UBank has taken the axe to home loan rates once again, announcing cuts of between 10-15 basis points on variable loans for both new and existing borrowers. This follows cuts to select fixed rates earlier this week.
From 17 July, new borrowers with the online lender can snag a rate of just 2.49% (2.49% comparison rate*) on the UHomeLoan - Discount Offer which, according to UBank, is the lowest advertised home loan rate it has offered in its 11-year history.
“Owning your own home can be incredibly rewarding but the past six months have caused many Aussie home owners to feel the pinch,” said UBank chief executive, Philippa Watson.
“We are glad to have supported so many of our home loan customers by offering repayment pauses to those who have needed some extra help during this time, and today’s announcement is an extension of that support.”
Here’s a full breakdown of UBank’s recent rate changes:
- 0.10% cut: To variable rate home loans for investors making principal and interest repayments and owner-occupiers making either principal and interest or interest only repayments. Effective from 17 July.
- 0.15% cut: To variable rates for investors making interest only repayments. Effective from 17 July.
- 0.15% cut: To 1-year and 3-year fixed rate offers. Effective from 8 July.
The cut means that the UHomeLoan - Discount Offer, with its variable rate of 2.49% (2.49% comparison rate*), will likely sit among the ten lowest variable rates in the Mozo database.
Similarly, the 2.14% (3.10% comparison rate*) 1-year fixed and 2.14% (2.59% comparison rate*) 3-year fixed rates available with UBank’s UHomeLoan (Fixed) are now among the five lowest fixed rates in our database for their respective terms.
Interested in a more detailed look at some of the key components of those two loans? Check out our mini reviews below: