UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000 (*now 2.84%, drops to 2.59% on 3 April)
2.59 %p.a.
variable rate
2.59 %p.a.
comparison rate
UBank Home Loan Offer
Apply for the UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000 and get a low rate plus no upfront or ongoing fees as well as unlimited redraws.
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1. Find the lowest interest rate
Getting a lower interest rate is one of the best ways to save on your loan. Even a difference of a few basis points saves you thousands over a 30-year mortgage. Here are some tips to help you compare rates:
Variable versus fixed rates. Variable loans usually have lower rates and offer more flexibility than fixed loans. But you can find very competitive fixed rate loans too. If rates rise while you're still on a fixed loan, you may end up with a more competitive rate.
Introductory rate discounts. Look out for loans with discounted introductory interest rates. These might be some of the lowest loans on the market. Just watch out for fees and be ready to switch if your rate jumps up.
Non-bank lenders. Loans from smaller, non-bank lenders are more likely to have lower rates. But the mortgage market is so competitive that even the big banks are offering comparably low rates.
Negotiating. Once you've chosen a mortgage you can ask for a discount. It never hurts to ask.
A fast way to find some of the lowest current rates is to check out our monthly low rate mortgage round up . Here, finder collects the lowest rates available on our site each month, with information on fixed, variable, owner occupier and investor rates.
2. Get a loan with low fees
Most mortgages come with fees. These are separate from the interest rate and your repayments, but they are calculated into a loan's comparison rate.
Upfront, one-off fees (like application fees) can be expensive. An analysis of fees costs in Finder's mortgage database shows the average cost of upfront fees is $686.
But you should also watch out for smaller, ongoing fees that some lenders charge monthly or annually.
So should I avoid fees at all costs?
Not always. You need to crunch the numbers and work it out for yourself. If a loan has a low rate and features you need (like an offset account), then it might be worth paying the fee.
Some fees only come at the end of the loan or when switching lenders. Keep this in mind if you're planning to refinance (which you probably should).
3. Get features that save you time (and money)
Home loans with the lowest interest rates often have fewer features. But the right features can help you get more out of your home loan and save you money. It depends on your strategy.
Offset accounts. An offset account is a transaction account linked to your home loan. It reduces the amount of interest you're repaying. For example, if you borrow $200,000 and save $10,000 in a 100% offset account, you will only pay interest on $190,000. You can use the offset account funds if you need to spend them, but then you'll have to pay interest on the full amount.
Loan portability. This feature lets you move your loan to a new property without the high costs of exiting a loan and taking out a new one.
Unlimited extra repayments. Some lenders charge penalty fees when you make extra repayments. The most affordable home loan could be the one that lets you pay it off in your own way, so watch out for repayment fees. Note that while most lenders allow you to pay variable rate home loans off early with no problem, fixed loans will charge a penalty fee known as break costs.
4. Save a bigger deposit
The bigger your deposit, the less you have to borrow. This makes for cheaper repayments. In some cases, a bigger deposit unlocks lower rates. Most mortgages require a deposit between 5% and 20% of your property's value. If you borrow with a deposit that is less than 20% of your property's value, you will need to pay lenders mortgage insurance on top of your loan.
Having at least 20% of your property's value as a deposit saves you money. If you have a 30% deposit, you could get an even lower interest rate, but that's unrealistic for many home buyers.
5. Take a closer look at your repayments
Your repayment structure has a big effect on the cost of your loan. Principal and interest loans result in bigger monthly repayments but are cheaper in the long run. Interest-only loans have much cheaper repayments during the interest-only period but higher repayments afterward. This costs you more over time.
Shorter loan periods
The faster you pay off a home loan, the less interest you pay over time. So even though the repayments for a 25-year home loan might look high compared to those of an identical 30-year home loan, the savings would be higher.
Check out the difference in the total cost of two loans below:
A 25-year mortgage has higher repayments, but works out to be cheaper in the long run because you pay less interest.
I have a few more questions about getting the cheapest home loan
Online lenders traditionally have the lowest home-loan rates. They have lower costs because they don't operate branch networks. But today, many traditional banks can match or even exceed the competitive home loans offered by these cheaper home-loan providers, so it pays to look at all lenders when seeking a cheap loan.
Some lenders offer special loans tailored to first home buyers that are worth checking out. You can learn more about getting a loan as a first home buyer with our comprehensive guide.
And don't forget about first home buyers' grants offered by many state and territory governments.
Saving up for your home-loan deposit is a serious challenge for everyone. However, there are ways to trim your expenses, build your deposit and find home loans that don't need large deposits. To master the art of saving with home-loan deposits, you should look at our in-depth, six-part guide to home-loan deposits.
Pensioners can face challenges finding a home loan, but there are plenty of options out there. You may face stricter lending criteria and need to provide extra documentation when applying for a loan.
You should always be comfortable with the lender you're planning on going with. If you're not aware of a lender, try calling them to find out about the company and their service level before lodging an application. Speak to previous customers or read customer reviews on sites like Product Review.
