CommBank unveils ground-breaking digital home loan

CommBank has jumped on board the digital home loan craze with the launch of an Australian-first digital home loan that rewards refinancers with low variable rates, zero fees and a discount that increases every year up to 30 years.

Called Unloan, CommBank's new digital home loan offering is designed to 'undo' your mortgage, starting with a stellar variable rate of 3.14% (3.06% comparison rate*) for owner occupiers. And in what Unloan says is an Australian-first, borrowers will receive an extra 0.01% p.a. discount, every single year, for a maximum of 30 years.

Unloan also does away with pesky fees, charging zero application fees, account fees, change fees or exit fees. 

“We believe home loans should be simple to understand, easy to get, and easier to live with,” says Unloan CEO Daniel Oertli. “That’s why we built Unloan – a new kind of home loan designed to pass more value back to customers.”

Unloan claims its online application process can be completed in as little as 10 minutes, and is working towards a fully digital approval process. Refinancers with at least 20% deposit or equity can apply now, for loans of up to $3 million.


Unloan Variable
  • 3.14% variable rate (3.06% comparison rate*)
  • Zero upfront or ongoing fees
  • Refinancers only

Unloan offers owner-occupiers a variable rate priced at 3.14% p.a. (3.06% p.a. comparison rate*), along with an increasing loyalty discount that shaves an extra 1 basis point off your interest every year for up to 30 years. Features include free extra repayments and redraw, and there are no pesky fees to pay. Available for refinance loans of up to $3M. Minimum 80% LVR.


Unloan Variable
  • 3.44% variable rate (3.36% comparison rate*)
  • Zero upfront or ongoing fees
  • Refinancers only

For investors, Unloan's  low variable rate comes in at a competitive 3.44% p.a. (3.36% p.a. comparison rate*), with the same increasing loyalty discount rate up to thirty years. There are no application or other upfront fees, and no ongoing fees and investors get the same loan features as owner occupiers, including free extra repayments and redraws. Available for refinance investment loans of up to $3M. Minimum 80% LVR.

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* WARNING: This comparison rate applies 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, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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