CommBank launches ‘Unloan’, the digital home loan for young buyers

Commonwealth Bank has been in our headlines a lot lately, from their new green home offer to the near endless march of variable rate hikes.
Fortunately, something fantastic came out of 2022, as well. CommBank debuted Australia’s first digital home loan with a discount that increases every year up to 30 years.
So what do you need to know about the innovative Unloan home loans?
What is Commbank’s newest home loan, Unloan?

Built with modern technology from CommBank’s venture scaler, x15ventures, Unloan is a new digital variable home loan which promises to offer greater speed and access to home loan support tools for those looking to refinance.
Given that the process is entirely online, Unloan could provide young tech-savvy buyers with an attractive alternative to the traditional banking model. In fact, CommBank estimates the sign-up process can be completed in as little as 10 minutes.
“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.”
The best news, however, is arguably the rates. Unloan offers owner-occupiers a variable rate priced from 5.74% p.a. (5.65% p.a. comparison rate*), along with a loyalty discount that shaves 1 basis point off their interest every year for up to thirty years.
For investors, the low variable rate comes in at 6.04% p.a. (5.95% p.a. comparison rate*), with the same loyalty discount rate up to thirty years.
Unloan’s debut rate also sits 0.87% p.a. below the current variable average of 6.61% in Mozo’s database for OO P&I home loans ($400,000, LVR < 80%).
As an additional eye-catching draw, Unloan impressed Mozo's experts so much it won a Mozo Experts Choice Home Loan Award for 2023 in the Best New Home Loan category. Score!
Customers keen to refinance to Unloan’s flashy rates and perks can do so from today, so long as the amount borrowed doesn’t exceed $10 million and their loan-to-value ratio is less than 80%.
What is Unloan CBA?
Unloan

- Variable rates from 5.74% p.a. (5.65% p.a. comparison rate*)
- Rate discount added annually (T&Cs apply)
- Free extra repayments and redraws
For owner-occupiers looking to refinance to a competitive variable rate, Unloan represents a compelling option. With handy features, no provider fees, and a loyalty discount that shaves 0.01% p.a. off your rate each year (conditions apply), CBA’s newest digital home loan rethinks long-term commitments with the customer in mind. To be eligible, you must be a refinancer with an LVR lower than 80%.
Launch of Unloan and “Yello” rewards program could clue CommBank customers into bigger home loan savings

CommBank has also announced their new recognition program, CommBank Yello, which rewards eligible CBA home loan borrowers with money-saving rewards and personalised deals.
“With CommBank Yello there are no tiers, no statuses and no need to spend more,” explained CommBank CEO Matt Comyn in a 2022 statement.
“We simply want to recognise customers for the depth and duration of their relationships with us by offering them tangible value and ways to save. It’s our way of thanking customers for continuing to bank with us.”
Homeowner rewards through Yello can include:
- $10 monthly cashback on eligible home insurance policies.
- $4 monthly cashback on Home Loan packages.
- An monthly prize draw where 100 customers win $1200.
- Yello exclusive offers and discounts.
- Property trends report tailored to your local area.
To be eligible, CBA home loan borrowers must have a qualifying CommBank transaction account and settle at least thirty purchases on their debit or credit card per month. Eligible customers will be notified by CommBank.
This latest initiative, including the CommBank green home offer, mark a shift in the big bank’s response to its customers. Smaller lenders tend to provide more competitive home loan rates than the Big Four banks, as well as digital or eco-conscious perks. Programs like Yello and Unloan may indicate CommBank’s awareness of changing times and consumer attitudes.
“Driving digital innovation for our customers is core to our strategy,” continued Comyn. “Our strategy is [...] to give customers more reasons to bank with the Commonwealth Bank.”
Curious about home loans? Compare some on offer below, or head over to our home loan comparison hub for more.
Loan details
Repayment change if rates go up
Compare variable rate home loans - last updated 8 December 2023
-
Home Variable Rate
Owner Occupier, Principal & Interest, Refinance Only
variable rate
comparison rate
Initial monthly repayment6.15% p.a.6.15% p.a.Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.
CompareCompareHome Variable Rate
Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.
- variable rate
- 6.15% p.a.
- comparison rate
- 6.15% p.a.
- variable rate
- 6.15% p.a.
- comparison rate
- 6.15% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - up to $30,000
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Up Home Variable Rate
-
Featured Product
Mozo experts choice awards won:
- Low Cost Home Loan - 2023
Unloan Variable
Owner Occupier, Refinance Only, LVR <80%
variable rate
comparison rate
Initial monthly repayment5.74% p.a.5.65% p.a.For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
CompareCompareUnloan Variable
For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
- variable rate
- 5.74% p.a.
- comparison rate
- 5.65% p.a.
- variable rate
- 5.74% p.a.
- comparison rate
- 5.65% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Unloan Unloan Variable
-
Mozo experts choice awards won:
- Low Cost Home Loan - 2023
Variable Home Loan 90
Principal and Interest, LVR <90%
variable rate
comparison rate
Initial monthly repayment6.04% p.a.6.06% p.a.Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required. Advertised rates include Nov RBA rate increase. T&Cs apply.
CompareCompareVariable Home Loan 90
Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required. Advertised rates include Nov RBA rate increase. T&Cs apply.
- variable rate
- 6.04% p.a.
- comparison rate
- 6.06% p.a.
- variable rate
- 6.04% p.a.
- comparison rate
- 6.06% p.a.
- Upfront fees
- $530
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the loans.com.au Variable Home Loan 90
-
Mortgage Simplifier
LVR<80%, Owner Occupier, Principal & Interest
variable rate
comparison rate
Initial monthly repayment6.14% p.a.6.43% p.a.Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.
CompareCompareMortgage Simplifier
Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.
- variable rate
- 6.14% p.a.
- comparison rate
- 6.43% p.a.
- variable rate
- 6.14% p.a.
- comparison rate
- 6.43% p.a.
- Upfront fees
- $299
- Ongoing fees
- $0.00
- Discharge Fee
- $250.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the ING Mortgage Simplifier
-
Well Balanced Special Offer
Owner Occupier, Principal & Interest, LVR <80%
variable rate
comparison rate
Initial monthly repayment6.12% p.a.6.14% p.a.Competitive low rates available for owner occupiers. Free online redraws. 100% offset account for a small fee ($10 p/mth). Quick and easy application online. Get a free evaluation (Valued up to $300). Minimum loan amount $100K.
CompareCompareWell Balanced Special Offer
Competitive low rates available for owner occupiers. Free online redraws. 100% offset account for a small fee ($10 p/mth). Quick and easy application online. Get a free evaluation (Valued up to $300). Minimum loan amount $100K.
- variable rate
- 6.12% p.a.
- comparison rate
- 6.14% p.a.
- variable rate
- 6.12% p.a.
- comparison rate
- 6.14% p.a.
- Upfront fees
- $785
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - $10 per month
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $200,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
* 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.
^See information about the Mozo Experts Choice Home Loan Awards
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.