8.3 / 10

based on 870 UBank banking product reviews as rated by Mozo community

UBank home loans

UBank is an online bank backed by NAB. Having launched in 2008, UBank has since expanded its offerings from term deposits to home loans. As an online bank, UBank doesn’t have a branch network, but borrowers can seek assistance online or over the phone.

If you love the convenience of online banking, UBank could be a lender worthy of your attention. In fact, in 2021 UBank took home three separate Mozo Experts Choice Home Loan Awards for: Low Cost Home Loan, Split Home Loan and Investor Fixed Home Loan.

What home loans do UBank offer?

Rates and fees verified as correct at 02 August, 2021. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

With a fixed rate home loan from UBank, owner occupiers and investors can get repayment certainty for 1, 3 or 5 years on loans starting from $100,000 up to a maximum of $2,000,000. The UHomeLoan (Fixed) comes with 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 repayment option. You have the option to make extra repayments during the fixed term of your loan (up to a maximum of $20,000 p.a.) 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  

2.09% p.a.

2.30% p.a.

$0.00

$0

Go to site

2.29% p.a.

2.47% p.a.

$0.00

$0

1.95% p.a.

2.27% p.a.

$0.00

$0

Go to site

p.a.

n/a

$0.00

$0

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2.15% p.a.

2.43% p.a.

$0.00

$0

2.09% p.a.

2.60% p.a.

$0.00

$0

Go to site

2.24% p.a.

2.64% p.a.

$0.00

$0

Go to site

Variable Rate Home Loans

UBank also offers a selection of variable rate home loans depending on whether you’re an owner occupier or an investor: the UHomeLoan - Discount Offer or UHomeLoan - Investor Extra Offer. UBank’s competitive variable offers are available on loans starting from $100,000 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 available including extra repayment flexibility, a redraw facility if you’re ahead of your scheduled repayments and the choice between weekly, fortnightly or monthly repayments. 

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments  

2.34% p.a.

2.34% p.a.

$0.00

$0

Go to site

2.49% p.a.

2.49% p.a.

$0.00

$0

2.88% p.a.

2.55% p.a.

$0.00

$0

3.03% p.a.

2.70% p.a.

$0.00

$0

2.60% p.a.

2.65% p.a.

$0.00

$0

Go to site

2.74% p.a.

2.74% p.a.

$0.00

$0

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.

Image of coins

No application or ongoing fees

As an online 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, as well as some seriously competitive interest rates.

Deposit 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 loans 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
5.4/10
Price
Features
Customer service
Convenience
Trust

30 Reviews

Recent UBank home loan reviews

UBank Home Loan
Overall 3/10
Terrible app

The worst app I've ever used for banking. I will leave this bank purely on the failure of the mobile app. Terrible and clunky, never updated. The Perks of a budget bank!

Read full review

The worst app I've ever used for banking. I will leave this bank purely on the failure of the mobile app. Terrible and clunky, never updated. The Perks of a budget bank!

Price
6/10
Features
3/10
Customer service
3/10
Convenience
2/10
Trust
4/10
Less
Fiona, Victoria, reviewed 21 days ago
UBank Home Loan
Overall 1/10
U Bank very band customer service complex process

Do not recommend to apply for home loans there. I have applied for refinance and they ask for too much of information which does not make sense. I have been asked to provide a letter from The company confirming my position and annual salary even though i have provided with pay slips and a contract letter clearly saying all details requested. The home loan specialists are non reachable and not customer focused. Unnecessary delays. Would not recommend.

Read full review

Do not recommend to apply for home loans there. I have applied for refinance and they ask for too much of information which does not make sense. I have been asked to provide a letter from The company confirming my position and annual salary even though i have provided with pay slips and a contract letter clearly saying all details requested. The home loan specialists are non reachable and not customer focused. Unnecessary delays. Would not recommend.

Price
4/10
Features
3/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Ashraful, New South Wales, reviewed about 1 month ago
UBank Home Loan
Overall 1/10
AVOID! There is a reason their rates are low.

