UBank home loan reviews

Very competitive variable rate. Easy to apply online and helpful staff.

Price   10 / 10

Features   10 / 10

Customer service   10 / 10

Convenience   10 / 10

Trust   10 / 10

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I have dealt with Banks and sought approvals for years. I have never experienced an incompetent bank like Ubank ever before. The application process so far has taken 5 months. They keep asking you to upload document after document. They then question everything you have submitted and are suspicious of you. The call centre staff never know anything and always say they will get someone senior to call you but they never ring. I have substantial assets and had a high income from my job as a lawyer - but they always had an issue with my loan ratio. Even though they told me my expenses were average they were still suspicious about why I dont spend more. I am sick of wasting my time with them and am going to withdraw my application. No bank has ever questioned me as much as Ubank. I wish I never dealt with them.

Price   5 / 10

Features   3 / 10

Customer service   0 / 10

Convenience   0 / 10

Trust   0 / 10

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Took long time processing application, Cheapest interest rate, can withdraw money from loan

Price   10 / 10

Features   9 / 10

Customer service   8 / 10

Convenience   9 / 10

Trust   8 / 10

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Easy to apply and customer service is always quick and great

Price   8 / 10

Features   8 / 10

Customer service   7 / 10

Convenience   8 / 10

Trust   8 / 10

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I'm very impressed with Ubank. Searching Online for a better home loan rate, I found Ubank, 4.17%. I applied and processed the loan MYSELF online. I was sent the documents to read and sign. The transfer of loan was efficient and easy, Saving myself $400 a month. When people are talking homeloans, I tell them about Ubank.

Price   10 / 10

Features   8 / 10

Customer service   10 / 10

Convenience   10 / 10

Trust   10 / 10

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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

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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

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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

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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

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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

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Good and cheap - don't understand what more people want in a home loan.

Price   9 / 10

Features   7 / 10

Customer service   6 / 10

Convenience   5 / 10

Trust   9 / 10

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I was paying out half my salary a few years ago to service a home loan with NAB so I decided to look for something cheaper. I noticed that Ubank was "backed by NAB" which should have been a warning but I was stupidly tempted by the low rates. Anyway I sought refinancing through them and started jumping through the ridiculous hoops they make you go through, many more than NAB itself does. Everything has to be done with Ubank online and with email. It's possible to get them to call you back but because you don't have an allocated account manager no one is familiar with your case or seems to have any authority to resolve an issue. Anyway my application dragged on for months with documents sitting in their online system and me making endless calls to Ubank officers who weren't empowered to help and seemed to be totally at sea. I should have known better. After four months of this nonsense I tried another online home loan company, got allocated a manager which I dealt with over the phone and had the refinance loan in place in a fortnight. Ubank seems to be where NAB parks its trainees and hopes the low rates will make up for all the rest. If you want a time wasting service offered by kids on trainer wheels it is the place to go.

Price   0 / 10

Features   0 / 10

Customer service   0 / 10

Convenience   0 / 10

Trust   0 / 10

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Application process was simple, quick & efficient. Interest rates are competitive & redraw facilities are an added bonus.

Price   10 / 10

Features   10 / 10

Customer service   10 / 10

Convenience   8 / 10

Trust   8 / 10

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Absolutely terrible. I applied for a home loan in early Feb 2015 after buying a property, with a 45 day settlement. For the next 4 weeks they wanted me to jump through every possible known hoop possible, including: - Stat declaration because my name on the application included my full first and middle name, whilst my bank statement did not include my middle name. - At the time of application I forgot to include that I had a spare $1000 credit card (it was a no annual fee card which I kept as backup but never used). They made me write a letter saying why I did not include this card on the application. As if a CC with a $1,000 limit will affect a $400,000 loan. - Confirmation statement from a credit card company of a card that I had cancelled over one year ago (apparently their credit check still sees the card as listed as active). - Proof of my superannuation (my employer pays super monthly, so my 2 recent payslips did not show the super contributions). - Required me to reduce my current credit card limit (even though I had declared the limit at pre-approval which went through without issue). The frustrating thing is they request additional documents from you ONE AT A TIME (instead of all at once), so every 2-3 days I was submitting an additional document. Their customer service is lousy, and there's always a different person answering the phone, so you have to explain your situation all over again to each customer rep. Each time, you are told that 'this document will be the last'. 4 weeks later, I received a phone call from them saying they are unable to service my loan. This came as a complete shock, as I already got a pre-approval from them (and I got pre-approvals from other banks for $700,000). After demanding to speak to the manager, I was put through to someone senior, who said 'we aren't able to service your loan as your income of $xx,xxx is too low'. The only issue with this statement was that my actual income is actual more than double of xx,xxx! THEY HAD RECORDED MY SALARY WRONG! At this point, it was 1 week before settlement, and I told them to forget it. Visited CBA that afternoon and walked up with a signed loan contract after 90min. And unbelievably, after cancelling the home loan application 1 week prior to settlement, the UBank contract arrived in the mail on the day of settlement. Seriously, if you are going to do home loan, at least record your customer's salary correctly.

