Products

Available via Well Money?

Owner-occupier home loans

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Investor home loans

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Fixed rate home loans

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Variable rate home loans

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Refinancing

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Interest-only home loans

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SMSF Home Loans

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Low doc home loans

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Green home loans

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Construction loans

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95% LVR home loans

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Bridging loans

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Reverse mortgages

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Home loans with offset accounts

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Home loans with redraws

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Cashback offers

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Fully digital home loans

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Well Money is an Australian online non-bank lender, and offers a range of competitive home loan products designed to simplify the home buying and refinancing process. Well Money, the trading name of Flexstar Mortgage Corporation Pty Ltd, was established to provide flexible and accessible home loan solutions.

Home Loan Products on Offer

There are two distinct product lines on offer at Well Money. No matter the home loan, pre-approval lasts for 90 days.

Well Balanced Home Loan

Available for both owner-occupiers and investors, this loan features a competitive interest rate, options for fixed or variable rates, and a maximum Loan-to-Value Ratio (LVR) of 80% for investors and up to 95% for owner-occupiers. It also includes features such as free extra repayments, a redraw facility, and an optional offset account for a small fee.

Equity Plus Home Loan

Designed for borrowers with substantial equity, such as those refinancing, this loan offers fixed and variable rate options with a maximum LVR of 60%. It is suitable for those looking to leverage their property equity for additional financial flexibility.

Key Features

  • Flexible Repayment Options: Borrowers can make extra repayments and access redraw facilities without additional fees, allowing for greater control over their mortgage.

  • Offset Accounts: Unlike many other non-banks, Well’s offset is a genuinely separate offset bank account, provided via Bendigo & Adelaide Bank. The offset account with Visa debit card is available for $10 per month, which can help reduce the interest payable on the loan.

  • Online Convenience: The entire application process can be completed online, supported by tools like WellCheck, which helps borrowers understand their borrowing capacity and loan options quickly.

  • Customer Support: Well Money prides itself on providing customer support through its team of Australian-based home loan experts.

Well Money Home Loan Fees

Well Money strives to keep fees transparent and minimal, with no ongoing or annual fees. Typical fees associated with its home loans include:

Fee Type

Cost

Application

$250

Valuation

Up to $300 covered, any excess is at cost

Offset Account (if optioned)

$10/month

Discharge Fee (paying off the loan early)

$300

Certain other fees typically crop up during the home buying and home loan process, and are not charged by Well Money per se, including: solicitor fees, government fees, and PEXA fees in the case of digital home loan settlement.

Well Money Home Loan Eligibility

  • Age and Residency: Applicants must be over 18 years of age and must be either Australian or New Zealand citizens or permanent residents living in Australia​.

  • Employment: At least one borrower must have a job. Well Money accommodates various employment types, including PAYG (Pay As You Go), self-employed, and casual workers​.

  • Deposit: Borrowers must have a deposit. The exact amount required depends on the type of loan and the property's value, but typically a minimum deposit of 5% to 20% of the property’s value is required, depending on the loan-to-value ratio (LVR) restrictions​.

  • Credit History: Applicants must have a good credit history. While some minor blemishes may be acceptable, a clean credit record is generally preferred. A pre-approval assumes no significant credit issues, and a full credit check will be conducted as part of the final approval process​.

  • Property Type and Location: The property must meet certain criteria regarding type and location. For example, there are restrictions on loans for non-standard property types such as rural lifestyle properties, student accommodation, and off-the-plan purchases. Additionally, the property must be in an approved location, typically within metropolitan areas​.

  • Financial Assessment: A full financial assessment will be conducted, which includes verifying income, expenses, and existing debts. The property will also be valued for mortgage purposes, and in some cases, lenders mortgage insurance (LMI) may be required if the LVR is high​..

  • Loan Amount: The minimum loan amount generally starts at $200,000, and the maximum LVR can vary. For example, investment loans may have a maximum LVR of 80%, while owner-occupied loans can go up to 95% in some cases​.