The UBank UHomeLoan fixed rate option comes in three varieties - 1, 3 and 5 years. The 1 year rate is a low 3.69% p.a., for 3 years the rate is 3.99% p.a and for 5 years the rate is 4.39% p.a.
With the fixed rate UHomeLoan there is a $395 application fee. You can borrow up to 80% of the property value and the loan is available for loans from $100,000 up to $1,000,000 up to a 30 year period.
One of the great benefits of choosing to get your home loan with an online lender is that you can apply for your home loan when it suits you and manage the whole thing from the comfort of your couch.
You can choose weekly, fortnightly or monthly repayments and while you can make extra repayments there isn't a redraw facility with the fixed rate loan so you won't be able to redraw the money again should you need it later on.
Who it's good for:
Those that want interest rate and repayment certainty for a set period of time and feel comfortable doing all the work over the web or via a call centre.
If you find yourself flushed with cash you can make extra repayments with the UHomeLoan fixed loan but just be aware that this is capped at $20,000 over the life of the loan.While UBank is backed by NAB you don't have access to a branch network but 24/7 online and phone support should be all you need for securing and managing your home loan.