Price   7 / 10

Features   1 / 10

Customer service   0 / 10

Convenience   0 / 10

Trust   0 / 10

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I applied for refinancing an existing a home loan, first I tried their online calculator and all was fine then an online request and next day somebody called me and again everything was fine. I uploaded several document on my online profile on the ubank website , but they did not read them carefully or did not accept them, they were asking for some documents that never existed and just wasting your time with asking different documents, they do not know what they are looking for and also their approval criteria is not clear. Anyway my application got through to next step to be approved by assessor and send me the contract but again a back movement and asking for some additional documents. Finally I decided to withdraw my application. They made me tired of their vague requests for some documents that even they do not know what is it. The connection with them is very difficult, just secure email and every time a different person replies you. Even in one case they used a wrong name to reply me.

Price   8 / 10

Features   8 / 10

Customer service   2 / 10

Convenience   2 / 10

Trust   2 / 10

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As we had a bad experience with our last home loan bank, I tried to switch the banks. UBank has been very fast and looked after us from the beginning. If you do not mind doing everything online, this bank is good for you. They even offer $500 vouchers to me because I sent the signed documents quick enough. All online, but if you need to speak with someone, you can.

Price   10 / 10

Features   10 / 10

Customer service   6 / 10

Convenience   10 / 10

Trust   6 / 10

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I refinanced with ubank a year ago. I had no trouble with the application. The staff knew what they were doing, and I like having everything online to do at my convenience. My only gripe is that there is no offset account available, but I recently opened a savings and a transaction account which has great interest rates. They do not connect to paypal though, which means I have to keep another account open, which is my MEbank mastercard debit (handy for avoiding fees when paying for flights). I also have another account for taking cash deposits. Sounds more complicated than it is. In summary, this is a no frills operation, but if you're comfortable with managing your own affairs, they are financially rewarding and with the exception of one staff member, all of the customer service representatives have been very helpful and easy to deal with.

Price   10 / 10

Features   8 / 10

Customer service   8 / 10

Convenience   10 / 10

Trust   9 / 10

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Roadblock and red tape everywhere. Not transparent and extremely bad service from the start. 1. Trying to to contact them over the phone to clarify some doubts, took me ages to get to talk and the line was cut during the call. No call back although the staff had my number 2. Get to use chat service to ask the same questions, the staff said, no idea as he/she was not trained for this and suggested me to call their hotline again. 3. During the process of getting the loans approved, one of my loans had a hiccup due to their valuer mixing up my property with another. So the UBank staff insisted that my property was 1 one bedder before and converted later. She even said, there are dry walls for this 2nd bedroom. However, the unit has no dry wall. It is always a 2-bedder. The details the staff gave me over the phone from the valuer's photos are incorrect, still she insists to get a written document from my strata manager instead of getting back to the valuer who screwed up. The other funny thing is the original bank I was with which is NAB did not say anything about this when I bought the unit (which would be a big deal for them more than UBank). The size of the unit is also too big for a 1 bedder in that area and no way it is a penthouse style on the ground floor in that suburb. All common sense and reasons point to the fact but it's not the fact this staff would take. I asked for the photos from the valuer so at least we can make sure we are talking about the same property, again, the lady said no. I'm about to delete all my loan application and go with other lenders. I am yet to be their client and it has already caused me a lot of headaches with the process and service. Imaging, if you were to be with them and have problems. You are out of luck. Stay clear. THEY HAVE NO SERVICE AT ALL!!!!

Price   9 / 10

Features   5 / 10

Customer service   0 / 10

Convenience   0 / 10

Trust   0 / 10

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UBank loans are very good on interest rate but lack an offset account.

Price   5 / 10

Features   3 / 10

Customer service   5 / 10

Convenience   7 / 10

Trust   5 / 10

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I agree with review from Laurie from Victoria. UBank doesn't care about existing customers and does not provide any incentive for staying. It is a disgrace that loyalty is not valued and new interest rates are not passed to all. The staff is not very knowledgeable and always want you to call them, even though they are supposed to be online service.They have wasted many hours of my time when they were not able to correctly advise me on the change of title due to change of name. Very, very disappointed with their service and attitude. I will have no other option but to leave as I do not feel like a valued customer at all. Thumbs down UBank!!!!!

