UBank drops “lowest ever” fixed rate in EOFYS special
Just weeks ago it seemed as if the banks' fixed rate home loan wars were coming to an end, but top online bank UBank has now fired a new salvo with the release of its lowest ever 1-year fixed home loan rate of 1.75% p.a. (2.31% comparison rate*).
UBank’s new rate sits well below the average 1-year fixed rate of 2.32%. The only catch is you'll have to get in quick as it’s a limited time, end of financial year special. Borrowers will need to apply by 30 June and settle within 90 days. Luckily, UBank has a super-efficient online application process and local home loan experts on the phones, to make all this a breeze.
UBank CEO, Philippa Watson, said it's important customers can still find the right home loan even with record low rates.
"We believe a really sharp one year fixed rate provides the right mix of certainty and flexibility that people are looking for," Ms Watson said. "This very low offer gives customers more money back in their pocket and stability after a period of uncertainty."
Read on for the Mozo expert rundown of UBank's stellar new fixed offer and how it shapes up against its ever popular discounted variable UHomeLoan, to find out if it's time to make the move to this award-winning lender….
NEW LOW FIXED RATE
UBank - UHomeLoan
- 1.75% fixed rate for 1 year (2.31% comparison rate*) – Apply by 30 June
- Free extra repayments up to $20,000 p.a.
- Zero ongoing fees
Fixed rates don’t get much lower than UBank’s new 1-year fixed rate. Owner-occupier borrowers will be able to grab this limited time only rate on loans between $100,000 and $2,000,000 and while there is an initial $395 application fee to consider, there are no other fees to worry about. UBank even lets customers make extra repayments towards the loan of up to $20k per year, for free!
KILLER VARIABLE RATE
UBank - UHomeLoan - Discount Offer
- 2.34% variable and comparison rate*
- Free extra repayments and redraws
- Zero upfront or ongoing fees
UBank has made a name for itself as one of Australia's best value online lenders, and this seriously low rate variable home loan is case in point. As you'd expect from a multiple Mozo Experts Choice 2021 Award Winner, the UHomeLoan is packed full of other benefits including zero fees, free extra repayments and free redraw. It's available for loans of $200,000 plus with a minimum deposit or 20% or more.
Calculate your home loan repayments
We can show you the monthly repayment amount for a range of loans
Want to see how UBank's home loans stack up against the rest of the market? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.
* 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
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.