UBank UHomeLoan - Offer

3.74% p.a.

3.74% p.a.

$0.00

4.13% p.a.

4.13% p.a.

$0.00

UBank UHomeLoan - Offer Review

Rates and fees information correct as at 16 August 2017.

Review published: 2 October 2012

What's hot:

  • 3.74% variable interest rate

  • No annual fees

  • Mozo's Experts Choice Award Winner 2017

What's not:

  • Not available for loans over $1 million

Mozo snapshot:

The UBank UHomeLoan is available for refinancing and new purchases. For a limited time you can get a Value Offer discount of 0.43% off the standard variable rate taking the UHomeLoan rate to just 3.74% for owner occupier, principal and interest loans, which is why it won a Mozo Experts Choice Award for Best Value Low Cost Home Loan and Best Value Variable Investor Home Loan. UBank is also backed by NAB so you have the security of a big bank.

Key features:

The UBank UHomeLoan has no bank account keeping fees whatsoever, which keeps the comparison rate a low 3.74%. If you have a home loan between $100,000 and $1 million with at least 20% equity you can switch to the UHomeLoan. You must apply for the home loan online, in fact the entire home loan is online - so get your digital skills ready. You'll get 24 hour Australian-based phone support if you need it 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 4 times, with a minimum split amount of $20,000. The UBank UHomeLoan also has a interest only payment option for an agreed period. While this may reduce your financial pressure, you won't be paying off the principal, so only do this for a short time.

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.

Who it's good for:

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

Any catches?

The redraw facility gives you the option of getting cash out when you need it.

The Value Offer discount is only available on new variable rate UHomeLoan applications, so if you already have a UHomeLoan you wont be eligible.

How are UBank home loans rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
4.8

Based on 56
UBank home loans reviews

8.3 5.4 4.5 4.5 4.6

Read UBank home loan reviews by the Mozo community

Latest reviews of UBank UHomeLoan - Offer

UBank

UBank UHomeLoan - Value Offer (Owner Occupier, Principal & Interest) home loan review

Overall rating   0 / 10

Cheap and nasty.

Twice bitten, thrice shy. I should have remembered how terrible UBank was from the last time we used them. With a few exceptions, the customer service is non-existent. We had to upload documents multiple times and then they took so long in...

Twice bitten, thrice shy. I should have remembered how terrible UBank was from the last time we used them. With a few exceptions, the customer service is non-existent. We had to upload documents multiple times and then they took so long in processing everything we had to supply updated documents. Within a month of doing the finance, they changed the terms of the loan (which legally they are entitled to) and increased our interest rate by 0.2%. We had such a negative experience sorting that out, we decided to refinance to a different provider and that was a ridiculously long and drawn our process - basically, UBank did as little as possible, as slowly as possible to allow the refinance. It ended up taking over a month to get it done. We will never deal with them again.

    Price   1 / 10

    Features   0 / 10

    Customer service   0 / 10

    Convenience   0 / 10

    Trust   0 / 10

Less

Paul (NSW), reviewed over 1 year ago

UBank

UBank UHomeLoan - Value Offer (Owner Occupier, Principal & Interest) home loan review

Overall rating   1 / 10

Ridiculously slow. Bad processes.

Ubank is terribly slow. Do not go with ubank. Their system is just so bad. The staff are ok but if you are looking for a lender who can get the job done then don't waste time with these guys. My application is clean and highly serviceable. ...

Ubank is terribly slow. Do not go with ubank. Their system is just so bad. The staff are ok but if you are looking for a lender who can get the job done then don't waste time with these guys. My application is clean and highly serviceable. Low risk. Because of ubank I have missed out on an important auction. Wished I'd gone with another lender. Time wasters.

    Price   6 / 10

    Features   6 / 10

    Customer service   4 / 10

    Convenience   0 / 10

    Trust   5 / 10

Less

Jesse (QLD), reviewed about 2 years ago

UBank

UBank UHomeLoan - Value Offer (Owner Occupier, Principal & Interest) home loan review

Overall rating   6 / 10

Great rate but that's it

Good rates, but basically crap at everything else. Crap app, and have to relog in to another site to access mortgage.

Good rates, but basically crap at everything else. Crap app, and have to relog in to another site to access mortgage.

    Price   8 / 10

    Features   3 / 10

    Customer service   5 / 10

    Convenience   0 / 10

    Trust   4 / 10

Less

Cliff (NSW), reviewed about 2 years ago

UBank

UBank UHomeLoan - Value Offer (Owner Occupier, Principal & Interest) home loan review

Overall rating   8 / 10

Competitive rates

Pros:Great interest rate, 24hr call centre and easy online access to accounts. Cons:Slow application process, bad customer service and it's only an internet bank.

Pros:Great interest rate, 24hr call centre and easy online access to accounts. Cons:Slow application process, bad customer service and it's only an internet bank.

    Price   10 / 10

    Features   7 / 10

    Customer service   5 / 10

    Convenience   7 / 10

    Trust   5 / 10

Less

Thi (VIC), reviewed about 2 years ago

UBank

UBank UHomeLoan - Value Offer (Owner Occupier, Principal & Interest) home loan review

Overall rating   10 / 10

Great interest rate and customer service

I am very impressed with UBank. I have been with them for some years, they are efficient and friendly and offer 24 hour phone support. Applying for the loan was a bit tiresome, but after that they have been great.

I am very impressed with UBank. I have been with them for some years, they are efficient and friendly and offer 24 hour phone support. Applying for the loan was a bit tiresome, but after that they have been great.

    Price   10 / 10

    Features   5 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Pam (SA), reviewed about 2 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Currently showing

Rates

  • 3.74% p.a.

  • n/a

  • 0 Months

  • none

  • 3.74% 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

  • none

  • $0.00

  • $0.00

Other financial bits

  • $100,000

  • $2,000,000

  • none

  • 80.00%

Features

  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes

  • $0.00

  • yes

  • no

  • none

  • none

Rates

  • 4.13% p.a.

  • n/a

  • 0 Months

  • none

  • 4.13% 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

  • none

  • $0.00

  • $0.00

Other financial bits

  • $100,000

  • $2,000,000

  • none

  • 80.00%

Features

  • Owner Occupier

  • Interest Only

  • Monthly

  • yes - free

  • no

  • yes

  • $1,000.00

  • yes

  • no

  • none

  • none

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.

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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