I wouldn't encourage anyone to consider refinancing with UBank just because of their lower rate of interest. Had I have known how appalling their customer service was going to be, and how long you have to wait for someone to answer a phone call (average wait time 45 minutes), I would have stayed with my previous lender and happily paid a higher rate of interest. Some of their staff are really great but the majority lack knowledge and are unable to answer questions. The phone app and website are very clunky and not at all user-friendly. The other issue I have with UBank is that their statements are misleading and don't provide all the information you require to have an informed opinion about the state of your finances. They offer a redraw facility as opposed to an offset account which again for some strange reason fluctuates significantly which makes knowing exactly what your balance is very difficult.
Very poor customer service. They simply say no to customers with very limited information and without going in further detail. Trying to avoid the customers in a hurry. I'm still not convinced why they said I'm not eligible at the same time all other banks said I was eligible. Very poor criteria for assessment of customer credit rating.
Lowest home loan interest rate, no frills, underwritten by NAB. No branches, can take a while to set up with all the paperwork but once you do, you will be saving tens of thousands of dollars. Well worth the effort!
After a couple of early challenges, UBank have won us back over by passing on almost all of the RBA rate cuts. They are online only which allows very competitive rates with no fills offering.
Love this banks low rates. However I hate their redraw facility and how it seems to be in a constant state of recalculation. Payments are deducted from redraw before being debited from your account and the whole process takes too long to recalculate once you make payment. It takes weeks for accurate amounts to reflect and the money visible to the customer is always lower than what is actually in there. Needs to be fixed urgently.
UBank is a fantastic online bank. The process to approve the loan was simple and the two times I have called UBank my questions were answered promptly. Very satisfied. UBank has also passed on the rate cuts to variable rate home loan which was welcomed.
When I had a mortgage, they had by far the best rate for a mortgage without an offset account (wasn't an investment property so didn't need it). None of the other banks could come close. Also got Aussie call centres so they provided great customer service. Can't really fault them besides not having an offset account.
I like this bank because their rates are very low. A con is they take a long time 2-3 business days to return emails.
Good rate, no bells and whistles.
They have a good interest rate and no exit fees. Customer service are reasonable if you are complaint enough.
I like this bank because it is a part of NAB and because it is a no frills bank, meaning you get a much cheaper rate and no monthly fees. However, because of this there is no shop front to walk into. Everything is done online and it can take a little longer to get a hold of then your mainstream banks. This is a sacrifice I am willing to accept for better value and reducing the cost of what is the most expensive thing you will pay for in your life, that being your home loan. The only con to this is they do not have, as yet, an offset account that can be attached to your home loan. To counteract it they do have unlimited redraw facility with no fees. This means you do have to keep a closer eye on how much you are redrawing if you are putting in your saving to not eat into the principal you are paying off the mortgage.
Customer service is outstanding. I can send them a message in Facebook messenger and they will call me back to discuss my issues. UBank was really easy to apply for a home loan over the net.
Great bank for your everyday needs and for your home loans. We have two home loans and two accounts with them and no fees at all. Very friendly service. However they have longer than normal approval times for loans I found compared to NAB who are really quick at approvals.
Easy to apply and customer service is always quick and great.
Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.
Want more? Compare all 545 home loans in the Mozo comparison engine.
Compare more home loansMozo gives you the inside story on the best banking, energy and insurance products as rated by thousands of real customers around Australia. We don't make subjective judgments, nor do advertisers influence our ratings. Although our reviews may be moderated to improve quality standards, they are moderated independently of any of Mozo’s commercial relationships.
