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 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

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.