Rate
3.16% p.a.
Comparison Rate
3.19% p.a.
Service fee
$0.00
Upfront fee
$785

Mozo editorial review Well Money Equity Plus - last updated: 26 July 2022

4.5 / 5
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What's hot
  • 2022 Mozo Experts Choice Award
  • 3.16% p.a. variable rate (3.19% p.a. comparison rate*)
  • Offset account available
  • Free extra repayments and redraw facility
What's not
  • $250 application fee
  • $385 legal fee
Mozo snapshot

The Equity Plus option from Well Money rewards high LVR borrowers with a low 3.16% p.a. variable rate (3.19% 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. 

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Key features

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 3.16% p.a. variable rate (3.19% 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.

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Who is it good for

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.

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Any catches

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.

Picture of Niko Iliakis
Niko Iliakis
Money writer

Niko Iliakis is a finance journalist at Mozo specialising in home loans, property and interest rate movements. With an eye for facts and figures, Niko deep-dives into topics to help readers understand key info and make more informed financial decisions. He is ASIC RG146 (Tier 2) certified for general advice.

Details

Rates and fees information correct as at 13 August 2022. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

3.16% p.a.

n/a

n/a

n/a

3.19% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$250.00

$385.00

$0.00

$150.00

n/a

$0.00

$300.00

Other financial bits

$200,000

none

none

60.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

no

yes - free

$1.00

yes

yes

none

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.

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About Well Money

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.