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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.
📌 UBank's home loan rates are lower than the market average and have very low fees.
📌 UBank's online application process is convenient, but the lender has no physical branches.
📌 You need at least a 20% deposit for a UBank home loan, so borrowers with small deposits may not qualify.
Review by our senior home loans writer Richard Whitten
Compare UBank home loans for June 2021
We've gathered a range of UBank home loans in the table below. Hit the "Load more" button to compare a bigger selection of products and hit the green to go to UBank's website to start an enquiry or learn more about the loan.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How to 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:
- What do you need the loan for? If you're buying a home to live in you need an owner-occupier loan. Property investors need an investment loan rate. UBank has both.
- 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.
- 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).
UBank home loan features
Here are the key features and details you need to know about UBank's mortgage products.
|Minimum deposit||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%).|
|Offset account?||UBank loans don't come with offset accounts. If this feature is really important to you, compare loans that come with offset accounts.|
|Fees||UBank loans have very low fees, including no application or ongoing fees. This could save you hundreds of dollars in loan costs.|
|Repayment options||Both UBank's fixed and variable rate loans allow you to make interest-only repayments for a limited period. The lender also offers the standard principal-and-interest repayments on its loans.|
|Split rate||Most UBank mortgages allow you to split your loan into fixed and variable portions.|
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.
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.
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).
Tell me more about UBank
Here are some key facts about UBank:
- UBank is a 100% online lender with phone support but no physical branches.
- UBank is owned by NAB, one of the Big Four banks.
- In addition to home loans, UBank also offers savings accounts, transaction accounts and term deposits.
Are smaller banks and lenders trustworthy?
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.
More guides on Finder
UBank UHomeLoan (Variable Rate)
Enjoy a fee-free home loan with a low variable interest rate with the UBank UHomeLoan. This is a home loan offered at a low variable rate.
UBank UHomeLoan Fixed Rate
The UBank UHomeLoan fixed loan is suitable for refinancing and new purchases. With it you can enjoy the security of a rate locked in for up to five years.
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