WLTH Home Loan Rates & Review

WLTH Home Loans as of July 2024

Lender	Advertised rate	Comparison rate*	Monthly repayment	Rate Type	Ongoing Fee	Upfront Fees	LVR	as ofJuly 27, 2024

	6.69^%_p.a.	6.80^%_p.a.	^$2,578	Variable	^$0	^$887	70^%	More details
	WLTH – Ocean Owner Occupied (Amount < $2m, LVR < 70%)
WLTH – Ocean Owner Occupied (Amount < $2m, LVR < 70%) More details
	6.69^%_p.a.	6.80^%_p.a.	^$2,578	Variable	^$395	^$590	60^%	More details
	WLTH – Ocean Owner Occupied (Amount < $2m, LVR < 60%)
WLTH – Ocean Owner Occupied (Amount < $2m, LVR < 60%) More details
	6.99^%_p.a.	6.80^%_p.a.	^$2,659	Variable	^$0	^$887	80^%	More details
	WLTH – Ocean Owner Occupied (Amount < $2m, LVR < 80%)
WLTH – Ocean Owner Occupied (Amount < $2m, LVR < 80%) More details
	6.99^%_p.a.	7.50^%_p.a.	^$2,659	Variable	^$395	^$590	70^%	More details
	WLTH – Ocean Investment (Amounts < $2m, LVR < 70%)
WLTH – Ocean Investment (Amounts < $2m, LVR < 70%) More details
	6.99^%_p.a.	7.50^%_p.a.	^$2,659	Variable	^$395	^$590	80^%	More details
	WLTH – Ocean Investment (Amounts < $2m, LVR < 80%)
WLTH – Ocean Investment (Amounts < $2m, LVR < 80%) More details
	7.19^%_p.a.	7.74^%_p.a.	^$2,712	Variable	^$395	^$1,185	60^%	More details
	WLTH – Ocean SMSF 60 P&I ($50k - $2m)
WLTH – Ocean SMSF 60 P&I ($50k - $2m) More details
	7.19^%_p.a.	7.74^%_p.a.	^$2,712	Variable	^$395	^$1,185	70^%	More details
	WLTH – Ocean SMSF 70 P&I ($50k - $2m)
WLTH – Ocean SMSF 70 P&I ($50k - $2m) More details
	7.29^%_p.a.	7.80^%_p.a.	^$2,740	Variable	^$395	^$590	95^%	More details
	WLTH – Ocean Investment (Amounts < $1.5m, LVR < 95%)
WLTH – Ocean Investment (Amounts < $1.5m, LVR < 95%) More details
	7.29^%_p.a.	7.80^%_p.a.	^$2,740	Variable	^$395	^$590	90^%	More details
	WLTH – Ocean Investment (Amounts <$1.75m, LVR <90%)
WLTH – Ocean Investment (Amounts <$1.75m, LVR <90%) More details
	7.59^%_p.a.	8.14^%_p.a.	^$2,530	Variable	^$395	^$1,185	70^%	More details
	WLTH – Ocean SMSF 70 IO
WLTH – Ocean SMSF 70 IO More details
	7.59^%_p.a.	8.14^%_p.a.	^$2,530	Variable	^$395	^$1,185	60^%	More details
	WLTH – Ocean SMSF 60 IO
WLTH – Ocean SMSF 60 IO More details
	7.89^%_p.a.	8.58^%_p.a.	^$2,904	Variable	^$395	^$1,185	85^%	More details
	WLTH – Ocean SMSF 85 P&I ($50k - $2m)
WLTH – Ocean SMSF 85 P&I ($50k - $2m) More details
	8.19^%_p.a.	9.11^%_p.a.	^$2,988	Variable	^$395	^$1,185	90^%	More details
	WLTH – Ocean SMSF 90 P&I ($50k - $1.5m)
WLTH – Ocean SMSF 90 P&I ($50k - $1.5m) More details

Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) repayments. All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for a 30 year term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. For Interest only loans – the monthly repayment figure is applicable only for the interest only period. After the interest only period, your principal and interest repayments will be higher than these repayments. For Fixed rate loans – the monthly repayment is based on an interest rate that applies for an initial period only and will change when the interest rate reverts to the applicable variable rate.

The Comparison rate is based on a secured loan amount of $150,000 loan over 25 years. WARNING: These comparison rates apply 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 together with costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products. Rates correct as of July 27, 2024. View disclaimer

Products	Available via WLTH?
Owner-occupier home loans	✅
Investor home loans	✅
Fixed rate home loans	❌
Variable rate home loans	✅
Refinancing	✅
Interest-only home loans	✅
SMSF Home Loans	✅
Low doc home loans	❌
Green home loans	❌
Construction loans	❌
95% LVR home loans	❌
Bridging loans	❌
Reverse mortgages	❌
Home loans with offset accounts	❌
Home loans with redraws	✅
Cashback offers	❌
Fully digital home loans	✅

WLTH, pronounced “wealth,” is a digital non-bank lender and payments provider based in Brisbane. The company was founded by brothers Brodie and Drew Haupt in 2018 (pictured below), with a mission to provide smarter and more sustainable financial products.

Since its official launch in early 2021, WLTH has aimed to simplify the home loan process and promote environmental sustainability through strategic partnerships and innovative products. As seen above, the product offerings are very streamlined, with only a handful of different products and features. However it is one of a few lenders offering SMSF loans.

