8.4 / 10

based on 847 reviews as rated by Mozo community

UBank home loans

UBank is an online bank which is backed by NAB - one of Australia’s big four banks. Having launched in 2008, UBank has since expanded its offerings from term deposits to home loans. As a direct bank, UBank doesn’t have a branch network but borrowers can seek assistance online or over the phone from 8am-8pm Monday-Friday and 8am-6pm Saturday & Sunday (AEST).

If you love the convenience of online banking and feel comfortable with managing your loan online, UBank is definitely a home loan provider worthy of your attention. You might also be happy to hear that UBank received the major 2020 Mozo Experts Choice Award for Home Lender bank of the Year, as well as awards in four separate categories including: Low Cost Home Loan, Split Home Loan, Fixed Rate Home Loan and Investor Fixed Home Loan.

What home loans do UBank offer?

Rates and fees verified as correct at 25 October, 2020. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

With a fixed home loan from UBank you can get repayment certainty for 1, 3 or 5 years on loans starting from $100,000 (up to a maximum of $2,000,000). There are no application or ongoing fees but you may be charged a different fixed rate depending on the purpose of your loan (i.e. home ownership vs investment) and whether you choose a principal and interest or interest only payment option. You have the option to make extra repayments during the fixed term of your loan (up to a maximum of $20,000) but you won’t have the flexibility of a redraw facility should you need to free up funds later. There is also a rate lock feature available where you can secure the advertised interest rate up until the settlement of the loan if you’re losing sleep over possible interest rate rises in the future (fees apply).

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡  

2.29% p.a.

2.44% p.a.

$0.00

$395

Go to site

2.14% p.a.

2.41% p.a.

$0.00

$395

Go to site

p.a.

n/a

$0.00

$395

Go to site

2.29% p.a.

2.74% p.a.

$0.00

$395

Go to site

2.44% p.a.

2.78% p.a.

$0.00

$395

Go to site

Variable Rate Home Loans

UBank offers a great range of variable home loans to choose from depending on whether you’re an owner occupier or an investor and if you prefer principal and interest or interest only payments. UBank’s variable rates are available on loans starting from $100,000 (up to a maximum of $2,000,000) and you can borrow up to 80% of your property’s value. You won’t have to pay any application or ongoing monthly fees to access the full range of features including extra repayment flexibility, a redraw facility if you’re ahead of your scheduled repayments (minimum $1,000) and the choice between weekly, fortnightly or monthly repayments. 

Home loan repayments calculator

years

Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡  

2.49% p.a.

2.49% p.a.

$0.00

$0

Go to site

3.03% p.a.

3.03% p.a.

$0.00

$0

3.29% p.a.

3.29% p.a.

$0.00

$0

2.89% p.a.

2.89% p.a.

$0.00

$0

*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.

‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.

UBank home loan features in a glance

Home loan icon

Manage your home loan

Choosing a home loan with UBank means you can manage your home loan from the comfort of your own couch or bed or anywhere really. In case you’re not comfortable using a provider without a physical branch, head on over to our comparison tool and choose a provider with an extensive branch network.

Free icon

No application and ongoing fees

As a direct bank, UBank has passed on its cost savings to customers through no application or ongoing fees on any of its fixed or variable home loans.

Rate icon

Rate lock

When you sign up to UBank’s fixed rate you can use the optional rate lock feature as an added guarantee that you will be charged the advertised interest rate even if there is a rate rise before the loan settles. Be mindful you will be charged a fee to use this feature.

How are UBank home loans rated?

Mozo users have rated UBank home loan on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of home-loans
UBank home loans
Overall
7.1/10
Price
Features
Customer service
Convenience
Trust
18 reviews

Recent UBank home loan reviews

UBank UHomeLoan review
Overall 9/10
Great bank, most features of big banks

Wait lines on the phone can be a bit extensive, however, everything during COVID is. The app doesn’t have the feature to manage your home loan through it- it takes you to a website, if this feature was available, I would not have any complaints what’s so ever.

Read full review

Wait lines on the phone can be a bit extensive, however, everything during COVID is. The app doesn’t have the feature to manage your home loan through it- it takes you to a website, if this feature was available, I would not have any complaints what’s so ever.

