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UBank is a new direct bank which is backed by NAB, one of Australia’s big four banks. UBank launched in 2008 with a competitive term deposit product, which customers can apply for and manage online. As a direct bank, UBank doesn’t have a branch network but it does have a 24-hour, seven day a week ‘person to person’ phone banking centre for those wanting to speak to a real person. Cost savings are passed onto customers in the form of higher rates and lower fees. UBank now has a range of competitive term deposits, super and savings accounts. In 2011, it launched UHomeloan for refinancing its first home loan product.
| Product Type | Overall | Price | Features | Service | Convenience | Trust |
|---|---|---|---|---|---|---|
| UBank home loans |
5.4
Based on 22 UBank home loan reviews |
8.6 | 4.6 | 4.3 | 4.8 | 4.9 |
Read UBank home loan reviews by the Mozo community
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Minimum fuss refinance with maximum savings!
LOVE this product. Could not believe how efficient and easy the online application process was and I did it over a couple of weeks in my own time. Fantastic interest rates that consistently beat the top 4 banks with the added security that it is u... Full review
LOVE this product. Could not believe how efficient and easy the online application process was and I did it over a couple of weeks in my own time. Fantastic interest rates that consistently beat the top 4 banks with the added security that it is under-written by NAB. Only disadvantage is that you already must have an existing home loan with another bank and preferably be on the variable rate with that bank to avoid any termination fees etc. This is a great product and everyone should consider breaking up with their bank for this one!
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Not totally trustworthy
Be very aware of the REfi Buffer. It is 2 months since I settled the loan and they still have $1,000 of my money and I am battling to get it back. They have charged the NAB bank discharge fee twice and this is also a battle so when they say no fee... Full review
Be very aware of the REfi Buffer. It is 2 months since I settled the loan and they still have $1,000 of my money and I am battling to get it back. They have charged the NAB bank discharge fee twice and this is also a battle so when they say no fees, so far this is not my experience. This is bordering on dishonesty at this point.
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run away
Very young immature customer service - I withdrew my application when I could not get straight sensible answers over a couple of calls. My advice is don't go there. Full review
Very young immature customer service - I withdrew my application when I could not get straight sensible answers over a couple of calls. My advice is don't go there.
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Fabulous and a low interest rate. Love it.
We switched from Suncorp to Ubank and couldn't be more impressed, they have excellent customer service, some of our paperwork was delayed and we were offered a Coles/Myer voucher as compensation. The staff are always friendly and able to assist, ... Full review
We switched from Suncorp to Ubank and couldn't be more impressed, they have excellent customer service, some of our paperwork was delayed and we were offered a Coles/Myer voucher as compensation. The staff are always friendly and able to assist, sometimes you have to wait to be answered but that just proof of how great they are everyone wants to join.
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Great rate
Although some people have complained about the slow service, the rate is the best available. I have had not problems with service issues but then I don't need to talk with them. Set and forget is my moto. Great rate, no extras but that is all I need. Full review
Although some people have complained about the slow service, the rate is the best available. I have had not problems with service issues but then I don't need to talk with them. Set and forget is my moto. Great rate, no extras but that is all I need.
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Great price - but you get what you pay for
Price: market leading - and needs to be, to justify the poor customer experience. Functionality: There is no online functionality whatsover. The perception that ubank are an "online bank" is very misleading. Application process: cumbersome, ... Full review
Price: market leading - and needs to be, to justify the poor customer experience. Functionality: There is no online functionality whatsover. The perception that ubank are an "online bank" is very misleading. Application process: cumbersome, painful and time-consuming. Takes many weeks/months to finalise and a large amount of patience and tenacity to make it through to settlement (I work in the industry and still found it hard-going ...) Client service: very poor. Ubank promotes its "24 hour call centre" however staff are usually not skilled to assist. To actually have anything done, you need to speak to a "technical specialist" who are generally unavailable. Instead, they schedule a "call-back", which leads to phone-tag... Credit assessment: very inflexible and arbitrary rules in place. For example, regardless of how much equity you have in your home, ubank only offer's a credit limit of previous loan amt + $100k. This means that you lose all the available credit limit you may have built under your previous facility (except for the $100k). So if you are solely price-driven (as I am) this loan can save you '000s but there is definitely a trade-off.
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Yes*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan, based on the loan amount and loan term you entered. Fixed rate loans assume a 3 year fixed term. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
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