Online lender Well Home Loans takes variable mortgage rates to new lows


Well Home Loans has taken pole position as the mortgage lender with the lowest variable home loan rate (80% LVR) being tracked in the Mozo database following a rate cut last Friday.

The online lender trimmed 14 basis points off of the variable interest rate on its Well Balanced home loan which is available to new owner-occupier customers with a loan-to-value ratio (LVR) of 80% or lower.

The cut means that the new rate is now just 1.85% p.a. (1.88% p.a. comparison rate*) - the lowest currently in our database at the 80% LVR tier.

Well Home Loans also reduced the variable rate on its Equity Plus home loan for mortgage holders with built-up equity by 5bp, meaning owner occupiers with an LVR of 60% and below can now access a rate of 1.82% p.a. (1.85% p.a. comparison rate*) with the loan. 

Here’s how the Well Balanced rate compares to some of the other lowest variable rates in the Mozo database. 

Lowest variable rates (owner occupier, <80% LVR) - Mozo database, November 16, 2021

LenderLoanVariable rate
Well Home LoansWell Balanced1.85% p.a. (1.88% p.a. comparison rate*)
Reduce Home LoansSuper Saver1.89% p.a. (1.98% p.a. comparison rate*)
Tic:TocVariable Home Loan1.89% p.a. (1.90% p.a. comparison rate*)
Police Credit UnionBetter Home Loan1.89% p.a. (1.93% p.a. comparison rate*)
Gateway BankGreen Plus Home Loan (Premium Package)1.89% p.a. (2.24% p.a. comparison rate*)

The changes from Well Home Loans come amid a spate of variable rate cuts in recent weeks, all of which will no doubt come as welcome news to borrowers who are planning on taking out a new home loan or for existing borrowers looking to refinance.

In the past week alone the likes of ANZ, Bendigo Bank, HSBC and ING have all lowered variable rates on a number of their home loans, further ramping up rivalry in what is already a very competitive space. 

For context, at the time of writing 12 lenders being tracked in our database are offering at least one home loan with a headline rate starting with a ‘1’.

RELATED: Multiple lenders are offering $3,000 cashback to refinance your home loan

Interested in taking a closer look at some of low rate mortgages currently on offer from Well Home Loans? Check out the two mini review below.

Well Home Loans - Well Balanced
  • Variable rates as low as 1.85% p.a. (1.88% p.a. comparison rate*)
  • Offset account
  • Make extra repayments (for free)
Find out more

With five 2021 Mozo Experts Choice Awards^ under its belt the Well Balanced certainly impressed our judges this year, and with competitive variable rates and a stack of useful features it’s not hard to see why. Available to both owner occupiers and investors, the loan offers variable rates as low as 1.85% p.a. (1.88% p.a. comparison rate*) for owner occupiers with an LVR of 80% or below. It also comes with an offset account, an online redraw facility and the option for borrowers to make extra repayments towards their loan. While there’s no ongoing service fee to worry about, there are one-off application ($250), legal ($385), settlement ($150) and discharge ($300) fees to consider.

Well Home Loans - Equity Plus
  • 1.82% p.a. variable interest rate (1.85% p.a. comparison rate*)
  • Extra repayments and redraws available
  • Offset account included
Find out more

Looking to make the most of the equity you’ve already built up? Well Home Loans’ Equity Plus loan could be worth taking a closer look at then, because it’s built for borrowers with lower loan-to-value ratios. Eligible owner occupiers with an LVR of 60% or lower will be able to snag a variable interest rate of just 1.82% p.a. (1.85% p.a. comparison rate*), plus they’ll be able to make the most of features like extra repayments, redraws and even an offset account. Like the Well Balanced loan there are a few one-off fees to weigh up though, including application ($250), legal ($385), settlement ($150) and discharge ($300) fees, but there’s also no ongoing service fee.

Want to see how these two mortgages stack up against even more offers? Get started today by comparing a range of loans all in the one place over on our variable rate home loan hub. 

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

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