The Equity Plus option from Well Money rewards high LVR borrowers with a low 6.16% p.a. variable rate (6.19% p.a. comparison rate*). There’s also plenty on the table in terms of features, including the ability to make free extra repayments, split your loan, and access a redraw facility and offset account. The loan is also an award winner, taking out a 2022 Mozo Experts Choice Home Loan Award in the Low Cost Home Loan category.
As the name suggests, the Equity Plus home loan caters to refinancers who have built up a sizeable amount of equity in their home (along with new borrowers with a large deposit). On loans with an LVR of 60%, owner occupiers can receive rates as low as 6.16% p.a. variable rate (6.19% p.a. comparison rate*), along with a number of helpful features to help reduce the amount of interest paid overall.
This includes access to an offset account and the ability to make additional repayments at no extra cost. A redraw facility is also available in case you want to retrieve those extra repayments at some point down the track. And if you want to add an element of certainty, you’ll be able to split your loan with a fixed option from Well Money.
The Equity Plus home loan could be a good fit for refinancers and new borrowers who have a significant amount of savings available for a deposit.
There are a few fees you’ll have to budget for, namely the $250 application fee, $385 legal fee, $150 settlement fee, and $300 discharge fee.
6.16% p.a. |
|
n/a |
|
n/a |
|
n/a |
|
6.19% p.a. |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
$250.00 |
|
$385.00 |
|
$0.00 |
|
$150.00 |
|
n/a |
|
$0.00 |
|
$300.00 |
$200,000 |
|
none |
|
none |
|
60.00% |
Owner Occupier |
|
Principal & Interest |
|
Weekly, Fortnightly, Monthly |
|
yes - free |
|
no |
|
yes - free |
|
$1.00 |
|
yes |
|
yes |
|
Well Money will pay up to $300 per loan, any excess valuation fees are payable by the borrower(s) |
|
none |
|
none |
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.
Fixed Rate Loan (with Orange Advantage)
5.99% p.a.
fixed 3 years
6.12% p.a.
Home Value Loan
6.09% p.a.
6.09% p.a.
$0.00
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.