I LIKE THIS BANK FOR ITS FLEXIBLE AND VERY COMPETITIVE HOME LOANS. THE EASE OF APPLICATION ALSO WAS A PLUS FACTOR BEING CONDUCTED EFFICIENTLY VIA PHONE AND INTERNET. I REALLY LIKE THE EASE WITH WHICH I CAN MAKE ADDITIONAL REPAYMENTS, AND THE REDRAW FACILITY WHICH AGAIN IS EASY AND DOES NOT HAVE YOU FILLING IN COPIOUS AMOUNTS OF PAPERWORK. MY STATEMENTS ARE CLEAR AND EASY TO UNDERSTAND AND THE CUSTOMER SERVICE HAS ALWAYS BEEN PROMPT, CURTEOUS AND EFFICIENT.
I was recommended this bank from my broker when I was looking for an investment property. Firstly the application process was simple, easy and streamlined, I was offered great interest rate that has help especially in the last 12 months. That have a good APP that is easy to use and monitors your accounts efficiently. Easy to link with other accounts. The only cons of my experience of this bank was when I rang up to review my rate I had to go through several individuals to get to the right section and then I had to wait for them to ring me back 24 hours later. This is a common issue I have experienced with banks I have used in the past. Overall a good bank that I happy with and continue to have a good relationship with.
I'm usually not a fan of online but the application process was easy, hardest part was scanning all my documents and uploading. Processing my application was quick and settlement of my refinance was painless. The couple of times I have needed to contact them the online chat has been answered pretty quickly. Couple minor appearance only issues in the "app" but otherwise they have been significantly better than who I was previously with.
This is a no frills bank, no branch available , all communication is online or via phone but staff have always been helpful . Low interest rate and low fees. Would recommend.
Great rates, good options for multiple offset accounts and fast local customer service. Easy to use app.
Delays in home loan application due to glitches in online application system, slow responce times, and jumping through hoops to gain approval. Now that we gain approval, Ubank will not honor cash back offer if our settlement occurs 1 minute past June 30 deadline, despite their involvment in delays. No guarantee settlement will occur in time. Hence i declined the offer after many hours of effort.
Completing the application was interesting, in giving them access to all your banking accounts then they estimated your expenses, which for empty nesters having an amount included as education/childcare seemed odd. Difficult to change the computer-generated figures, if allowed at all then we hit the verification process. Oh my god what a slow, cumbersome process this proved to be. Finally gave up :(
Awful customer service. Very slow to deal with. String you along for a couple of weeks then find roadblocks to progress with loan application. You will loose contracts relying on this bank.
No frills home loan, low rates and flexibility to pay off extra. Only downfall is 30 yr term so best to pay it ahead if possible in this climate.
The worst app I've ever used for banking. I will leave this bank purely on the failure of the mobile app. Terrible and clunky, never updated. The Perks of a budget bank!
Do not recommend to apply for home loans there. I have applied for refinance and they ask for too much of information which does not make sense. I have been asked to provide a letter from The company confirming my position and annual salary even though i have provided with pay slips and a contract letter clearly saying all details requested. The home loan specialists are non reachable and not customer focused. Unnecessary delays. Would not recommend.
I refinanced to Ubank a bit over a year ago, I am now trying to leave, that should tell you everything you need to know about this mob. They are an online only bank which you would think would mean their processes are built from the ground with modern features but they are so far behind it's not funny. There was no option to pay my mortgage myself, it had to be direct debited when they wanted to do it and if I wanted to change the account that came from, I had to print out and complete a form, scan it and send it back for processing! I am now refinancing elsewhere and again need to physically sign a discharge form which means getting a print out, scanning it and sending it back. Their features are garbage also. Interest get's added to the loan on a daily basis so the loan amount is constantly fluctuating and it generally takes 2 or 3 days for the amounts to reflect from the date they took the money and the redrawn appears be impacted every time the mortgage is due, then 2 or 3 days later it goes back to what you actually have in redraw. Their rates were once a main draw card but they are no longer that competitive and with the awful service experience, there is no benefit in staying with them. Steer clear of this company, if you must go for a more competitive lender, try anyone else with systems and processes based in this century!
Home loan specialist was unbelievably incompetent and absent during what is obviously an urgent and stressful process for the customer. Hotline consultants were useless in providing further assistance and addressing formal complaints. Management was equally indifferent and non-responsive in dealing with the issue, no wonder their staff are the absolute worst. Just proves the business has no accountability and does not value customers at all. Do not use this bank, unless you want to end up punching a wall. Never mind the low interest rate promise, everything else about them is a joke. Beyond pathetic.
UBank will initially process new loan applications in an acceptable industry standard time frame. Once they secure your business they will drop you like a brick and expect that you will be satisfied with a low interest rate and zero customer Service. Over a month ago I submitted a loan variation form/request and must presume that it was deleted or thrown in the bin as there was no response at all. On one of the rare occasions that I was fortunate enough to speak with someone over the phone my request was met with “we are unable to provide that service, the big 4 banks would, but we can’t”. I think that probably sums it up!
People be mindful when refinancing with ubank, put aside their competitive interest rate, their response time is tribble. I currently waiting for refinancing, it took their settlement agent MSN to say the building insurance name needs to be amended 35 days from the day I provided them with a copy. A few more documents that each took a few weeks to respond to the acceptance. frustrating....
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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