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
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Important disclosures and comparison rate warning*
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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 Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.
Comparison rate warning
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.
How Initial Monthly Repayments figures are estimated
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.
UBank - UHomeLoan
1.75% fixed rate for 1 year (2.31% comparison rate*) – Apply by 30 June
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
Mozo may receive payment if you click to the website of one of the products below. Mozo does not compare the entire market.
Important disclosures and comparison rate warning*
Advertiser disclosure
Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
We provide only general advice
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 Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.
Comparison rate warning
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.
How Initial Monthly Repayments figures are estimated
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.
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.
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.
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Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
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