This 100% family-owned lender offers a small selection of competitive mortgages entirely online, with options for home buyers, investors and low deposit borrowers.
Well Home Loans says that it aims to keep the home loan experience simple and easy to understand. As an entirely online company lending directly to borrowers it promises to pass on savings from lower operating costs by offering competitive rates.
You can compare these rates for yourself in the table below or read on below to learn more about the company and its products.
Home Loan Offer
With the Well Home Loans Balanced Variable Home Loan enjoy a home loan with no ongoing fees as well as a competitive interest rate. Borrow up to 80% of the property's value. For owner occupiers and principal and interest repayments only.
- Interest rate of 3.49% p.a.
- Comparison rate of 3.53% p.a.
- Application fee of $250
- Maximum LVR: 80%
- Minimum borrowing: $10,000
- Max borrowing: $2,000,000
Compare mortgage offers from Well Home Loans
What is Well Home Loans?
Well Home Loans is a completely family-owned, non-bank Australian lender. It has been in the mortgage business for 40 years and its service is completely online and independent. The company is based in Melbourne.
It offers a small set of its own mortgage products that nevertheless provide plenty of solutions for many Australians looking to buy property.
Tell me more about the mortgages offered by Well Home Loans
The company offers three mortgage products, but each of these products has different rates, fees and other options depending on your borrowing circumstances and the purpose of the loan.
Well Balanced Home Loan
This is the most competitive mortgage the company offers, with low rates and optional features such as offset accounts and unlimited redraw facilities.
The loan can be used to purchase a home or an investment property and you only need a 5% deposit to qualify. But keep in mind that rates are higher for investors or other borrowers with a 5% deposit.
Well Easy Home Loan
This product has much higher interest rates and is designed for borrowers with a bad credit history who have been free of credit troubles for the last two years.
It allows for debt consolidation and can be used for purchase and refinance. It also has a redraw facility.
This product is a true bad credit home loan for borrowers whose current credit situation means they're unable to get traditional financing. This includes discharged bankrupts. The product also allows for debt consolidation.
How do I apply for a Well Home Loans mortgage?
You can hit the green buttons on any loans in the table above, which will take you through to the lender's site. Once there you only need to leave a few details and a lending specialist from Well Home Loans will get in touch with you to complete the process and give you more information.
Documents you need for a home loan application
You only need to provide your basic contact details to get started, but if you're serious about applying for a mortgage with Well Home Loans you need the following documents:
- Identity documents such as a current driver’s licence, passport or Medicare card
- Details of your household income and expenses
- Three months of banking transaction statements or Internet banking logins
- The address and estimated value of the property you’re purchasing
- How much you wish to borrow
Having a reasonable deposit saved up makes the whole process much easier. It also helps to check your credit score (which you can through finder, securely and for free in just a few minutes).
Check out our guide to mortgage application and documents for more information about this process.