Up is a digital bank that came into the Australian banking world in 2018—and, since 2022, has offered a variable and fixed home loan known as Up Home. The fixed home loan comes with low fees, the ability to make up to $30,000 in additional repayments, and terms 1-5 years with the 2-year fixed rate option of 5.85% p.a. (5.93% p.a. comparison rate*) and is available for borrowers with a deposit of 10% or more.
With the fixed rate option for Up Home, borrowers can choose terms from 1 to 5 years, which helps with budgeting as they’ll know what their repayments will be for the length of the loan term. What happens when a term ends? Borrowers can choose to re-fix for another term or be rolled over to Up Home’s variable rate option.
For borrowers who want to make extra repayments with a fixed rate loan, Up Home comes with the ability to repay an additional $30,000. Plus, if they ever need that money, Up Home comes with a free redraw facility.
What about fees then? Up Home has no application, setup, monthly or annual bank fees. However, while Up Home does pay the first $400 in valuation fees, borrowers do need to pay anything above that.
Up Home might be a good option for owner-occupiers looking to get themselves a property in a major city. It could also be a good choice for borrowers who want the certainty of a fixed interest rate while still being able to make extra repayments and redraw.
Up’s home loan is only for capital cities and major regional centres. Borrowers who are unsure whether their intended property might be suited for Up Home can check in-app during the application process.
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n/a |
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n/a |
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n/a |
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n/a |
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6.00% (5.96%*) |
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5.85% (5.93%*) |
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5.80% (5.91%*) |
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5.80% (5.90%*) |
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5.80% (5.89%*) |
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n/a |
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n/a |
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5.95% p.a. |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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$50,000 |
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$10,000,000 |
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none |
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90.00% |
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Monthly |
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yes - up to $30,000 during fixed rate term |
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no |
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yes - free |
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none |
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no |
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no |
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If valuation over $400, Up will cover the first $400. Must hold an Up everyday account. |
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none |
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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.
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Home Value Loan
6.09% p.a. variable
6.09% p.a.
Fixed Rate
6.59% p.a.
fixed 3 years
7.06% p.a.
Mortgage Simplifier
6.14% p.a. variable
6.17% p.a.
Flex Home Loan
6.24% p.a. variable
6.48% p.a.
Elevate
6.09% p.a. variable
6.20% p.a.
SMSF Home Loan (Variable)
6.99% p.a. variable
7.00% p.a.
Fixed Rate Loan (with Orange Advantage)
5.99% p.a.
fixed 3 years
6.12% p.a.
Elevate
6.09% p.a.
6.20% p.a.
Mortgage Simplifier
6.14% p.a.
6.17% p.a.
Flex Home Loan Fixed
5.99% p.a.
fixed 3 years
6.41% p.a.
Fixed Rate Loan (with Orange Advantage)
5.99% p.a.
fixed 3 years
6.12% p.a.
Fixed Rate
6.59% p.a.
fixed 3 years
7.06% p.a.
Flex Home Loan Fixed
5.99% p.a.
fixed 3 years
6.41% p.a.
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.
