Well Home Loans home loan repayment calculator

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

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated repayments

at interest rate 2.97 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Very low interest rates for some borrowers
  • Offset account may be available
  • 95% LVR option available
  • High interest rates for some borrowers
  • High application fees for some loans
  • Mortgage risk fee for some borrowers

Well Home Loans home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.97%

Variable

$250

2.99%

$0
Well Home Loans
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2.99%

Fixed - 3 years

$250

3.00%

$0
Well Home Loans
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2.99%

Fixed - 2 years

$250

3.00%

$0
Well Home Loans
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2.99%

Fixed - 2 years

$250

3.00%

$0
Well Home Loans
More details

2.99%

Fixed - 3 years

$250

3.00%

$0
Well Home Loans
More details

3.63%

Fixed - 1 year

$250

3.05%

$0
Well Home Loans
More details

3.63%

Fixed - 1 year

$250

3.05%

$0
Well Home Loans
More details

3.07%

Variable

$250

3.09%

$0
Well Home Loans
More details

4.33%

Fixed - 1 year

$0

3.15%

$0
Well Home Loans
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4.39%

Fixed - 2 years

$0

3.27%

$0
Well Home Loans
More details

3.24%

Fixed - 2 years

$250

3.29%

$0
Well Home Loans
More details

3.24%

Fixed - 4 years

$250

3.29%

$0
Well Home Loans
More details

3.24%

Fixed - 2 years

$250

3.29%

$0
Well Home Loans
More details

3.24%

Fixed - 4 years

$250

3.29%

$0
Well Home Loans
More details

3.27%

Variable

$250

3.29%

$0
Well Home Loans
More details

4.43%

Fixed - 3 years

$0

3.39%

$0
Well Home Loans
More details

3.93%

Fixed - 1 year

$250

3.40%

$0
Well Home Loans
More details

3.93%

Fixed - 1 year

$250

3.40%

$0
Well Home Loans
More details

4.18%

Fixed - 1 year

$0

3.42%

$0
Well Home Loans
More details

3.89%

Fixed - 2 years

$0

3.44%

$0
Well Home Loans
More details

3.89%

Fixed - 3 years

$0

3.49%

$0
Well Home Loans
More details

4.49%

Fixed - 4 years

$250

3.49%

$0
Well Home Loans
More details

4.49%

Fixed - 4 years

$250

3.49%

$0
Well Home Loans
More details

3.74%

Variable

$0

3.51%

$0
Well Home Loans
More details

4.49%

Variable

$0

3.62%

$0
Well Home Loans
More details

4.59%

Fixed - 5 years

$250

3.63%

$0
Well Home Loans
More details

4.59%

Fixed - 5 years

$250

3.63%

$0
Well Home Loans
More details

4.93%

Fixed - 4 years

$0

3.67%

$0
Well Home Loans
More details

4.59%

Fixed - 4 years

$250

3.77%

$0
Well Home Loans
More details

4.59%

Fixed - 4 years

$250

3.77%

$0
Well Home Loans
More details

4.93%

Fixed - 5 years

$0

3.80%

$0
Well Home Loans
More details

4.69%

Fixed - 5 years

$250

3.90%

$0
Well Home Loans
More details

4.69%

Fixed - 5 years

$250

3.90%

$0
Well Home Loans
More details

5.35%

Fixed - 4 years

$0

4.03%

$0
Well Home Loans
More details

4.04%

Variable

$250

4.05%

$0
Well Home Loans
More details

5.35%

Fixed - 5 years

$0

4.17%

$0
Well Home Loans
More details

About Well Home Loans home loans

Well Home Loans provides mortgages to owner-occupiers and investors, as well as those who are interested in refinancing and debt consolidation.

Well Home Loans offers three different types of mortgages aimed at three different types of customer:

  • Borrowers who have a good credit history and can provide evidence of their income
  • Borrowers who have had some credit blemishes in the past, but not in the past two years
  • Borrowers who are in ‘bad credit’

Well Home Loans has a range of interest rate options:

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 5 per cent deposit. Different Well Home Loans products come with different fees.

Well Home Loans 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 Home Loans home loans review

Well Home Loans targets three different types of customer:

  • Borrowers who have a good credit history and can provide evidence of their income - they generally receive very low interest rates
  • Borrowers who have had some credit blemishes in the past, but not in the past two years - they generally receive high interest rates
  • Borrowers who are in ‘bad credit’ - they generally receive high interest rates

Well Home Loans’ ‘vanilla’ loan has no upfront fee and no ongoing fee - unless you want an offset account, in which case you pay a moderate monthly fee.

