Your selected home loans
2024 Low Cost Home Loan award winner
Annual loyalty discount
No fees.
No offset account
Unavailable for construction loans or off-the-plan homes.
Packed with handy features, a competitive interest rate, and backed by CommBank, Unloan’s Variable home loan is one to watch.
It was named one of Australia’s best Low Cost Home Loans in the 2024 Mozo Experts Choice Awards. The interest rate for owner-occupiers is a competitive 5.99% p.a. (5.90% p.a. comparison rate*) for new buyers and refinancers with a loan-to-value ratio (LVR) under 80%.
The Unloan Variable is one of the only home loans with an automatic built-in loyalty discount. Borrowers receive a nifty annual discount of 0.01% p.a. up to a maximum discount of 0.30% p.a. for up to 30 years (T&Cs apply). It also boasts free extra repayments and redraws, and has zero ongoing or upfront fees.
One of the drawbacks is that the Unloan Variable doesn’t come with an offset account. While this isn’t a dealbreaker, as you can make unlimited extra repayments and free redraws, its competitive interest rate automatic annual discount and fast digital application process put it among the most innovative home loans for Aussie borrowers.
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
Your selected home loans
Competitive rate
Easy to navigate our home loan online and see current balance. Redraw is swift and easy. Unloan has a very competitive interest rate and we are overall very happy with the ease of use and customer service we have received to date!
Advised at time of borrowing that I would require access to more of my equity in future, advised it wasn't an issue. Went to increase loan a month after refinancing with them and they don't do it. After many communications was advised only way to get access to any of my $800k in equity was to refinance elsewhere. Firstly that's going to cost me a lot in fees and secondly virtually no lenders will refinance if within first three months with current provider even though I've had a mortgage for 17 years. So they are happy to refinance other lenders loans but not their own. Brokers have advised me they have seen this a bit and don't advise going with unloan if you want access to your equity in your house in the future.
The app is easy to use for transferring money in and out of mortgage account. The rates are competitive in the mortgage market. I haven’t experienced any negatives having my mortgage with Unloan. Customer service is good also.
Quick and easy, very simplistic to swop over. App can improve to reflect true withdrawal amounts allowed. Overall happy with my transition and comparison rate.
I like the fact that even though it is strictly an online platform and no physical branch, the refinance of my home loan was a fast and and easy process (as long as you are digitally capable). Instant and ongoing communication from customer service and any queries are instantly uploaded on their app and responded to efficiently. Their interest rate continues to stay lower than others even though it has had some increases since joining and the discounted yearly rate is a good incentive but it will be interesting to see if their rate stays competitive in order for the yearly discount to be worthwhile. Although initially hesitant about going digital with my home loan, I felt at ease knowing they are backed by the CBA. Not good if you aren’t digitally savvy as all transactions are done online including downloading of statements and transferring funds. Downside of downloading statements is that they can’t be exported into different formats such as excel spreadsheets. I feel the platform of the app could still be in the process of being refined as it matures considering it’s a new facility and the customers needs. Very happy with it so far!
Don't waste your time! They increase rates outside of RBA rate increases. My rate has gone from 4.99% to 5.74% in 3 months. In August they put the rate up 0.15% even after RBA put rates on hold. They claim "cost of loan" as the reason but really looks squeezing the last bit of cash out of their already stressed customers to generate even more profit! After transfer fees and rate increases, I would have been better staying with my old bank. Going to have to move again and steer clear of all Commbank products.
The interest rate is competitive, the application was very easy and the communication via online chat, email and phone was excellent.
No mobile application, browser based app inconsistently works
The application process is quite simple and easy, although speaking with a consultant is near impossible. They will ring you back at a time that suits them and this is very slow. The interest rates are the best in the market right now and the app is fairly easy to use but with no Bpay facility, it means we need another working account to pay bills which is inconvenient. Customer service is fast enough if you don't mind doing all your business over email, but if you need to speak to someone it's extremely frustrating.
Unloan is a digital-only home loan lender built and owned by Commonwealth Bank.
Unloan has the backing of CommBank, one of Australia’s largest banks, and you can be sure that it’s a legitimate lender.
Unloan does not currently offer fixed rate home loans. Owner occupiers and investors only have access to the Unloan Variable rate at this time.
At the moment, Unloan does not offer offset accounts with their home loans. They do, however, allow for free extra repayments and free redraws.
The most you can borrow from Unloan to buy a property is $10 million.
Unfortunately, Unloan doesn’t participate in government homebuyer assistance schemes, such as the Home Guarantee Scheme or Victorian Homebuyer Fund. However, you can use the First Home Owner Grant as long as the funds you receive aren’t used to make up your 20% minimum deposit.
When you apply to borrow through Unloan, you will need to:
* 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.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
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