Online lender Well Home Loans takes variable mortgage rates to new lows
Well Home Loans took pole position as the mortgage lender with the lowest variable mortgage rate (80% LVR) tracked in the Mozo database after a rate cut last Friday.
The online lender has reduced the variable interest rate on its well-balanced home loan by 14 basis points which is available to new homeowner clients with a loan-to-value ratio (LVR) of 80% or less.
The reduction means the new rate is now only 1.85% pa (comparison rate 1.88% pa *) – the lowest currently in our database at the 80% LVR level.
Well Home Loans has also reduced the variable rate on its Equity Plus home loan for mortgage holders with accumulated equity of 5bp, meaning homeowners with an LVR of 60% and below can now access a rate. of 1.82% pa (comparison 1.85% pa rate *) with the loan.
Here’s how the Well-Balanced Rate compares to some of the other lower variable rates in the Mozo database.
Lowest Variable Rates (Homeowner,
The changes to Well Home Loans come amid a series of variable rate cuts over the past few weeks, which will no doubt be good news for borrowers considering a new home loan or for existing borrowers seeking to refinance.
In the past week alone, ANZ, Bendigo Bank, HSBC and ING have all lowered variable rates on a number of their home loans, further intensifying the rivalry in an already fiercely competitive space.
For context, at the time of writing this article, 12 lenders tracked in our database offer at least one home loan with an overall rate starting with a “1”.
RELATED: Several lenders offer $ 3,000 cash back to refinance your home loan
Interested in taking a closer look at some of the low rate mortgages currently offered by Well Home Loans? Check out the two mini reviews below.
Well-balanced home loans
- Variable rates as low as 1.85% pa (comparison rate 1.88% pa *)
- Compensation account
- Make additional refunds (free)
With five 2021 Mozo Experts Choice Awards ^ to its name, the Well Balanced has certainly impressed our judges this year, and with competitive variable pricing and a stack of useful features, it’s not hard to see why. Available to both homeowners and investors, the loan offers variable rates as low as 1.85% per annum (comparison rate of 1.88% pa *) for homeowners with an LVR of 80% or less. It also comes with a clearing account, an online withdrawal feature, and the ability for borrowers to make additional repayments for their loan. While there are no ongoing service fees to worry about, there are one-time ($ 250), legal ($ 385), settlement ($ 150), and discharge ($ 300) fees to be paid. consider.
Well Home Loans – Equity Plus
- 1.82% pa variable interest rate (1.85% pa comparison rate *)
- Additional refunds and withdrawals available
- Counterpart account included
Are you looking to make the most of the equity you’ve already built up? Well, Home Loans Equity Plus Loan might be worth a closer look as it is designed for borrowers with lower loan to value ratio. Qualifying homeowners with an LVR of 60% or less will be able to take advantage of a variable interest rate of just 1.82% per annum (comparison rate of 1.85% per annum *), and they will be able to profit to the maximum features like additional refunds, draws, and even a matching account. As with the well-balanced loan, there are a few one-time fees to weigh, including application ($ 250), legal ($ 385), settlement ($ 150), and discharge ($ 300) fees, but there are no fees. There are also no ongoing service charges.
Want to see how these two mortgages stack up against even more deals? Start today by comparing a range of loans in one place on our variable rate home loans platform.
* CAUTION: This comparison rate only applies to the example (s) given. Different amounts and conditions will result in different compare rates. Costs such as redemption or prepayment charges, 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 that of a guaranteed loan with monthly repayment of principal and interest of $ 150,000 over 25 years.
** The initial monthly repayment figures are only estimates, based on the advertised rate, loan amount and term entered. The rates, fees and charges and therefore the total cost of the loan can vary depending on the amount of your loan, the length of the loan and your credit history. Actual repayments will depend on your personal circumstances and changes in interest rates.
^ See information on the Mozo Experts Choice Home Loan Awards
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