Price
9/10
Features
7/10
Customer service
10/10
Convenience
6/10
Trust
8/10
Less
Shari, Queensland reviewed 18 days ago
UBank Home Loan review
Overall 1/10
Never again.

Completely waste of time. We tried to refinance with them and it took them more than a month to conclude that we are not eligible. They could have told us to start with. In terms of documents, it went back and forth for 5 rounds for them to say exactly what they need. The guidance on their website is more like a decoration. Living expense is calculated without clarity. Case manager is very unresponsive and unprofessional and refuses to take calls. The low rate comes with all pain!

Read full review

Completely waste of time. We tried to refinance with them and it took them more than a month to conclude that we are not eligible. They could have told us to start with. In terms of documents, it went back and forth for 5 rounds for them to say exactly what they need. The guidance on their website is more like a decoration. Living expense is calculated without clarity. Case manager is very unresponsive and unprofessional and refuses to take calls. The low rate comes with all pain!

Price
1/10
Features
2/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Freya, Victoria reviewed 24 days ago
UBank Home Loan review
Overall 2/10
Consider with caution.

I wouldn't encourage anyone to consider refinancing with UBank just because of their lower rate of interest. Had I have known how appalling their customer service was going to be, and how long you have to wait for someone to answer a phone call (average wait time 45 minutes), I would have stayed with my previous lender and happily paid a higher rate of interest. Some of their staff are really great but the majority lack knowledge and are unable to answer questions. The phone app and website are very clunky and not at all user-friendly. The other issue I have with UBank is that their statements are misleading and don't provide all the information you require to have an informed opinion about the state of your finances. They offer a redraw facility as opposed to an offset account which again for some strange reason fluctuates significantly which makes knowing exactly what your balance is very difficult.

Read full review

I wouldn't encourage anyone to consider refinancing with UBank just because of their lower rate of interest. Had I have known how appalling their customer service was going to be, and how long you have to wait for someone to answer a phone call (average wait time 45 minutes), I would have stayed with my previous lender and happily paid a higher rate of interest. Some of their staff are really great but the majority lack knowledge and are unable to answer questions. The phone app and website are very clunky and not at all user-friendly. The other issue I have with UBank is that their statements are misleading and don't provide all the information you require to have an informed opinion about the state of your finances. They offer a redraw facility as opposed to an offset account which again for some strange reason fluctuates significantly which makes knowing exactly what your balance is very difficult.

Price
10/10
Features
3/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Matthew, New South Wales reviewed about 1 month ago
UBank Home Loan review
Overall 1/10
Very poor customer assessment criteria

Very poor customer service. They simply say no to customers with very limited information and without going in further detail. Trying to avoid the customers in a hurry. I'm still not convinced why they said I'm not eligible at the same time all other banks said I was eligible. Very poor criteria for assessment of customer credit rating.

Read full review

Very poor customer service. They simply say no to customers with very limited information and without going in further detail. Trying to avoid the customers in a hurry. I'm still not convinced why they said I'm not eligible at the same time all other banks said I was eligible. Very poor criteria for assessment of customer credit rating.

Price
3/10
Features
3/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Alan, South Australia reviewed about 2 months ago
UBank UHomeLoan review
Overall 9/10
Lowest rates no frills

Lowest home loan interest rate, no frills, underwritten by NAB. No branches, can take a while to set up with all the paperwork but once you do, you will be saving tens of thousands of dollars. Well worth the effort!

Read full review

Lowest home loan interest rate, no frills, underwritten by NAB. No branches, can take a while to set up with all the paperwork but once you do, you will be saving tens of thousands of dollars. Well worth the effort!

Price
10/10
Features
9/10
Customer service
7/10
Convenience
7/10
Trust
8/10
Less
Natalie, Western Australia reviewed 3 months ago

What do you need to apply for a UBank home loan?

To apply for a UBank home loan, you will need to complete and submit an online application. In order to finalise your home loan application, you’ll need to supply the following documents:

  • Personal details for each applicant (if necessary)
  • Contact details including a valid email address
  • Proof of salary (i.e. payslips) and evidence of other income including government payments and rental income
  • Statements for any liabilities including credit cards or other existing loans
  • A copy of your council rates notice
  • A copy of your driver's licence or passport
  • Home loan statements (if you’re refinancing)

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