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.