Keep in mind that little-known lenders might be funded by a larger bank as is the case with NAB-backed UBank or Firstmac-backed loans.com.au.
Richard Whitten is Finder's senior home loans writer. He helps Australians understand the ins and outs of mortgages so they can find lower rates and make smarter property decisions. Richard trained as a high school English teacher at the University of Sydney, but found that mortgage management was more rewarding than classroom management. Before working at Finder he lived in Seoul, where he edited textbooks and ran communication courses for Korean corporations.
I have a house that is located in Perth WA and the mortgage is fixed for 2 more years. I would like to change to a lender that is offering less than 3% as the fixed rate of 4.5% can you advise me the safest way to go? mortgage is approximately $160,000 on a 3 year old new home 4 x 2
Thanks for getting in touch! To know how you can refinance your current mortgage, you can refer to this page. On the page, you will find a table that compares the features and benefits of each refinance home loan provider such as max loan rate, interest and etc. This way it will be easier for you to see which provider fits you best. Banks like HUME, Virgin and Ubank offer interest rates for less than 3%. If you need further help, a quick guide on how to compare home loans is also stated on the page.
A mortgage broker is the best person to reach out to see your options for refinancing. They can give you a multitude of options according to your situation. In the meantime, to give you an idea of how your monthly repayments will go, you may use the calculator we have on this page.
As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
Hope this helps and feel free to reach out to us again for further assistance.
You may check out lenders on this PAGE. Please seek professional help from a mortgage broker since you’re having a hard time finding the right bank/lender.
I have just paid off my house worth approx $800-850k. I am looking at ways besides dying to assist my two children into getting into a property. Can you expand on the family pledge home loan as they both have not got a deposit or another product in which I can assist with them getting into the property market?
Please see this page for more info on guarantor loan. Basically, you can assist your kids to get a deposit together. For example, the child saves 5% or 10% of a property’s value, and the parent can use the equity in their house to cover the other 10-15%. The child pays back the whole loan (including the amount guaranteed by the parent) Once the parent’s part of the deposit is repaid by the child, the parent/guarantor is usually free from any other debt even if the child can’t repay the rest. But the big risk is if the child can’t repay the loan (including deposit) the parent/guarantor may have to repay it.
Please check out this page to compare investment home loan rates. Kindly proceed to the comparison table. Please enter the loan amount and the loan term then click the orange Calculate button to start comparing your loan options. From the page I sent you, the comparison rate starts from 3.99% to 5.35%.
I also suggest that you seek help from a mortgage broker since you’re looking for providers that offer the cheapest rate.
A mortgage broker has suggested a home loan from a company called BlueBay – I have never heard of them before. Are you able to provide any information?
Kindly refer to this page to learn more about Parent Assist Home Loan. As per the said page, the Parent Assist Home Loan is a product offered through a single Australian lender, Bluebay Home Loans.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
H! I need the following information concerning I to need to get $32.000.00 dollars. Is their anybody out there who can lend me money because I’m on new start allowance? I have an excellent credit score would I be able to get a cheap loan on 5 to 6 weeks at the most.I would appreciate a reply as soon as possible because this is really urgent.
I understand the situation you currently have and would advise for you to visit this link to check on loans for unemployed users. You may need to reach out directly to the lender to check what they consider as income during your application of the loan. Hope this helps!
I have a $230,000 mortgage on a $900,000 house.
I also have a $600,000 inheritance coming when probate currently in progress settles.
Is there a lender who will give me a line of credit loan 0f $350,000 so I can pay off my present mortgage and have money until probate settles?
I am currently unemployed.
While we can provide you with general information, please note that we’re a product comparison website and we do not represent any company we feature on our site. We’re here to assist you in your buying decision process hence we cannot recommend product / service that is rightfully fit for you.
Being unemployed may post risks or roadblocks when you apply for refinancing. Before putting in an application, it would best if you talk to a mortgage broker to guide you in this process.
Reduce Home Loans is not a bank nor a lender. Reduce Home Loans is a licensed and regulated finance brokerage that sources home loans from a variety of Australian lenders. Because Reduce Home Loans is an online-only business, it has low overheads and can offer lower rates. And because it can source funding from a variety of Australian lenders, it can offer competitive products to borrowers. However, we have a dedicated page about RHL here.
I am looking to purchace a house in the uk, I have a fully owned unit in Sydney with an approximate value of $900,000 . I would require a loan of $300,000 as I am 80 years of age would a loan for this sum be possible.
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I have a house that is located in Perth WA and the mortgage is fixed for 2 more years. I would like to change to a lender that is offering less than 3% as the fixed rate of 4.5% can you advise me the safest way to go? mortgage is approximately $160,000 on a 3 year old new home 4 x 2
Hi Rix,
Thanks for getting in touch! To know how you can refinance your current mortgage, you can refer to this page. On the page, you will find a table that compares the features and benefits of each refinance home loan provider such as max loan rate, interest and etc. This way it will be easier for you to see which provider fits you best. Banks like HUME, Virgin and Ubank offer interest rates for less than 3%. If you need further help, a quick guide on how to compare home loans is also stated on the page.
