UBank makes a splash with sizzling new home loan

Mozo

03 Apr 2020

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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.

TOP VARIABLE HOME LOANS - rates updated daily

  • Promoted

    loans.com.au

    2.63% p.a.

    2.65% p.a.

    $1234

    Product details Close details
    Smart Home Loan 80

    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.^ 20% deposit required. Limited time only.

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $520

    • 2.63% p.a.

    • 2.65% p.a.

    • $520

    • 80.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Home Loan 80

  • Promoted

    UBank

    2.59% p.a.

    2.59% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    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.

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 2.59% p.a.

    • 2.59% p.a.

    • $0

    • 80.00%

    • $200,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the UHomeLoan - Discount Offer

  • Promoted

    State Custodians

    2.49% p.a.

    2.51% p.a.

    $1234

    Product details Close details
    Low Rate Home Loan Special Offer with Offset

    Great features, great rate. Enjoy $0 application fee, free redraws and extra repayments plus a free 100% offset account to help you save even more.

    • $0.00

    • $300.00

    • yes - free

    • yes - free

    • yes

    • $0

    • 2.49% p.a.

    • 2.51% p.a.

    • $0

    • 60.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Low Rate Home Loan Special Offer with Offset

  • Promoted

    Homestar

    2.44% p.a.

    2.47% p.a.

    $1234

    Product details Close details
    Star Essentials Home Loan

    Low Cost Home Loan 2020 winner.^ Packed with essentials like free redraw and extra repayments. No ongoing fees. Borrow $150K+. No construction loans. End of Financial Year Special - No Upfront Fees.

    • $0.00

    • $535.00

    • yes - free

    • yes - free

    • no

    • $512

    • 2.44% p.a.

    • 2.47% p.a.

    • $512

    • 80.00%

    • $150,000

    • $850,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Star Essentials Home Loan

  • Promoted

    HSBC

    2.65% p.a.

    2.66% p.a.

    $1234

    Product details Close details
    Discounted Home Value Loan

    No ongoing fees. Free extra repayments and online redraw. Mozo Experts Choice Split Home Loan 2020^

    • $0.00

    • $300.00

    • yes - free

    • yes - free online

    • no

    • $150

    • 2.65% p.a.

    • 2.66% p.a.

    • $150

    • 80.00%

    • $50,000

    • $7,500,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Discounted Home Value Loan

  • Promoted

    Yard

    2.66% p.a.

    2.69% p.a.

    $1234

    Product details Close details
    Variable Home Loan

    Yard’s low-rate variable home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Only a 10% deposit needed.

    • $0.00

    • $500.00

    • yes - free

    • yes - free

    • Optional - $10 per month

    • $835

    • 2.66% p.a.

    • 2.69% p.a.

    • $835

    • 90.00%

    • $150,000

    • $5,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Variable Home Loan

  • Promoted

    Gateway Bank

    2.76% p.a.

    2.79% p.a.

    $1234

    Product details Close details
    Low Rate Essentials Home Loan

    A great low variable rate with no annual fees & make extra repayments without any penalties.

    • $0.00

    • $300.00

    • yes - free

    • yes - free

    • no

    • $275

    • 2.76% p.a.

    • 2.79% p.a.

    • $275

    • 80.00%

    • $500,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Low Rate Essentials Home Loan

  • Promoted

    loans.com.au

    2.79% p.a.

    2.81% p.a.

    $1234

    Product details Close details
    Essentials Variable 90

    This low-rate home loan that could save you thousands! With no monthly or ongoing fees and the ability to make unlimited additional repayments. This home loan from popular online lender loans.com.au also features unlimited free redraws with no minimum redraw amount.

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $520

    • 2.79% p.a.

    • 2.81% p.a.

    • $520

    • 90.00%

    • $50,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Essentials Variable 90

  • Promoted

    Newcastle Permanent

    2.94% p.a.

    2.98% p.a.

    $1234

    Product details Close details
    Special Real Deal Home Loan

    No ongoing fees. Ability to split your loan between fixed and variable. Winner of Mozo Experts Choice Award 2019 for First Home Buyer Loan & Investor Home Loan^.

    • $0.00

    • $0.00

    • yes - free

    • yes - fees apply

    • yes - partial only

    • $0

    • 2.94% p.a.

    • 2.98% p.a.

    • $0

    • 90.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Special Real Deal Home Loan

  • Promoted

    Mortgage House

    p.a.

    2.77% p.a.

    $1234

    Product details Close details
    Monthly Repayment Saver Home Loan - Fixed Rate Consolidation Special

    Consolidate all of your debts into one easy-to-understand home loan. Transfer your debt into one low-interest rate home loan and start saving.

    • $0.00

    • $450.00

    • yes - free

    • yes - free

    • yes

    • $840

    • p.a.

    • 2.77% p.a.

    • $840

    • 80.00%

    • $150,000

    • $5,000,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Monthly Repayment Saver Home Loan - Fixed Rate Consolidation Special

*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 the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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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