WLTH Home Loans on Offer

WLTH only dabbles in variable-rate home loans, with no fixed rates available. This means your interest rate and repayment can go up and down with the tides of the wider interest rate environment. However, it also means you’ll likely get greater flexibility in repayments and additional features.

Owner Occupiers

Borrow up to $1 million
Pay principal & interest
LVRs (loan-to-value ratios) of <70%, <80%, or <90%
Differing interest rates depending on LVR
Included ‘e-offset’ redraw facility

Investors

Borrow up to $1 million
Pay principal & interest, or interest only
LVRs of <60%, <70%, <80%, and <90%
Differing interest rates depending on LVR
Included ‘e-offset’ redraw facility

SMSF

Borrow up to $2 million depending on LVR
Pay principal & interest, or interest only
LVRs of <60%, <70%, or <80%
Differing interest rates depending on LVR
Optional ‘e-offset’ redraw facility
For residential property, or commercial with interest rate premium

SMSF loans are for the purpose of buying property to be held as an investment within your self-managed superannuation fund. They are technically called Limited Recourse Borrowing Arrangements, or LRBAs. They are ‘limited recourse’ because, if in the event of default, the lender cannot come after assets held within the fund - such as shares, or other property - only the property the loan is secured against.

WLTH co-founder and CEO Brodie Haupt

WLTH Home Loan Features

While WLTH doesn’t have a lot of home loans on offer, it offers a couple of nifty features, including:

E-offset account

WLTH's e-offset account is essentially a redraw facility with a debit card attached. It works like an offset account in that customers can offset interest payable, and use the funds to transact through the debit card.

However, as WLTH is not a bank, it’s not a true offset account, meaning it’s not a separate bank account to the loan. Rather, it’s housed within the loan structure, and excess funds can be ‘redrawn’.

There is no minimum balance requirement, allowing borrowers to deposit and withdraw funds as needed without penalty.
The balance in the e-offset account directly offsets the principal amount of the home loan. For example, if you have a home loan of $400,000 and $50,000 in your e-offset account, you only pay interest on $350,000.
As an "e-offset" account, it is managed electronically, allowing easy access and management through WLTH's digital loan portal.

On many loans this feature is included by default with no extra fees. This can be a handy way to reduce your interest payable at no additional cost burden.

Quick application and settlement

Applying for a WLTH home loan is a simple five step process and can take as little as 15 minutes:

Loan: Select your loan and input basic info
About you: Tell WLTH about you by inputting more details
Income: Link your bank accounts and evidence of income
Assets: Identify other assets such as shares, property and more
Expenses: Break down your expenses, such as bills, transport, existing loans and debts and more

To speed up the process, WLTH recommends uploading documents such as payslips and bank statements.

WLTH Home Loan Fees

WLTH emphasises minimal fees and often waives application fees to provide a cost-effective loan process. By default there are often no application fees, however certain other fees may apply

Annual Fee: An annual fee of $395 applies to all investment loans and owner-occupied loans where the LVR exceeds 80%.
Settlement Fee: A one-time settlement fee of $590 is charged at the completion of the loan process.
Account Variation/Facility Variation Fee: This fee is $250 for standard variations and $450 for more complex variations. This may include changing repayment frequency.
SMSF Fees: A legal and document preparation fee of $595, plus additional costs depending on the complexity of the loan.

Additional Fees

Re-document Fee: If documents need to be reissued through no fault of WLTH, a re-document fee of $100 is applied.
Urgency Fee: For urgent processing of documents or loans, a fee of $100 is charged.
Additional Securities or Guarantees Fee: Preparing additional securities or guarantees incurs a fee of $250 each.
Additional Company or Trust Review Fee: Reviewing additional companies or trusts costs $200 each.

Drew+Haupt2.jpeg

WLTH co-founder Drew Haupt

Parley for the Oceans: WLTH Sustainability Explained

In partnership with organisation Parley for the Oceans, WLTH pledges that for every settled home loan, it will clean up 50 square metres of ocean.

For reference, the average three bedroom townhouse floorplan is about 100-150 square metres, while a studio apartment is about 40-50 square metres. So, WLTH is cleaning up a studio apartment’s worth of plastic for every settled loan.

Debit card

WLTH’s debit card attached to the e-offset account is made with sustainability in mind. Three quarters of it is made with upcycled recovered plastic from the ocean or coastline. Five per cent is made of recycled plastics, while the remaining 20% covers the essentials such as microchip, mag strip and core security features.

SailGP Team Sponsorship

WLTH sponsors the Australian SailGP team, and part of the sponsorship includes cleaning up further coastline for race wins. First place in a final means WLTH will clean up 1500 square metres of ocean and coastline; regardless of race or place, WLTH will clean up at least 100 square metres.

WLTH Home Loan Eligibility

Residency: Borrowers must be Australian residents, either citizens or permanent residents.
Income Verification: Proof of income through payslips, bank statements, or other financial documents is required. WLTH doesn’t lend to low or no-doc customers.
Credit History: A good credit history is essential.
Property Type: There may be restrictions on the type of property used as security, such as minimum floor plan sizes (square metres), restrictions on studio apartments or rural areas.
Property Valuation: The property must be valued to determine the LVR. If the valuation comes in lower than the purchase price, borrowers may need to increase their deposit, or opt for a higher-LVR home loan.