A mortgage broker is the best person to reach out to see your options for refinancing. They can give you a multitude of options according to your situation. In the meantime, to give you an idea of how your monthly repayments will go, you may use the calculator we have on this page.
As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
Hope this helps and feel free to reach out to us again for further assistance.
Best,
Nikki
I have been looking into refinancing my property, but as it’s an acreage (60 ha), no lenders seem to be interested in me.
Hi Ian,
Thank you for getting in touch with Finder.
You may check out lenders on this PAGE. Please seek professional help from a mortgage broker since you’re having a hard time finding the right bank/lender.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
I have just paid off my house worth approx $800-850k. I am looking at ways besides dying to assist my two children into getting into a property. Can you expand on the family pledge home loan as they both have not got a deposit or another product in which I can assist with them getting into the property market?
Thanks.
Hi Keith,
Thank you for getting in touch with Finder.
Please see this page for more info on guarantor loan. Basically, you can assist your kids to get a deposit together. For example, the child saves 5% or 10% of a property’s value, and the parent can use the equity in their house to cover the other 10-15%. The child pays back the whole loan (including the amount guaranteed by the parent) Once the parent’s part of the deposit is repaid by the child, the parent/guarantor is usually free from any other debt even if the child can’t repay the rest. But the big risk is if the child can’t repay the loan (including deposit) the parent/guarantor may have to repay it.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Good afternoon!
I am a small investor and have two rented properties. I am enquiring as to what the average percentage rate should be on a current loan please.
Hi Rexjay,
Thank you for getting in touch with Finder.
Please check out this page to compare investment home loan rates. Kindly proceed to the comparison table. Please enter the loan amount and the loan term then click the orange Calculate button to start comparing your loan options. From the page I sent you, the comparison rate starts from 3.99% to 5.35%.
I also suggest that you seek help from a mortgage broker since you’re looking for providers that offer the cheapest rate.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
A mortgage broker has suggested a home loan from a company called BlueBay – I have never heard of them before. Are you able to provide any information?
Thanks.
Hi Lee,
Thank you for getting in touch with finder.
Kindly refer to this page to learn more about Parent Assist Home Loan. As per the said page, the Parent Assist Home Loan is a product offered through a single Australian lender, Bluebay Home Loans.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
H! I need the following information concerning I to need to get $32.000.00 dollars. Is their anybody out there who can lend me money because I’m on new start allowance? I have an excellent credit score would I be able to get a cheap loan on 5 to 6 weeks at the most.I would appreciate a reply as soon as possible because this is really urgent.
Hi Norberto,
Thank you for your question.
I understand the situation you currently have and would advise for you to visit this link to check on loans for unemployed users. You may need to reach out directly to the lender to check what they consider as income during your application of the loan. Hope this helps!
Cheers,
Reggie
I have a $230,000 mortgage on a $900,000 house.
I also have a $600,000 inheritance coming when probate currently in progress settles.
Is there a lender who will give me a line of credit loan 0f $350,000 so I can pay off my present mortgage and have money until probate settles?
I am currently unemployed.
Hi Poida,
Thanks for your message.
While we can provide you with general information, please note that we’re a product comparison website and we do not represent any company we feature on our site. We’re here to assist you in your buying decision process hence we cannot recommend product / service that is rightfully fit for you.
Being unemployed may post risks or roadblocks when you apply for refinancing. Before putting in an application, it would best if you talk to a mortgage broker to guide you in this process.
Cheers,
Nikki
Hi. I just wanted to know is there any reason why Reduce home loans are no longer on your home loan comparison site ?
Hi Dennis,
Thanks for leaving a question on finder.
Reduce Home Loans is not a bank nor a lender. Reduce Home Loans is a licensed and regulated finance brokerage that sources home loans from a variety of Australian lenders. Because Reduce Home Loans is an online-only business, it has low overheads and can offer lower rates. And because it can source funding from a variety of Australian lenders, it can offer competitive products to borrowers. However, we have a dedicated page about RHL here.
Cheers,
Joel
I am looking to purchace a house in the uk, I have a fully owned unit in Sydney with an approximate value of $900,000 . I would require a loan of $300,000 as I am 80 years of age would a loan for this sum be possible.
Hi Stanley, thanks for your inquiry.
Loans for purchasing property overseas are possible. Some options include:
-Banks in Australia with foreign branches.
-Non-Australian owned foreign banks that provide loans.
-Mortgage brokers in Australia and abroad.
Since your unit is fully owned, this should be a positive factor in sourcing equity to purchase overseas.
We would recommend speaking to a licensed mortgage broker to further discuss your options.
Best,
Jonathan
cheapest interest on reverse mortgage loan ?
Hi Peter!
Thanks for the comment.
You may use this comparison page that we have for Reverse Mortgage to shop around with the rates from different lenders.
Just click “More Info” green button if you wish to proceed with a specific lender.
Hope this helps.
Cheers,
Jonathan