UBank reduces fixed home loan rates for first time ever
UBank has reduced its UHomeLoan fixed rates for one and three year terms to just 3.99% for the first time since its inception in 2008. The change represented a significant drop of 0.48% for 1 year fixed terms and 0.38% for 3 year terms.
Compared to the average rate of 4.32% for a fixed 3 year loan, the new 3.99% rate gives Aussie customers the chance to save thousands. For example, Mozo’s home loan comparison calculator shows that on a loan of $400,000, borrowers could save over $2,000 in interest over a three year period by opting for UBank’s new low rate.
RELATED: Choosing a home loan lender
Lee Hatton, CEO of UBank, said the rate reduction was in line with the bank’s promise to be “Just the Bank You Need".
“We’re delivering simpler, better, smarter banking to our customers and our aim is to deliver market leading rates across the board,” she said. “Our pricing simplification gives UBank a major competitive advantage, and provides Australians with reassurance in a volatile environment.”
According to UBank consumer driven trends show that the beginning of the year is a popular time for Aussies to review their home loan rate.
“What really drove this decision was to offer one of the lowest rates around for people looking to refinance at the start of the year, as they review their goals and make healthy changes to their finances,” Hatton added.
Whether you’re refinancing or buying your first home, check out Mozo’s handy comparison table to find the best deals around.
Home loan comparisons on Mozo - page last updated October 29, 2020
Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
Sorted by:
Mozo Order
- loans.com.au
2.48% p.a. variable
2.50% p.a.
loans.com.auSmart Home Loan 80
Owner Occupier, Principal & Interest
2.48% p.a. variable
2.50% p.a.
A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. Mozo Experts Choice Low Cost Home Loan 2020.^ You'll need to be borrowing $1 million or less and have at least a 20% deposit required.
Go to siteCompare - HSBC
2.09% p.a.
fixed 2 years2.98% p.a.
HSBCFixed Rate Home Loan
Owner Occupier, Principal & Interest, LVR <80%
2.09% p.a.
fixed 2 years2.98% p.a.
Have the security of a fixed rate for 2 years with the option to split with one of the HSBC variable Home Loans. No ongoing monthly service fees or annual fees. Mozo Experts Choice Fixed Home Loan 2020^
Go to siteCompare - Athena
2.34% p.a. variable
2.34% p.a.
AthenaCelebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
2.34% p.a. variable
2.34% p.a.
Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
Go to siteCompare - UBank
2.49% p.a. variable
2.49% p.a.
UBankUHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
2.49% p.a. variable
2.49% p.a.
Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.
Go to siteCompare Hot Deal$2,000 Refinance Cash Bonus (T&Cs apply)
Suncorp2.68% p.a. variable
2.69% p.a.
SuncorpBack to Basics Special
LVR<80%, Owner Occupier, Principal & Interest
2.68% p.a. variable
2.69% p.a.
No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply.
Go to siteCompare
^See information about the Mozo Experts Choice Home Loans 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.
