UBank makes a splash with sizzling new home loan

UBank has kept hold of its crown as one of the most competitive home loan lenders in Australia after debuting a gob-smackingly low new variable rate home loan.   

The UBank UHomeLoan now features a reduced variable rate of just 2.59% (2.59% comparison rate*) for owner occupiers borrowing over $200,000 with a minimum deposit of 20%. This is one of the lowest home loan rates in the Mozo database.

UBank is the latest lender to slash rates following the Reserve Bank’s decision to cut the official cash rate to a record low 0.25% - a decision which has resulted in competition among smaller lenders heating up to sizzling new levels. 

Compare UBank’s hot new home loan rate against some of the other top deals on the market using the table below, and see how much you could save by switching.

Last updated 26 March 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Promoted

    Basic Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Redraw available
    Interest rate
    5.39 % p.a.
    Fixed 2 years
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing fees
    • Free redraw from your loan using Macquarie Online.
    • No application or account management fees
  • Promoted

    Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.
  • Basic Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Redraw available
    Interest rate
    5.39 % p.a.
    Fixed 2 years
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing fees
    • Free redraw from your loan using Macquarie Online.
    • No application or account management fees
  • Switch & Save One Year Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Offset available
    • Redraw available
    Interest rate
    5.54 % p.a.
    Fixed 1 year
    Comparison rate
    5.74 % p.a.
    Initial monthly repayment
    $2,852
    Go to site
    • No penalty for early payout
    • No penalty for making additional payments
    • 100% Savings Offset facility
  • Switch and Save Home Loan

    • Owner occupier
    • Principal & Interest
    • Offset available
    • Redraw available
    Interest rate
    5.64 % p.a.
    Variable
    Comparison rate
    5.75 % p.a.
    Initial monthly repayment
    $2,883
    Go to site
    • No penalty for early payout
    • No penalty for making additional payments
    • 100% Savings Offset facility
  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.00 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available
  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Simple Home Loan Variable

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.74 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • No application, ongoing or monthly fees
    • Make additional repayments at any time
    • Access your money via internet banking at any time
  • OMG Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.77 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • No ongoing annual fees
    • Pre-approval valid for 3 months
Showing 8 results from 417 home loans. Use the filters to see more

* 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

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