A low rate, high loan to value ratio loan with an optional offset account.
The Well Home Loans Balanced Variable offers a low variable rate, free online redraw and a high loan to value ratio (LVR). You can even add a 100% offset account for just $10 a month.
| Product Name | Well Home Loans Balanced Variable |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $10,000 |
| Maximum Loan Amount | $2,000,000 |
| Minimum Loan Term | 5 years |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 95% |
| Mortgage Offset Account | Yes |
| Mortgage 100% Offset | Yes |
| Loan Redraw Facility | Yes |
| Split Loan Facility | Yes |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest |
| Application Fee | $250 - $499 |
|---|---|
| Lender's Legal Fee | $350 |
| Valuation Fee | $0 |
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $250 |
| Discharge Fee | $300 |
Pros
- There are $0 ongoing monthly fees to pay.
- You can make extra payments.
Cons
- $250 - $499 application fee
- $250 settlement fee
What do I need to know about this loan?
The Well Home Loans Balanced Variable is available only to owner-occupiers or investors to purchase a home or to refinance an existing home loan.
What are the features and benefits of the Well Home Loans Balanced Variable?
- Loan amount and LVR. The Well Home Loans Balanced Variable has a low minimum borrowing amount of $10,000 and a maximum borrowing amount of $2,000,000. You can borrow up to 95% of the value of the property you're buying. However, borrowing more than 80% attracts a higher interest rate and you'll pay a lenders mortgage insurance (LMI) premium.
- Free redraw. If you've paid extra on your home loan, you can withdraw the funds using the loan's free online redraw facility. There's no fee for making redraws and no minimum redraw amount.
- Optional offset account. For only $10 a month, you can add a 100% offset account to your loan.
What fees and charges come with this loan?
- Application fee: $250 - $499. The application fee for this loan varies for owner-occupiers and investors. Owner-occupiers will pay $250, while the fee for investors is $499.
- Settlement fee: $250. This one-off fee covers the administrative costs associated with settlement day.
- Legal fee: $350. This fee covers the legal costs associated with settling your home loan.
How do I apply for this loan?
If you've compared your options and believe the Well Home Loans Balanced Variable is suited to your needs, click the green button. You'll be taken to the Well Home Loans website, where you'll be guided through your home loan application.
