Well Home Loans online lender is slashing variable mortgage rates to new lows
Well Home Loans has taken pole position as the mortgage lender with the lowest floating rate home loan (80% LVR) recorded in the Mozo database after a rate cut last Friday.
The online lender cut the floating rate on its Well Balanced home loan by 14 basis points, which is available to new owner-occupier customers with a mortgage lending value (LVR) of 80% or less.
The reduction means that the new rate is now only 1.85% pa (1.88% pa comparison rate *) – currently the lowest in our database with the 80% LVR level.
Well Home Loans also reduced the floating rate of its Equity Plus home loan for mortgage holders with accumulated equity by 5bps interest rate *) with the loan.
This is how the Well Balanced rate compares to some of the other lowest variable rates in the Mozo database.
Lowest floating rates (owner-occupier,
The changes to Well Home Loans come amid a spate of variable rate cuts over the past few weeks, all of which will no doubt be welcome news for borrowers planning to take out a new home loan or existing borrowers looking to refinance.
In the past week alone, companies like ANZ, Bendigo Bank, HSBC and ING cut floating rates on a number of their home loans, adding to rivalry in an already highly competitive area.
For context, at the time of writing, 12 lenders tracked on our database are offering at least one home loan with a prime rate that starts with a ‘1’.
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Would you like a closer look at some of the low rate mortgages currently offered by Well Home Loans? Check out the two mini reviews below.
Good Home Equity – Balanced
- Variable rates from 1.85% pa (1.88% pa comparison rate *)
- Contra account
- Make additional refunds (free)
With five Mozo Experts Choice Awards in 2021 ^ the Well Balanced has certainly impressed our judges this year, and with competitive variable prizes and a range of useful features, it’s not hard to see why. The loan is available to both owner-occupiers and investors and offers variable interest rates from 1.85% pa (1.88% pa comparative rate *) for owner-occupiers with an LVR of 80% or below. It also comes with a compensation account, an online repayment facility, and the option for borrowers to make additional repayments on their loan. While there are no ongoing service fees, there are one-time application ($ 250), legal ($ 385), settlement ($ 150), and discharge ($ 300) fees to worry about.
Well Home Loans – Equity Plus
- 1.82% pa variable interest rate (1.85% pa comparative interest rate *)
- Additional refunds and new drawings available
- Offsetting account included
Would you like to make optimal use of the equity you have already built up? Well, Well Home Loans Equity Plus loan might be worth a closer look as it is designed for borrowers with lower loan-to-value ratios. Eligible owner-occupiers with an LVR of 60% or less receive a variable interest rate of only 1.82% pa (1.85% pa comparison rate *) and benefit from functions such as special repayments, redraws and even an offset account. However, like the Well Balanced loan, there are some one-off fees to weigh up, including application ($ 250), attorney ($ 385), settlement ($ 150), and discharge ($ 300) fees, however there is also no ongoing service charge.
Want to see how these two mortgages stack up against even more offers? Get started today by comparing a range of loans in one place on our adjustable rate home loan hub.
* ATTENTION: This comparison price is only valid for the given example (s). Different amounts and terms lead to different comparison rates. Costs such as redemption fees or early repayment penalties as well as cost savings such as fee exemptions are not included in the comparison price, but can influence the cost of credit. The benchmark rate shown is for a secured loan with monthly principal and interest payback for $ 150,000 over 25 years.
** The initial monthly repayment numbers are only estimates based on the specified interest rate, the loan amount entered, and the term entered. Prices, fees and charges and thus the total cost of the loan can vary depending on the loan amount, loan term and loan history. The actual repayments will depend on your individual circumstances and changes in interest rates.
^ See Mozo Experts Choice Home Loan Awards information
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