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Up Home Variable Rate

Advertiser disclosure
Rate
5.95% p.a.
Comparison Rate
5.95% p.a.
Service fee
$0.00
Upfront fee
$0

Mozo editorial review Up Home Variable Rate - last updated: 1 March 2024

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What's hot
  • 5.95% p.a. variable rate (5.95% p.a. comparison rate*)
  • Low on fees
  • Up to 50 free offset accounts
  • Unlimited extra repayments
What's not
  • Only for capital cities and major regional centres
Mozo snapshot

You might know Up from its everyday banking and savings products, but did you know its offering home loans as well? With competitive interest rates, handy features, and low fees that can help take the sting out of regular repayments. 

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Key features

With a single variable rate of 5.95% p.a. and a comparison rate* which is the same rate at 5.95% p.a., Up Home aims to take out the need to negotiate your rates.

You can get Up’s home loan with a deposit of at least 10% of the property's value. Just keep in mind that, if you do have a deposit below 20%, you’ll still need to pay lenders mortgage insurance.  

What about fees? You won’t pay any application, setup, monthly, annual, redraw, or discharge fees—although, you may have to pay some of the valuation cost as Up only pays the first $400, but this is usually enough to cover most properties. 

Want to know what money saving features you’ll get with Up Home? For starters, you can make unlimited free extra repayments and make use of a redraw facility. Also, if you’ve got a savings and spending account (Up’s joint account), you automatically get them converted into offset accounts for free. In fact, you can get up to 50 free offset accounts!


snapshot
Who is it good for

Up Home could be a good option if you’re an owner-occupier intending to purchase a property in a major city. Also, if you’re looking to make use of offset accounts and free extra repayments, Up’s home loan could be a useful choice.

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Any catches

Up’s home loan is only intended for capital cities and major regional centres. So, if you’re buying regional, you might not get access to this loan. While Up Home lets you take out a loan with a 10% deposit, bear in mind that you would have to lenders mortgage insurance with a deposit less than 20%.

Details

Rates and fees information correct as at 21 July 2024. 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

5.95% p.a.

n/a

n/a

n/a

5.95% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$0.00

$0.00

n/a

$0.00

n/a

$0.00

$0.00

Other financial bits

$50,000

$10,000,000

none

90.00%

Features

Owner Occupier

Principal & Interest

Monthly

yes - unlimited

no

yes - free

none

no

yes

If valuation over $400, Up will cover the first $400. Must hold an Up everyday account.

none

none

^See information about the Mozo Expert Choice Home Loans Awards

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

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About Up

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6.09% p.a. variable

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6.34% p.a.

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5.99% p.a.

5.90% p.a.

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6.14% p.a.

6.16% p.a.

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6.04% p.a.

6.06% p.a.

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6.14% p.a.

6.20% p.a.

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6.01% p.a.

6.14% p.a.

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6.09% p.a.

6.20% p.a.

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6.14% p.a.

6.17% p.a.

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Macquarie

Offset Home Loan (Package)

6.14% p.a.

6.39% p.a.

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Basic Home Loan (Fixed)

6.25% p.a.
fixed 3 years

6.20% p.a.

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5.69% p.a.
fixed 3 years

6.34% p.a.

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Basic Home Loan (Fixed)

6.35% p.a.
fixed 3 years

6.26% p.a.

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6.09% p.a.
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6.15% p.a.

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6.59% p.a.
fixed 3 years

7.06% p.a.

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5.99% p.a.
fixed 3 years

6.37% p.a.

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6.54% p.a.
fixed 3 years

6.38% p.a.

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Flex Home Loan Fixed

5.99% p.a.
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6.37% p.a.

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5.94% p.a.

5.99% 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.

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