UP Bank now offers variable and fixed home loans

queer aussie family in front of their home

Neobank UP has joined the mortgage market and now offers variable and fixed home loans for refinancers.

UP Bank is an ethical neobank backed by Bendigo Bank with more than 500,000 customers. It recently won a 2022 Mozo Experts Choice Award^ for Best Bank Accounts and two 2022 Mozo Experts Choice Awards^ for Banking Apps & Tech.

Its new variable interest rate home loan offers a 3.45% p.a. (3.45% p.a. comparison rate*). According to UP, it will have no application, set up, monthly, annual, discharge or redraw fees. It offers up to 50 free offset accounts and unlimited extra repayments. The neobank will also pay the first $400 for property valuation. To get UP’s new home loan, you can get started with a 10% deposit.

It’s Up Home Fixed Term home loans are as follows:

  • 1-year term from 5.10% p.a. (3.60% p.a. comparison rate*)
  • 2-year term from 5.65% p.a. (3.84% p.a. comparison rate*)
  • 3-year term from 5.80% p.a. (4.07% p.a. comparison rate*)
  • 4-year term from 5.90% p.a. (4.29% p.a. comparison rate*)
  • 5-year term from 5.95% p.a. (4.29% p.a. comparison rate*)

Like its variable loan, its fixed term home loans will come with no fees. However, you can only make extra free repayments up to $30,000.

How do UP’s home loans compare?

For starters, the variable home loan is 20 basis points below the 3.65% average variable home loan rate in the Mozo database. 

The lowest available variable rate in our database is 2.54% p.a. (2.54% p.a. comparison rate*) from Homeloans360.

Meanwhile, UP’s fixed term home loans are on the higher end with all terms averaging about 50-100 basis points more than the lowest fixed term rates in our database. 

To learn more about UP’s newest loans, including all the features and rates involved, check out UP’s website.

Otherwise, see how UP compares against more variable rate loans in the table below or by checking out Mozo’s home loan comparison hub.

Compare home loans at Mozo - last updated 13 August 2022

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
  • Smart Booster Home Loan

    2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    3.60% p.a.variable for 24 months and then 4.00% p.a. variable
    3.96% p.a.

    Already includes July RBA rate increase. New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

  • Unloan Variable

    Owner Occupier, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    3.14% p.a. variable
    3.06% p.a.

    For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

  • PAYG Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    3.29% p.a. variable
    3.33% p.a.

    Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.


* 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, loan amount and term entered. 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

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.