The details shown below are for an owner occupier taking out a principal & interest loan of at least $100,000 with an LVR below 80%
The details shown below are for an owner occupier taking out a interest only loan between $100,000 and $2,000,000 with an LVR below 80%
Choose the version of this loan that suits you best
| Availability | Loan type | LVR | Min loan amount | Max loan amount | |
|---|---|---|---|---|---|
| | Owner Occupier | Principal & Interest | < 80% | $100,000 | |
| | Owner Occupier | Interest Only | < 80% | $100,000 | $2,000,000 |
Owner Occupier (Principal & Interest)
LVR < 80%
Loan: $100,000
Owner Occupier (Interest Only)
LVR < 80%
Loan: $100,000 $2,000,000
The UHomeLoan from 2020 Home Lender Bank of the Year, UBank, is available for refinancing and new purchases and it's sure to impress. Borrowers can snag seriously competitive rates as low as 2.49% (2.49% comparison rate*). The loan also offers free extra repayments and a free redraw facility, plus UBank is also backed by NAB so you have the security of a big bank.
It was also awarded two other 2020 Mozo Experts Choice Home Loan Awards for Best Low Cost Home Loan and Best Split Home Loan.
The UBank UHomeloan comes with competitive low rate tiers from as little as 2.49% (2.49% comparison rate*) for owner occupiers, as well as no upfront or ongoing fees. You must apply for the home loan online, in fact the entire home loan is online. You will get 24 hour Australian-based phone support if you need it though, and once you've applied you can keep track of your application with the online 'Application Tracker', so you know just where you are in the approval process.
Once you've been approved for the home loan, the flexibility on offer will not disappoint. There's a split account feature, which gives you the option of splitting your home loan up to four times, with a minimum split amount of $20,000. The UBank UHomeLoan also has an interest-only payment option for an agreed period. While this may reduce your financial pressure, you won't be paying off the principal, so you may only want to consider this as a short-term option.
Get paid weekly? Well, you'll be happy to hear that you have the option to choose between weekly, fortnightly and monthly repayments. When your finances are booming, you can make extra repayments through direct debit, salary crediting, BPAY and EFTPOS. But if you ever need to get that cash back, the home loan has a redraw facility over the phone.
The UBank UHomeLoan is made for anyone looking to switch to a low, variable rate home loan, with the added benefit of extra repayments.
The Discount Offer is only available on new variable rate UHomeLoan applications, so if you already have a UHomeLoan you wont be eligible. There's also no offset account available with the loan, which may be an important feature for some borrowers.
2.49% p.a.
n/a
n/a
n/a
2.49% p.a.
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
$0.00
$0.00
$0.00
$0.00
n/a
$0.00
$0.00
$100,000
none
none
80.00%
Owner Occupier
Principal & Interest
Weekly, Fortnightly, Monthly
yes - free
no
yes - free
$0.00
yes
no
none
none
none
3.03% p.a.
n/a
n/a
n/a
3.03% p.a.
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
$0.00
$0.00
$0.00
$0.00
n/a
$0.00
$0.00
$100,000
$2,000,000
none
80.00%
Owner Occupier
Interest Only
Weekly, Fortnightly, Monthly
yes - free
no
yes - free
$0.00
yes
no
none
none
none
UBank is a fantastic online bank. The process to approve the loan was simple and the two times I have called UBank my questions were answered promptly. Very satisfied. UBank has also passed on the rate cuts to variable rate home loan which was welcomed.
Read full reviewUBank is a fantastic online bank. The process to approve the loan was simple and the two times I have called UBank my questions were answered promptly. Very satisfied. UBank has also passed on the rate cuts to variable rate home loan which was welcomed.
I like this bank because their rates are very low. A con is they take a long time 2-3 business days to return emails.
Read full reviewI like this bank because their rates are very low. A con is they take a long time 2-3 business days to return emails.
UBank is a new direct bank which is backed by NAB, one of Australia's big four banks. UBank launched in 2008 with a competitive term deposit product, which customers can apply for and manage online. As a direct bank, UBank doesn't have a branch network but it does have a 24-hour, seven day a week 'person to person' phone banking centre for those wanting to speak to a real person. Cost savings are passed onto customers in the form of higher rates and lower fees. UBank now has a range of competitive term deposits, super and savings accounts. In 2011, it launched UHomeloan for refinancing its first home loan product.
See UBank home loans
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