UBank slashes variable rate to 3.34% for new and existing customers
If you’ve been holding out for the right variable rate home loan, then today is your lucky day. Coming into effect today, UBank has cut variable rates on its UHomeLoan by 0.25%, making it one of the lowest variable rates in the Mozo database.
With rates now starting from as low as 3.34% (3.34% comparison rate*), Aussie borrowers might be happy to know that both new and existing customers will be able to take advantage of the new offer.
Never heard of the UBank UHomeLoan? Allow us to introduce you.
UBank also made cuts to its investor variable rate UHomeLoan, which now start from a low 3.74% (3.74% comparison rate*).
UBank UHomeLoan Owner Occupier Variable Rate Changes
Exactly two weeks ago, UBank announced it was slashing rates on its fixed rate home loan across 1,3 and 5 year terms, bringing its 1 year fixed rate to a jaw dropping 2.99% (4.42% comparison rate*), the lowest fixed rate in our database for that term.
UBank’s 0.25% rate cut follows the Reserve Bank’s move to cut the official cash rate to a record low 1.25%. But with another RBA rate cut potentially in the works, Mozo’s Banking Expert, Peter Marshall says he wouldn’t be surprised if UBank or other lenders made further reductions to their variable rates.
“UBank’s new variable rates are incredibly competitive, and with what seems to be a likely second rate cut for the year coming shortly we expect to see those variable rates will drop even further,” he explained.
Want to find out more about the UBank UHomeLoan? Check out our full review or see how it stacks up against other variable rates in the market by heading over to our home loan comparison tool.
* 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.
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