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

A modern black and white home in Melbourne Australia, at twilight.
Photo by R. Architecture on Unsplash.

Commonwealth Bank has been in our headlines a lot lately, from their new green home offer to variable rate hikes. Fortunately, this news is good. CommBank has debuted Australia’s first digital home loan with a discount that increases every year up to 30 years. Count us intrigued…

What is Commbank’s newest home loan, Unloan?

A couch with a mustard throw and a black and white cushion sort of shaped like the CommBank logo.
Photo by Jonathan Borba on Unsplash.

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 3.14% p.a. (3.06% 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 3.44% p.a. (3.36% p.a. comparison rate*), with the same loyalty discount rate up to thirty years.

Unloan’s debut rate also sits 1.04% p.a. below the current variable average in Mozo’s database for OO P&I home loans ($400,000, LVR < 80%).

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 $3 million and their LVR is less than 80%. 

What is Unloan CBA?

  • Variable rates from 3.14% p.a. (3.06% 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

A mischievous woman climbs green savings bars. Collage.

CommBank also announced their new recognition program, CommBank Yello, which will reward customers with personalised benefits and offers such as online shopping discounts, cashback on home insurance policies, and a chance to win cash prizes.

“With CommBank Yello there are no tiers, no statuses and no need to spend more,” explains CommBank CEO Matt Comyn. “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.”

More than six million CommBank homeowners, investors, and everyday bankers alike will have access to the Yello program, though eligibility criteria and benefits will differ to accommodate a range of customer needs. The program will be progressively rolled out later this year.

These latest initiatives, including the 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

Rate change

Repayment change if rates go up

Compare variable rate home loans - last updated 13 August 2022

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
  • Variable Home Loan 70

    variable rate
    comparison rate
    Initial monthly repayment
    3.10% p.a.
    3.12% 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 30% deposit required.

  • Unloan Variable

    Owner Occupier, Refinance Only

    variable rate
    comparison rate
    Initial monthly repayment
    3.14% p.a.
    3.06% 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.

  • PAYG Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    variable rate
    comparison rate
    Initial monthly repayment
    3.29% p.a.
    3.33% p.a.

    Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.

  • Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    variable rate
    comparison rate
    Initial monthly repayment
    3.79% p.a.
    3.79% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.


* 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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