UBank home loan customers have been sitting patiently since the bank announced variable rate changes back in early July, but the wait is finally over!
As of today, both new and existing customers will see variable rates slashed by 25 basis points, hitting as low as 3.09% (3.09% comparison rate*) for owner occupiers borrowing over $200,000.
Last month, the RBA cut the cash rate for the second time this year and UBank weren’t afraid to pass on the full rate on its variable rate home loans... again.
UBank is among only 6 lenders on Mozo’s database that passed both rate cuts following the RBA decision, meaning it’s variable rates have dropped by a total of 0.50% since June.
Let’s talk savings.
A UBank customer who borrows $500,000 on the UHomeLoan Discount Offer over a 30 year term would pay $828 less a year at the new 3.09% rate (3.09% comparison rate*) from the previously reduced 3.34% (3.34% comparison rate*), enough for a return flight to Bali!
And the changes won’t only benefit owner occupiers, UBank has cut rates across all of its investor variable rate options as well.
Not only that, UBank has also adjusted the discounted rate for new customers to align with its standard variable changes (the discount margin remains the same).
Say hello to two of UBank’s UHomeLoans that are offering a new and improved rate.