Is Well Money a bank?
Are we a Bank?
No, Well Money isn’t a bank. We aren’t an Authorised Deposit taking Institution (or ADI) and we aren’t licenced to take any deposits. So the money we lend out has to come from elsewhere.
We do partner with some banks and some non-banks to help deliver the home loans that we have on offer. To provide our products, we partner with like-minded organisations that strive to put their customers first.
Where we feel it’s important to have our funding providing by banks is when we identify an important feature for customers. Take a look at our offset account on the award winning Well Balanced home loan. With such a low rate, it’s our most popular product and provides the ability to have a 100% offset account. We take it further and you can have a 100% offset account on your Fixed Rate loan too (not many others can provide that!)
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 Money. It’s set up as a separate bank account, not a “sub-account” of your home loan like most non-ADI lenders.
So you get “bank” features, but with the service that you’d expect from a family owned business like Well Money.
Updated on: 21/04/2023