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UBank UHomeLoan - Discount Offer

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

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $100,000

  • Owner Occupier (Interest Only)

    LVR < 80%

    Loan: $100,000 $2,000,000

Rate
2.49% p.a.
Comparison Rate*
2.49% p.a.
Service fee
$0.00
Upfront fee
$0
Go to site
Rate
3.03% p.a.
Comparison Rate*
3.03% p.a.
Service fee
$0.00
Upfront fee
$0

Mozo editorial review UBank UHomeLoan - Discount Offer

Last updated: 26 August 2020.

binocular icon
What's hot
  • 2020 Home Lender Bank of the Year
  • 2.49% variable interest rate (2.49% p.a. comparison rate*)
  • No annual fees
What's not
  • No offset account available
Mozo snapshot

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. 

key icon
Key features

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.

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Who is it good for

The UBank UHomeLoan is made for anyone looking to switch to a low, variable rate home loan, with the added benefit of extra repayments.

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Any catches

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. 

Details

Rates and fees information correct as at 27 September 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 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

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $0.00

Other financial bits
  • $100,000

  • none

  • none

  • 80.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • none

*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.

Details

Rates and fees information correct as at 27 September 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 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

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $0.00

Other financial bits
  • $100,000

  • $2,000,000

  • none

  • 80.00%

Features
  • Owner Occupier

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • $0.00

  • yes

  • no

  • none

  • none

  • none

*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.

Customer Reviews

How are UBank home loans rated by the Mozo community?

Overall
7.4/10
Price
9.0/10
Features
6.1/10
Customer service
6.6/10
Convenience
5.9/10
Trust
7.1/10

Latest reviews of UBank UHomeLoan - Discount Offer

  • Overall 9/10
    Excellent service and very competitive.

    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 review

    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.

    Price
    9/10
    Features
    7/10
    Customer service
    10/10
    Convenience
    7/10
    Trust
    9/10
    Less
    Daniel, Victoria reviewed 3 months ago
  • Overall 7/10
    Cheap rates with no fuss.

    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 review

    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.

    Price
    10/10
    Features
    10/10
    Customer service
    2/10
    Convenience
    3/10
    Trust
    6/10
    Less
    Craig, Queensland reviewed 8 months ago
UBank

About UBank

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.

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2.39% p.a. variableApply now to get this rate from 30 Sep

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Low Rate Home Loan

2.54% p.a. variable

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2.49% p.a. variable

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2.68% p.a. variable

2.69% p.a.

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2.48% p.a. variable

2.50% p.a.

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HSBC

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Fixed Rate Home Loan

2.29% p.a.
fixed 3 years

2.95% p.a.

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UBank

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UHomeLoan - Discount Offer

2.49% p.a. variable

2.49% p.a.

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Athena

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AcceleRATES Variable Home Loan

2.39% p.a. variableApply now to get this rate from 30 Sep

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AMP Bank

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2.59% p.a. variable

3.00% p.a.

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Low Rate Home Loan

2.54% p.a. variable

2.55% p.a.

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ING

ING

Mortgage Simplifier

2.49% p.a.

2.52% p.a.

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Smart Home Loan

2.48% p.a.

2.50% p.a.

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Suncorp

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Back to Basics

2.68% p.a.

2.69% p.a.

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UBank

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UHomeLoan - Discount Offer

2.49% p.a.

2.49% p.a.

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homeloans.com.au

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Low Rate Home Loan

2.54% p.a.

2.55% p.a.

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Athena

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AcceleRATES Variable Home Loan

2.39% p.a.Apply now to get this rate from 30 Sep

2.39% p.a.Apply now to get this rate from 30 Sep

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IMB Bank

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Budget Home Loan

2.61% p.a.

2.67% p.a.

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2.19% p.a.

2.22% p.a.

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ING

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Fixed Rate Loan (Owner Occupiers with Orange Advantage)

2.34% p.a.
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3.67% p.a.

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UHomeLoan (1 Year Fixed)

n/a

n/a

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Suncorp

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Fixed Home Loan (Home Package Plus)

2.49% p.a.
fixed 3 years

3.28% p.a.

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HSBC

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Fixed Rate Home Loan

2.29% p.a.
fixed 3 years

2.95% p.a.

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Fixed Home Loan

n/a

n/a

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Newcastle Permanent

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Fixed Rate Home Loan (Premium Plus Package)

2.39% p.a.
fixed 3 years

3.66% p.a.

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Bank of Queensland

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Fixed Rate

2.25% p.a.
fixed 3 years

3.41% p.a.

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Macquarie

Macquarie

Basic Home Loan (Fixed)

2.19% p.a.
fixed 3 years

2.60% p.a.

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Smart Home Loan

2.48% p.a.

2.50% p.a.

$0.00

Promoted

Athena

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AcceleRATES Variable Home Loan

2.39% p.a.Apply now to get this rate from 30 Sep

2.39% p.a.Apply now to get this rate from 30 Sep

$0.00

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2.29% p.a.

2.32% p.a.

$0.00

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Variable Home Loan Special

2.19% p.a.

2.22% p.a.

$0.00

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Smart Booster Discount Variable Home Loan

1.99% p.a.variable for 12 months and then 2.48% p.a.

2.47% p.a.

$0.00

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Smart Booster Investor Bundle

1.99% p.a.variable for 12 months and then 2.74% p.a.

2.71% p.a.

$0.00

*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.