Meet the big bank digital offspring redefining home loans
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With a staggering 98.9 percent of all bank transactions now being undertaken digitally in Australia according to the Australian Banking Association, it’s no surprise that banks are shifting their focus towards the next generation of borrowers and homeowners and developing new brands and products that best suit their digital native users.
Enter Up, Unloan and Ubank, the digital offspring of some of the biggest players in the Aussie banking scene - Bendigo Bank, CommBank and NAB.
These digital only bank brands have more in common than a fondness for the letter U. With competitive interest rates, unique features, speedy approvals and of course, big bank backing, their home loans are proving popular choices for Aussies of all ages.
Unfamiliar with these digital dynamos? Here’s a quick rundown of the home loans they offer and a glimpse of the potential savings you could be making by switching up your banking :
Unloan Variable Home Loan: digital offspring of CommBank
- 5.99% p.a. variable rate (5.90% p.a. comparison rate*)
- Zero upfront or ongoing fees
- Low cost home loan winner - Mozo Experts Choice Awards 2023 & 2024^
Unloan’s Variable Home Loan has taken out a low cost home loan award for the second year running in the Mozo Experts Choice Awards^. Built by CommBank, Unloan offers owner-occupiers a super low 5.99% p.a. variable rate (5.90% p.a. comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for loans of up to $10M. Minimum 20% deposit.
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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.
^See information about the Mozo Experts Choice Home Loan Awards
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