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 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?

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 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?

  • 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

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 go up

Compare variable rate home loans - last updated 8 December 2023

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

    Owner Occupier, Principal & Interest, Refinance Only

    variable rate
    comparison rate
    Initial monthly repayment
    6.15% 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.

  • Mozo Expert Choice Badge
    Variable Home Loan 90

    Principal and Interest, LVR <90%

    variable rate
    comparison rate
    Initial monthly repayment
    6.04% 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.

  • Mortgage Simplifier

    LVR<80%, Owner Occupier, Principal & Interest

    variable rate
    comparison rate
    Initial monthly repayment
    6.14% 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.

  • Well Balanced Special Offer

    Owner Occupier, Principal & Interest, LVR <80%

    variable rate
    comparison rate
    Initial monthly repayment
    6.12% 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.


* 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

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