Ubank is an online Australian lender owned by NAB. Ubank has home loans for investors and owner-occupiers, including fixed and variable rates. Check out the full table of ubank products below or read more about the lender and its loans.
Compare ubank home loans for May 2024
Hit the "Load more" button to compare a bigger selection of products and hit the green button to go to ubank's website to start an enquiry or learn more about the loan.
Here are the key features and details you need to know about ubank's mortgage products.
Feature
Details
Minimum deposit
Most ubank loans have 80% maximum LVRs. This means you can borrow up to 80% with a ubank mortgage. There are no loans for borrowers with low deposits (that is, deposits below 20%). Some loans require larger deposits.
Fees
Ubank loans have very low fees, including no application or ongoing fees. This could save you hundreds of dollars in loan costs.
Most ubank mortgages allow you to split your loan into fixed and variable portions.
How do I compare ubank home loans?
To make sure you find the right ubank loan you need a clear idea of what you're looking for in a mortgage. These simple questions can help:
Are you comfortable applying online? Because ubank is an online lender you need to be comfortable completing the entire home loan process via the web (with phone and chat support).
Fixed or variable? Do you want the flexibility of a variable rate loan that could rise or fall at any time? Or are you happy to lock in a fixed rate for a certain period so you can forget about rate changes at all?
What features do you need? You need to decide whether you need features like a 100% offset account, the ability to make extra repayments and the option to split your rate.
How do I apply for a ubank mortgage?
When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.
Eligibility
Each ubank product have specific eligibility criteria but some will apply to all products. For example:
Age. You must be over 18 years of age.
Residency. You should be a resident of Australia.
Employment. You should have a regular source of income.
Documents required
When you apply for a mortgage with ubank you are required to provide certain information so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:
📄 Property details: You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's license, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).
Most Australian borrowers bank with one of the Big Four banks (Commbank, ANZ, Westpac and NAB). You might have some concerns about getting a loan from a smaller lender you've never heard of. But there's no reason to worry just because you've never heard of a lender before.
In Australia, banks and lenders are regulated by the Australian Prudential Regulation Authority (APRA). Because ubank is owned by NAB, it is considered an authorised deposit-taking institution (ADI). This means customers with money deposited in a ubank savings account benefit from the deposit guarantee scheme. This federal government scheme guarantees a customer's savings up to $250,000. Even if the bank itself collapses.
This doesn't affect home loan borrowers, of course. Once your lender loans you the money at settlement they can't take it back.
Lenders like ubank
If you want to compare loans from similar lenders to ubank then you can start with these online lenders. They all have competitive rates and may be a better match for your needs:
Athena. This digital fintech lender offers low-rate mortgages and an entirely online, convenient service.
Tic:Toc. This lender's online application tool can process your mortgage application fast. Backed by the Bendigo and Adelaide Bank.
Homestar. A 100% online lender, Homestar has been providing mortgages to Australian borrowers since 2004.
Loans.com.au. A Brisbane-based online lender, Loans.com.au is backed by Firstmac, Australia's largest non-bank lender.
ME Bank. Member's Equity was established back in 1994 and went fully digital in 2012.
ING. This online bank is part of the global, Dutch-based financial group of the same name.
Mortgage brokers. Still confused? Get free, expert guidance from a qualified mortgage broker.
More home loan questions
To make sure you find the right ubank loan you need a clear idea of what you're looking for in a mortgage. These simple questions can help:
Are you comfortable applying online? Because ubank is an online lender you need to be comfortable completing the entire home loan process via the web (with phone and chat support).
Fixed or variable? Do you want the flexibility of a variable rate loan that could rise or fall at any time? Or are you happy to lock in a fixed rate for a certain period so you can forget about rate changes at all?
What features do you need? You need to decide whether you need features like a 100% offset account, the ability to make extra repayments and the option to split your rate.
Home loan pre-approval is an optional step in the application process that some lenders offer. Pre-approval means a lender has examined your savings, income and spending habits and has a rough idea of how much it could lend you. It's not the same as full loan approval and it's no guarantee that the lender will ultimately approve a full application. But it does allow borrowers to start looking for a home with more confidence and a clearer idea of their borrowing power.
Pre-aproval is not something every lender offers, but many do.
Most Australian borrowers bank with one of the Big Four banks (Commbank, ANZ, Westpac and NAB). You might have some concerns about getting a loan from a smaller lender you've never heard of. But there's no reason to worry just because you've never heard of a lender before.
In Australia, banks and lenders are regulated by the Australian Prudential Regulation Authority (APRA). Because ubank is owned by NAB, it is considered an authorised deposit-taking institution (ADI). This means customers with money deposited in a ubank savings account benefit from the deposit guarantee scheme. This federal government scheme guarantees a customer's savings up to $250,000. Even if the bank itself collapses.
Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down. A variable rate usually offers more flexibility in how fast you can repay the loan and the cost of refinancing.
A fixed rate loan offers total certainty about your rate, for the fixed period. This means it won't rise, costing you more. But if your lender starts lowering rates you won't benefit either. Refinancing a fixed rate loan means breaking the loan, because you've agreed to a specific rate. This means you may have to pay a fixed rate break fee.
Mortgage brokers are home loan professionals who can help you find a suitable loan. A broker typically charges you no fee, because they receive a commission from your lender. Brokers are great if you are short on time or find the whole process of researching and applying for a home loan confusing. But you can definitely do it yourself and find a good loan. You may even find a better deal. That's because brokers don't compare loans from every lender in the market. They have access to a panel of loans and often don't have smaller online lenders in their panel.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.