I refinanced to Ubank a bit over a year ago, I am now trying to leave, that should tell you everything you need to know about this mob. They are an online only bank which you would think would mean their processes are built from the ground with modern features but they are so far behind it's not funny. There was no option to pay my mortgage myself, it had to be direct debited when they wanted to do it and if I wanted to change the account that came from, I had to print out and complete a form, scan it and send it back for processing! I am now refinancing elsewhere and again need to physically sign a discharge form which means getting a print out, scanning it and sending it back. Their features are garbage also. Interest get's added to the loan on a daily basis so the loan amount is constantly fluctuating and it generally takes 2 or 3 days for the amounts to reflect from the date they took the money and the redrawn appears be impacted every time the mortgage is due, then 2 or 3 days later it goes back to what you actually have in redraw. Their rates were once a main draw card but they are no longer that competitive and with the awful service experience, there is no benefit in staying with them. Steer clear of this company, if you must go for a more competitive lender, try anyone else with systems and processes based in this century!

Read full review

I refinanced to Ubank a bit over a year ago, I am now trying to leave, that should tell you everything you need to know about this mob. They are an online only bank which you would think would mean their processes are built from the ground with modern features but they are so far behind it's not funny. There was no option to pay my mortgage myself, it had to be direct debited when they wanted to do it and if I wanted to change the account that came from, I had to print out and complete a form, scan it and send it back for processing! I am now refinancing elsewhere and again need to physically sign a discharge form which means getting a print out, scanning it and sending it back. Their features are garbage also. Interest get's added to the loan on a daily basis so the loan amount is constantly fluctuating and it generally takes 2 or 3 days for the amounts to reflect from the date they took the money and the redrawn appears be impacted every time the mortgage is due, then 2 or 3 days later it goes back to what you actually have in redraw. Their rates were once a main draw card but they are no longer that competitive and with the awful service experience, there is no benefit in staying with them. Steer clear of this company, if you must go for a more competitive lender, try anyone else with systems and processes based in this century!

Price
6/10
Features
3/10
Customer service
1/10
Convenience
1/10
Trust
2/10
Less
Andrew, New South Wales, reviewed about 1 month ago
UBank Home Loan
Overall 1/10
Horrendous service and incompetent staff

Home loan specialist was unbelievably incompetent and absent during what is obviously an urgent and stressful process for the customer. Hotline consultants were useless in providing further assistance and addressing formal complaints. Management was equally indifferent and non-responsive in dealing with the issue, no wonder their staff are the absolute worst. Just proves the business has no accountability and does not value customers at all. Do not use this bank, unless you want to end up punching a wall. Never mind the low interest rate promise, everything else about them is a joke. Beyond pathetic.

Read full review

Home loan specialist was unbelievably incompetent and absent during what is obviously an urgent and stressful process for the customer. Hotline consultants were useless in providing further assistance and addressing formal complaints. Management was equally indifferent and non-responsive in dealing with the issue, no wonder their staff are the absolute worst. Just proves the business has no accountability and does not value customers at all. Do not use this bank, unless you want to end up punching a wall. Never mind the low interest rate promise, everything else about them is a joke. Beyond pathetic.

Customer service
1/10
Convenience
1/10
Trust
1/10
Less
First home buyer, Victoria, reviewed 2 months ago
UBank UHomeLoan - Discount Offer
Overall 1/10
Below par customer care and service.

UBank will initially process new loan applications in an acceptable industry standard time frame. Once they secure your business they will drop you like a brick and expect that you will be satisfied with a low interest rate and zero customer Service. Over a month ago I submitted a loan variation form/request and must presume that it was deleted or thrown in the bin as there was no response at all. On one of the rare occasions that I was fortunate enough to speak with someone over the phone my request was met with “we are unable to provide that service, the big 4 banks would, but we can’t”. I think that probably sums it up!

Read full review

UBank will initially process new loan applications in an acceptable industry standard time frame. Once they secure your business they will drop you like a brick and expect that you will be satisfied with a low interest rate and zero customer Service. Over a month ago I submitted a loan variation form/request and must presume that it was deleted or thrown in the bin as there was no response at all. On one of the rare occasions that I was fortunate enough to speak with someone over the phone my request was met with “we are unable to provide that service, the big 4 banks would, but we can’t”. I think that probably sums it up!

Price
1/10
Features
1/10
Customer service
1/10
Convenience
2/10
Trust
2/10
Less
Michael, New South Wales, reviewed 26 days 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)

Home loan quick links