Unloan vs CommBank Digi Home Loan: these online-only home loans go head-to-head

By Jasmine Gearie · · 2 min read
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The Commonwealth Bank dominates the mortgage market in Australia, and if you’re considering the major provider for your home loan, it’s worth looking at its online-only Digi Home Loan as it’s where you’ll find CommBank’s lowest variable interest rates.

We also suggest adding digital lender Unloan to your shortlist. Unloan is owned and backed by CommBank, but operates as a separate brand so you won’t find its loans advertised on the CommBank website or with mortgage brokers. 

To see how these online home loans stack up against one another, we’ve done a side by side comparison below.

On top of a lower interest rate, we found that Unloan offers fewer fees and the added perk of a 0.01% annual loyalty discount. However, CommBank Digi may be appealing if you want to knock some interest off your home loan by using an offset account.

Unloan CommBank
Home loan Unloan Variable Home Loan CommBank Digi Home Loan
Variable interest rate 5.74% p.a. (when borrowing up to 80%) 5.89% p.a. (when borrowing up to 80%)
Comparison rate 5.65% p.a. 6.02% p.a.
Loan-to-value ratio (LVR) Up to 90% LVR for new buyers
Up to 80% LVR for refinancing		 Up to 80% LVR for new buyers
Up to 80% LVR for refinancing
Offset account No Yes, optional for $10 a month
Extra repayments Yes, free and unlimited extra repayments Yes, free and unlimited extra repayments
Redraw facility Yes, free to redraw Yes, free to redraw
Loyalty discount Yes, 0.01% p.a. discount off your interest rate every year for up to 30 years No
Application process Online-only Online-only
Fees and charges $0 establishment fee

$0 settlement fee

$0 monthly fee

$0 discharge fee

Lenders mortgage insurance (LMI), government charges and third party fees may apply		 $300 establishment fee

$0 settlement fee

$10 monthly fee ($10 monthly cashback available through CommBank Yello)

$350 discharge fee

Lenders mortgage insurance (LMI), government charges and third party fees may apply

Fees may apply for in-branch and over-the-phone support

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Go to site
    • Built by CommBank
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees

  • Digi Home Loan

    • Owner occupier
    • Principal & Interest
    • 20-30% deposit
    • Offset available
    • Redraw available
    Interest rate
    5.89 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    No Partner link

 What other criteria do these home loans have?

Both CommBank and Unloan’s online-only home loans are available to owner occupiers and investors, as well as those looking to buy a property or refinance their mortgage.

You can’t use CommBank’s Digi Home Loan or Unloan’s Variable Home Loan for buying off the plan or construction loans.

It’s important to note that both CommBank’s Digi Home Loan and Unloan’s Variable Home Loan aren’t available to you if you’re using the Home Guarantee Scheme or other government home buyer grants.

Next steps?

If you haven’t settled on your decision, you can compare these options from CommBank and Unloan to some of the best home loans in our database. Alternatively, see the full range of Unloan home loans and CommBank home loans.

* 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. You can change the loan amount and term in the input boxes at the top of this table. 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.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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