Yes, Ubank offers investment loans. You may refer to our comparison table to see which of their investment loans suits you. You can click the “More info” link to be redirected to our review page and learn more about the loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to Ubank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
If you’d like to compare your options, see our list of investor home loans or speak to a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I am interested in your current fixed rates 3.99 % for 1& 3 yrs. I currently have a home loan with CBA .
The balance ATM is $220,000 variable rate ,considering refinancing.
I have read some the previous posts & unclear. When you state 20% deposit is required of the value of the property to refinance with you-
Do you mean the valuation the bank originally did , the valuation of the property on my rates notice or what I originally borrowed from CBA ??
Danni
For the purposes of refinancing, borrowers must have 20% equity in their home to be eligible for this home loan. This refers to the amount of the property you own e.g the property value minus the current loan on the property. UBank will find out your property value using either a virtual valuation or with a physical inspection to verify this, not using the other figures you’ve mentioned.
You can find out more about UBank home loans by comparing them in the table on this page, and clicking the ‘More info’ link. Alternatively, if you wish to speak to UBank directly, you can click the green ‘Go to Site’ button.
Here is a basic rundown of each term, for more information you can check out our comprehensive home loans guide.
1. A variable loan is a home loan with an interest rate that can change from time to time over the course of the loan term. How often the rate changes will depend on your bank and the economy. This is different from a fixed rate home loan, where you lock in a rate for an agreed amount of time, during which the rate does not change.
2. A variable interest loan is the same as the variable loan mentioned above. It can also be called a variable rate home loan.
3. A principal and interest loan refers to a loan where some of your repayment goes towards paying the interest due each month, and some of it goes towards the actual amount you have borrowed – known as the principal. As the years go on you will slowly pay off the principal (the loan amount you borrowed) so that there is no amount remaining.
I recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that’s more inclined to review your application.
Hi,
I want to refinance 300k .Currently I am with CBA .
Can you please tell me the process?
how long it will take?
is there any application fees or valuation charge?.
Is there any ongoing fees?
Will I be able to get an offset a/c?.
What will be the interest rate?.
Is there any early termination fees?.
Regards
John
If you’d like to refinance to UBank, the first step would be to choose and enquire for the UBank home loan you’d like. The duration of the process is hard to say because it depends on UBank, the borrower and CBA. It could take a few weeks, depending on how smooth the paperwork goes.
The fees and charges applicable to your UBank home loan depends on the loan your choose. If you click through to our reviews and head into the ‘fees’ tab, you can see what foreseeable fees and charges will apply to your loan. Again, your offset account, early termination fees and interest rate will depend on the specific loan your choose.
If you’d like anymore information, please let us know.
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Do you offer loans for an investment property?
Hi Roslyn,
Thanks for leaving a question on Finder.
Yes, Ubank offers investment loans. You may refer to our comparison table to see which of their investment loans suits you. You can click the “More info” link to be redirected to our review page and learn more about the loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to Ubank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
If you’d like to compare your options, see our list of investor home loans or speak to a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Cheers,
Joel
I am interested in your current fixed rates 3.99 % for 1& 3 yrs. I currently have a home loan with CBA .
The balance ATM is $220,000 variable rate ,considering refinancing.
I have read some the previous posts & unclear. When you state 20% deposit is required of the value of the property to refinance with you-
Do you mean the valuation the bank originally did , the valuation of the property on my rates notice or what I originally borrowed from CBA ??
Danni
Hi Danni,
thanks for the question.
For the purposes of refinancing, borrowers must have 20% equity in their home to be eligible for this home loan. This refers to the amount of the property you own e.g the property value minus the current loan on the property. UBank will find out your property value using either a virtual valuation or with a physical inspection to verify this, not using the other figures you’ve mentioned.
I hope this helps,
Marc.
I want to know more about.
Hi Ngin,
thanks for the question.
You can find out more about UBank home loans by comparing them in the table on this page, and clicking the ‘More info’ link. Alternatively, if you wish to speak to UBank directly, you can click the green ‘Go to Site’ button.
I hope this helps,
Marc.
Could you please tell me the understanding of:
1. variable loan
2. variable interest loan
3. principle interest loan
thank you
Hi Janet,
Thanks for the question.
Here is a basic rundown of each term, for more information you can check out our comprehensive home loans guide.
1. A variable loan is a home loan with an interest rate that can change from time to time over the course of the loan term. How often the rate changes will depend on your bank and the economy. This is different from a fixed rate home loan, where you lock in a rate for an agreed amount of time, during which the rate does not change.
2. A variable interest loan is the same as the variable loan mentioned above. It can also be called a variable rate home loan.
3. A principal and interest loan refers to a loan where some of your repayment goes towards paying the interest due each month, and some of it goes towards the actual amount you have borrowed – known as the principal. As the years go on you will slowly pay off the principal (the loan amount you borrowed) so that there is no amount remaining.
I recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that’s more inclined to review your application.
I hope this helps,
Marc
Hi,
I want to refinance 300k .Currently I am with CBA .
Can you please tell me the process?
how long it will take?
is there any application fees or valuation charge?.
Is there any ongoing fees?
Will I be able to get an offset a/c?.
What will be the interest rate?.
Is there any early termination fees?.
Regards
John
Hi John,
Thanks for your question.
If you’d like to refinance to UBank, the first step would be to choose and enquire for the UBank home loan you’d like. The duration of the process is hard to say because it depends on UBank, the borrower and CBA. It could take a few weeks, depending on how smooth the paperwork goes.
The fees and charges applicable to your UBank home loan depends on the loan your choose. If you click through to our reviews and head into the ‘fees’ tab, you can see what foreseeable fees and charges will apply to your loan. Again, your offset account, early termination fees and interest rate will depend on the specific loan your choose.
If you’d like anymore information, please let us know.
Cheers,
Shirley