees, to get a better idea of the overall cost of different home loan options.

Are fixed rates or variable rates cheaper?

Fixed and variable home loan interest rates are discretionary based on the lender’s decision. They will also be influenced by the Australian economy, as well as the Reserve Bank of Australia’s cash rate. The specific interest rate you may be offered will also depend on your credit history and financial situation.

Whether a fixed or variable rate home loan is the cheaper option for you will depend on all the above, and may still fluctuate over a 25-year home loan term. Therefore, it’s worth comparing your loan options with our comparison tables to see how the rates compare, based on your specific financial needs.

What is a mortgage rate?

The interest rate on a home loan is sometimes called the mortgage rate. This percentage indicates how much interest the lender will charge you with each home loan repayment. Your interest rate is effectively the “cost” of “buying” the money you’re using to buy a property – the higher your mortgage rate, the more your home loan repayments may cost.

Using a home loan calculator, you can estimate how much your home loan repayments may cost, based on your mortgage rate, loan term, and loan amount. This may also be affected by whether you’re making principal and interest repayments or interest-only repayments, if you have a fixed rate or variable rate mortgage, and any fees and other charges that may apply.

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

How do you find cheap home loans?

With so many interest rate options and repayment types available, finding the cheapest home loan may depend on the type of loan you choose.

Whether you’re looking for an owner-occupier or investor loan, with interest-only or principal and interest repayments, on a fixed or variable interest rate, the cheapest home loan rate available may vary greatly.

One way to find the cheapest option for you is to narrow down your search and compare the options that best suit your individual requirements. RateCity’s home loan comparison tables can help you get started on your search and take the hassle out of shopping around.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

How do you compare home loans?

To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.

Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.

Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.

What is the best interest rate for a mortgage?

The fastest way to find out what the lowest interest rates on the market are is to use a comparison website.

While a low interest rate is highly preferable, it is not the only factor that will determine whether a particular loan is right for you.

Loans with low interest rates can often include hidden catches, such as high fees or a period of low rates which jumps up after the introductory period has ended.

To work out the best value for money, have a look at a loan’s comparison rate and read the fine print to get across all the fees and charges that you could be theoretically charged over the life of the loan.

If a mortgage rate changes, will it affect your repayments?

If you have a variable rate home loan, changes to your mortgage rate may affect the cost of your repayments. Rising interest rate could cost you more in interest charges, while interest rate cuts could see you paying less interest on your home loan.

If you have a fixed rate home loan, your interest charges will stay the same during the fixed interest period, regardless of whether the lender’s variable rates rise or fall. Once the fixed rate term expires, your loan will revert to a variable rate, so be prepared in case of bill shock.

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.