Price   8 / 10

Features   0 / 10

Customer service   0 / 10

Convenience   -1 / 10

Trust   0 / 10

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Attractive rates at a price. A quick response from UBank to a home loan enquiry will soon evaporate. My experience with the application process was "OK" until very close to settlement when they insisted on a higher buffer in the account from which I was refinancing (only to re-credit that subsequently). An unsolicited offer of a gift card, if I returned the loan pack by a certain date, payable within 30 days of settlement has still not been honoured, despite several empty promises by them. Reading other reviews I see I'm not alone but wonder how many others are in the same position but haven't raised concerns on sites such as this. My attempt to lodge a formal complaint in accordance with the process set out in the loan contract was rejected - deemed "out of scope".

Price   6 / 10

Features   3 / 10

Customer service   0 / 10

Convenience   2 / 10

Trust   0 / 10

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Awesome product that was easy to sign up to and offered quick, efficient service at very competitive rates which is backed by one of the big four - NAB.

Price   10 / 10

Features   10 / 10

Customer service   10 / 10

Convenience   10 / 10

Trust   8 / 10

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Ubank rips off loyal customers. I've been with them for over 2 years. Advertised interest rates keep going down, but Ubank keeps loyal customers on signed-up rates. I'm currently paying 4.67% on my loan, and the advertised rate (Nov 2014) is 4.54%. That's a few thousand dollars extra on my loan. I inquired today via chat with Ubank to see why loyal customers pay more than new customers. Here's a copy of the chat: Hello, you're now chatting with 'Robyn'. Robyn: at 13:04:21Hello and Robyn: Welcome to UBank. May I have your preferred name please? You: Hello Robyn Robyn: How can I help you? You: I have a loan with Ubank and I am charged 4.67%, yet the current rate is 4.54%. Any idea why my loan is not adjusted accordingly since it's variable rate and not fixed rates? Robyn:The 4.54%pa is not the standard variable rate - it is the standard variable rate inclusive of the realrewards discount for new customers to UBank. The standard variable is 4.87%pa. As the standard variable rate hasn't changed at all - your current rate will be the same inclusive of any discounts you received at the time of application. You: New customers get a better deal than customers that remain with Ubank. Okay. Not really fair. Might have to look somewhere. loans.com.au is only 4.50%, so that's a big difference with 4.67%. Robyn:UBank from time to time will run different specials/offers for new customers. These offers are only valid for customers who apply at this particular time. You: I understand that, and that's why it's not fair. The same deal should apply to loyal customer, otherwise there is no real point in staying with Ubank. Not much sense being loyal to a lender if new customers are going to be hundreds of dollars better off than loyal one. I have no problem understanding what you are saying -- I just think it's not right to do this to loyal customers. Robyn: I understand what you are saying, at the time you applied you would have received a discount for your application. This discount is valid for the life of the loan as well. You: That's no consolation. The bottom line is I am paying 4.67% and new customers $4.54%. If Ubank can't do better, and I am going ahead this week and refinance without another lender that has lower rates than $4.67%. I don't feel like paying $1000 extra because of fine print and deals and discount talk. Thanks for you time. Have a nice day. Robyn: Have a great afternoon. END OF CONVERSATION. Clearly doesn't care about loyal customers or offering a better deal. Goodbye Ubank. Apply with another lender today. They hook you in, and after that rip you off by offering lower rates to new costumers. Unethical. Don't bother. Not surprised since a division of the NAB, which is the worst of the big four when it comes to customer loyalty and service.

Price   9 / 10

Features   0 / 10

Customer service   2 / 10

Convenience   9 / 10

Trust   0 / 10

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I refinanced my home loan with UBank. The application process was quick enough, as I have a good salary and a safe job with a big employer. (Nevertheless, I was still asked to provide a signed statement explaining why I had a $30 arrears on my council bill!) After settlement, it turned out that somehow I now owed approx $9000 more to UBank than what I had owed to my previous bank! I had no idea how that happened. No sign of the extra money anywhere! I was overseas at the time, and took me an enormous amount of international phone calls and emails and stress to track down what happened. UBank customer service was an absolute disgrace, they did not even appear to read my emails when I tried to inquire about the situation. They just responded to me with absolute gibberish, obviously cut-and-pasted together from existing email templates. I changed banks because of the lower rates offered by UBank, and now I regret it deeply. I guess now I am stuck with them for a while, as it is so expensive and troublesome to change. I will leave as soon as it makes financial sense. (ps - needless to say, the gift card never arrived).

Price   2 / 10

Features   2 / 10

Customer service   0 / 10

Convenience   0 / 10

Trust   0 / 10

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Ubank refinanced our loan from Commonwealth within 4 weeks from application. Was easy enough but lots of calls. Saving of $50pw is pretty great! iPad mini arrived 2 months after application. Still waiting on gift card, I was told that would be here next month. I've had a follow up call to see how my loan is going. So far 2 thumbs up!

Price   10 / 10

Features   9 / 10

Customer service   7 / 10

Convenience   10 / 10

Trust   10 / 10

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