The mortgage aimed at borrowers who have had some credit blemishes in the past comes with a high upfront fee, a moderate monthly fee and an ongoing ‘mortgage risk fee’.

The mortgage aimed at bad credit borrowers also has a high upfront fee, a moderate monthly fee and an ongoing ‘mortgage risk fee’.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

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.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

Is the competition just for home loans? What about personal/car loans and credit cards?

This competition is currently for home loans only.

You may still be able to save money by checking the interest rates, fees, and charges on your personal loan, car loan or credit card – compare your options at RateCity.

But keep your eyes open – we may add options for car loans, personal loans, credit cards and more in the future.

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.

How will Real Time Ratings��_��__��_��___��_��__��_��____��_��__��_��___��_��__��_��______ help me find a new home loan?

The home loan market is complex. With almost 4,000 different loans on offer, it’s becoming increasingly difficult to work out which loans work for you.

That’s where Real Time RatingsTM can help. Our system automatically filters out loans that don’t fit your requirements and ranks the remaining loans based on your individual loan requirements and preferences.

Best of all, the ratings are calculated in real time so you know you’re getting the most current information.

Can you get a car loan as a single mum?

Mortgage Balance

The amount you currently owe your mortgage lender. If you are not sure, enter your best estimate.

What is appraised value?

An estimation of a property’s value before beginning the mortgage approval process. An appraiser (or valuer) is an expert who estimates the value of a property. The lender generally selects the appraiser or valuer before sanctioning the loan.

What is a loan-to-value ratio (LVR)?

A loan-to-value ratio (otherwise known as a Loan to Valuation Ratio or LVR), is a calculation lenders make to work out the value of your loan versus the value of your property, expressed as a percentage.   Lenders use this calculation to help assess your suitability for a home loan, and whether you need to pay lender’s mortgage insurance (LMI). As a general rule, most banks will require you to pay LMI if your loan-to-value ratio is 80 per cent or more.   LVR is worked out by dividing the loan amount by the value of the property. If you are looking for a quick ball-park estimate of LVR, the size of your deposit is a good indicator as it is directly proportionate to your LVR. For instance, a loan with an LVR of 80 per cent requires a deposit of 20 per cent, while a 90 per cent LVR requires 10 per cent down payment. 

LOAN AMOUNT / PROPERTY VALUE = LVR%

While this all sounds simple enough, it is worth doing a more accurate calculation of LVR before you commit to buying a place as there are some traps to be aware of. Firstly, the ‘loan amount’ is the price you paid for the property plus additional costs such as stamp duty and legal fees, minus your deposit amount. Secondly, the ‘property value’ is determined by your lender’s valuation of the property, not the price you paid for it, and sometimes these can differ so where possible, try and get your bank to evaluate the property before you put in an offer.

What is a building in course of erection loan?

Also known as a construction home loan, a building in course of erection (BICOE) loan loan allows you to draw down funds as a building project advances in order to pay the builders. This option is available on selected variable rate loans.

How does Real Time Ratings work?

Real Time RatingsTM looks at your individual home loan requirements and uses this information to rank every applicable home loan in our database out of five.

This score is based on two main factors – cost and flexibility.

Cost is calculated by looking at the interest rates and fees over the first five years of the loan.

Flexibility is based on whether a loan offers features such as an offset account, redraw facility and extra repayments.

Real Time RatingsTM also includes the following assumptions:

  • Costs are calculated on the current variable rate however they could change in the future.
  • Loans are assumed to be principal and interest
  • Fixed-rate loans with terms greater than five years are still assessed on a five-year basis, so 10-year fixed loans are assessed as being only five years’ long.
  • Break costs are not included.

What is an investment loan?

An investment loan is a home loan that is taken out to purchase a property purely for investment purposes. This means that the purchaser will not be living in the property but will instead rent it out or simply retain it for purposes of capital growth.

How can I use the $100 gift card?

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.

What is upfront fee?

An ‘upfront’ or ‘application’ fee is a one-off expense you are charged by your bank when you take out a loan. The average start-up fee is around $600 however there are over 1,000 loans on the market with none at all. If the loan you want does include an application fee, try and negotiate to have it waived. You’ll be surprised what your bank agrees to when they want your business.