The wait is over! UBank drops UHomeLoan variable rates

Polly Fleeting

02 Aug 2019

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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.

Promoted

UBank UHomeLoan - Discount Offer
  • 3.09% variable interest rate for loans over $200,000 (3.09% p.a. comparison rate*)

  • Two 2019 Mozo Experts Choice Awards

  • Free extra repayments and redraw facility

The award-winning UBank UHomeLoan Discount Offer could be the perfect option for an owner occupier looking for a competitive rate and flexible options. There’s a reason this home loan took out two 2019 Mozo Experts Choice Awards^ across the Low Cost Home Loan and Split Home Loan categories. It offers a killer 0.43% discount on the standard variable rate for loans under $200k, as well as a competitive 3.09% (3.09% comparison rate*) for loans over $200k. Not only that, the UHomeLoan Discount Offer is also flexible with features like complimentary extra repayments, a free redraw facility and the option of a split account. 

Promoted

UBank UHomeLoan - Discount Offer for Investor
  • Low variable rates from 3.49% (3.49% comparison rate*)

  • Free redraws and extra repayments

  • No fees

UBank’s UHomeLoan Investor Extra Offer not only offers a competitive 3.49% (3.49% comparison rate*) for investors, but you can also say goodbye to application, settlement, service and any other home loan fees. But that’s not all. The UHomeLoan Investor Extra Offer from UBank has complimentary extra repayments and redraws, meaning investors have the flexibility to pay back their loan the way they want to.

*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 the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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.

^Find out more about the 2019 Mozo Experts Choice Awards for Home Loans 

RELATED ARTICLE: Meet the lenders taking on the big banks in 2019

Want to find out which other lenders have slashed rates? Head over to our home loan comparison table to weigh up your options.

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