Well Home Loans slashes fixed and variable rates to smashin’ new lows

Katherine O'Chee

17 Jan 2020

redactor/hero-images/1311/man_celebrating_as_home_loan_rates_drop_to_new_lows_content.jpg

There may be no 2020 RBA cut just yet, but one Aussie online lender isn’t wasting any time. Well Home Loans has swept its competitors aside with two surprise rate slashes that now make its fixed and variable home loans some of the best in the market. 

Well Home Loans yesterday dropped its 3-year fixed rate by six basis points to an impressive 2.68% p.a. (2.74% p.a. comparison rate*) for owner occupiers borrowing over $200,000. 

Although a small reduction, the rate cut means Well Home Loans now has the lowest 3-year fixed rate in Mozo’s database, sitting 52 basis points below the average of 3.20% p.a..^

The Well Home Loans Well Balanced home loan also smashed big and small lenders out of the water, falling by 10 basis points to a new and improved variable rate of 2.72% p.a. (2.75% p.a. comparison rate*), the second lowest in our database.^

To put this into perspective, that’s exactly 100 basis points below the average variable home loan rate which currently sits at 3.72% p.a..^ This means if you borrowed $400,000 over 25 years with Well Home loans instead of the average rate, your monthly repayments would drop by $211 and you’d save a whopping $63,268 in total interest over the life of your loan. 

Ready to check out the home loans for yourself? Here’s a snapshot. 

Promoted

Well Home Loans Well Balanced Fixed
  • Low 3-year fixed rate of 2.68% p.a. (2.74% p.a. comparison rate*)

  • Borrow up to $2 million

  • Free extra repayments and redraw facility

This home loan swoops in with an ultra-competitive rate of 2.68% (2.74% comparison rate*) fixed at three years - the lowest in Mozo’s database!** But the goodness doesn’t stop there - whether you’ve been eyeing a two-bedroom apartment or a four-bedroom house, the Well Home Loans Well Balanced Fixed rate loan covers you for loan amounts between $200,000 up to $2 million. You can also look forward to a range of benefits, including a flexible repayment schedule, free extra repayments, and a fee-free redraw facility with just a $1 minimum withdrawal so you’ll have no trouble accessing your extra repayments should you need them. Talk about value!

Promoted

Well Home Loans Well Balanced
  • Winner of 2019 Mozo Experts Choice Award for Best New Home Loan^^

  • Variable rates starting from 2.72% p.a. (2.75% comparison rate*)

  • Split account available

This home loan is too good of an offer to miss, with no ongoing fees and variable interest rates starting as low as 2.72% p.a. (2.75% p.a. comparison rate*) for amounts up to $2 million. Plus, it comes with plenty of perks, like an offset account available on an opt-in basis ($10 monthly fee), free extra repayments, and a free redraw facility. If that isn’t enough, you also have the option to split your account into partly variable and partly fixed. It’s no wonder the Well Home Loans Well Balanced home loan took out the Mozo Experts Choice Award in 2019 for Best New Home Loan, along with four other awards for best Investor Home Loan, Low Cost Home loan, Offset Home Loan and Split Home Loan! 

*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 the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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.

Still have questions? Read through our Well Home Loans reviews for all the details, or if you’re curious about other great home loan offers in the market, you can jump over to Mozo’s home loan comparison table to compare even more options. 

^Drawn from Mozo’s database, as of 17 January 2020. 

^^For more information, head over to the Mozo Experts Choice Home Loan Awards page.

Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.