Wellhomeloans - Variable Loans Interest Rate 2.32% p.a, Offset Account for Extra $10 Per Month

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pyramid on 05/08/2020 - 10:14 wellhomeloans.com.au (184 clicks)
Last edited 06/08/2020 - 18:05 by 1 other user

Owner occupied -
Interest rate 2.32%p.a.
Comparison rate* 2.35%p.a.
Maximum LVR 80%
Loan amounts (min/max) $200,000 - $2mil
100% offset available (for just $10p/m)

Fees:
Well application fee $250
Well settlement fee $0 (normally $250)
Well annual fees $0 (unless you want an offset account)
Discharge fee $300
Third party valuation fees Up to $300 free (Well Home Loans will pay up to $300 per loan, any excess valuation fees are payable by the borrower(s))
Third party solicitor doc fees from $385 (depending on your loan structure)
Third party government fees unascertainable (depends on what you’re borrowing).

From their website -
As the offset account is provided by a bank (an ADI and more specifically, Bendigo and Adelaide Bank Ltd), the money that’s in the offset account is fully protected in the event that anything happens to Well Home Loans. It’s setup as a seperate bank account, not a “sub-account” of your home loan like most non-ADI lenders.

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Well Home Loans

• 

  Kharn83 on 05/08/2020 - 10:28

  +1

  I'm with well home loans, have been for about 6 months now - they've been great. Quite transparent about the rates for their existing customers as well.

  I transferred from reducehomeloans who jacked the interest rate out of cycle a couple of times until it was quite expensive.

  • 

    countmein on 05/08/2020 - 10:34

    +1

    Thanks will be in my consideration list once my fixed finished. I like smaller lenders with an offset acct, e.g tictoc etc i believe they are backed by Bendigo/Adelaide bank.
    The only thing is their valuation is a bit low and may require lower LVR

• 

  radissimo on 05/08/2020 - 10:54

  +2

  I am watching this home loan provider for some time as rates are been great for some time, but they have little presence in media or forums (here or Whirlpool).

  Its good to hear a real life experiences people have with them.

• 

  clover on 05/08/2020 - 11:44

  +4

  Initial costs:
  - Well application fee: $250
  - Third party valuation fees: $0 (Up to $300 free so let set it to 0)
  - Third party solicitor doc fees from $385
  - Third party government fees (incl title search): $200 - $300
  - Processing fee: $150 (from their website, not sure why they dont mention it)
  - Discharge fee from current lender: $300 - $500

  Total refinancing costs approx: 1300 - 1600
  Very expensive without any cashback.

  • 

    icarus255 on 05/08/2020 - 15:14

    Any ongoing fees aside from the $10/m offset account fee?

  • 

    bmerigan on 05/08/2020 - 21:35

    LOL the cheek to have an application fee AND a processing fee

• 

  Boogerman on 05/08/2020 - 11:51

  Home prices crashing in Melbourne, Sydney & Perth

  • 

    Trishool on 05/08/2020 - 14:25

    +4

    Thanks CoreLogic.

    • 

      Boogerman on 06/08/2020 - 04:48

      Cheers denial

• 

  twohip on 05/08/2020 - 14:26

  +1

  I've been with these guys since November and no complaints. See my previous comments for my experience, really quite happy with the service and the refinance process, which was not super straightforward due to my circumstances.

  • 

    idm4 on 05/08/2020 - 18:11

    Do you recall in the refinance process, how many months of income statements you have to provide?

    • 

      twohip on 06/08/2020 - 21:57

      +1

      3 months of bank statements, credit card statements, and home loan statements, 2 recent payslips (fortnightly for me) and my rates notice. I had three credit cards floating and explained them all and the Well Home Loans guy explained what he expected my refinance would get me based on X credit limit and where I had to cut things off to make my application work. I had already planned to cancel everything anyways because I know how this all works but because they were open when I first applied, I sent every statement in. That's why in my previous comment I explained it took a few months for my app.

• 

  systmworks on 05/08/2020 - 20:49

  +2

  Am I doing my maths correctly ?

  Based on a loan size of $ 400,000:
  * the $10/m offset account cost ($120 / year) is equivalent to an extra 0.03% (120 / 400000 x 100) on the interest rate
  * so 2.32% becomes 2.35% with the offset cost ? (*rate true only for a 400,000 loan balance)
  * as long as I keep at least $5,172 (120 / 0.232) in the offset account, the interest savings will cover the $120 cost of the account

  • 

    bmerigan on 05/08/2020 - 21:36

    Yep, looks right.
    So $5000 in offset just to break even and cover the fee

• 

  bmerigan on 05/08/2020 - 21:33

  +1

  How much do you need to have in the offset account to balance against the $120 per year fee?
  Worked it out myself: about $5000 to break even without actually saving anything.
  Keep that in mind…

• 

  goingDHfast on 09/08/2020 - 19:06

  Wow… More than a full 0.25% rate cut cheaper than Athena who were the poster child for cheap home loans in 2019. How quickly things change, very tempting. Any guarantee they won't jack rates after I move (this being a key differentiator for Athena)?