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

By Evlin DuBose and Jack Dona
Fact Checked
Advertiser disclosure
A modern black and white home in Melbourne Australia, at twilight.
Photo by R. Architecture on Unsplash.

Important update: As of 8 April 2024, Unloan products are now available to new borrowers, removing the previous refinance-only restriction. 

In 2022, CommBank debuted Australia’s first digital home loan with a discount that increases every year up to 30 years, Unloan. Here's what you need to know about these innovative digital home loans, and their brilliant interest rates.

Coins

What is Commbank’s online 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 digital variable home loan which promises to offer greater speed and access to home loan support tools for new borrowers and those looking to refinance. 

Given that the process is entirely online, Unloan provides 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 5.99% p.a. (5.90% 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 6.29% p.a. (6.20% p.a. comparison rate*), with the same loyalty discount rate up to thirty years.

Unloan’s debut rate also sits 0.86% p.a. below the current variable average of 6.85% 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. Plus, in 2024, Unloan also won an award in the Low Cost Home Loan category. Score!

Customers keen to finance (or refinance) their home purchase with Unloan 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%. 

How much could Unloan really save you?

What is Unloan CBA?

Important disclosures and comparison rate warning*
Unloan
  • Variable rates from 5.99% p.a. (5.90% p.a. comparison rate*)
  • Rate discount added annually (T&Cs apply)
  • Free extra repayments and redraws

For owner-occupiers looking for 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 a loan-to-value ratio (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 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

Rate change

Repayment change if rates change

Last updated 24 May 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.40 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • RATE CUT NOW LIVE!
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Promoted

    Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,927
    Go to site
    • NRMA Home Loans has confirmed a rate cut of 0.25% p.a. effective 6 June
    • $0 application fee to pay
    • Apply in as little as 15 minutes
  • Promoted

    Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.69 % p.a.
    Variable
    Comparison rate
    5.70 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Regional Australia Bank has confirmed a rate cut of 0.25% p.a. effective 4 June
    • No application and monthly account keeping fees
    • Get up to $4,000 cashback (T&Cs apply)

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.40 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • RATE CUT NOW LIVE!
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees

  • Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.69 % p.a.
    Variable
    Comparison rate
    5.70 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Regional Australia Bank has confirmed a rate cut of 0.25% p.a. effective 4 June
    • No application and monthly account keeping fees
    • Get up to $4,000 cashback (T&Cs apply)

  • OMG Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.77 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • BCU Bank has confirmed a rate cut of 0.25% p.a. effective 10 June
    • No ongoing annual fees
    • Pre-approval valid for 3 months

  • Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,927
    Go to site
    • NRMA Home Loans has confirmed a rate cut of 0.25% p.a. effective 6 June
    • $0 application fee to pay
    • Apply in as little as 15 minutes

  • Budget Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • IMB Bank has confirmed a rate cut of 0.25% p.a. effective 30 May
    • Get up to $4,000 cashback (T&Cs apply)
    • Split loan available

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Neat Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.84 % p.a.
    Variable
    Comparison rate
    5.86 % p.a.
    Initial monthly repayment
    $2,947
    Go to site
    • ubank has confirmed a rate cut of 0.25% p.a. effective 29 May
    • Easy redraw facility
    • No annual fee to pay

  • Flex Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.84 % p.a.
    Variable
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $2,947
    Go to site
    • ubank has confirmed a rate cut of 0.25% p.a. effective 29 May
    • Free extra repayments
    • Multiple offset accounts available

  • Home Loan with Offset

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.88 % p.a.
    Variable
    Comparison rate
    5.89 % p.a.
    Initial monthly repayment
    $2,959
    Go to site
    • Regional Australia Bank has confirmed a rate cut of 0.25% p.a. effective 4 June
    • No application and monthly account keeping fees
    • Get up to $4,000 cashback (T&Cs apply)

  • Basic Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.88 % p.a.
    Variable
    Comparison rate
    5.91 % p.a.
    Initial monthly repayment
    $2,959
    Go to site
    • P&N Bank has confirmed a rate cut of 0.25% p.a. effective 10 June
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options

  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.89 % p.a.
    Variable
    Comparison rate
    5.92 % p.a.
    Initial monthly repayment
    $2,962
    Go to site
    • BCU Bank has confirmed a rate cut of 0.25% p.a. effective 10 June
    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months

  • Offset Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.12 % p.a.
    Initial monthly repayment
    $3,027
    Go to site
    • P&N Bank has confirmed a rate cut of 0.25% p.a. effective 10 June
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options
Showing 12 results from 415 home loans. Use the filters to see more

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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. 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.

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