UniBank Home Loans
Born out of the Chemistry Department at the University of Western Australia in 1964 and originally called The University Staff Credit Society, UniBank offers its products to all Western Australian residents. It offers a full range of banking products and services, including savings, investment and loan accounts, as well as insurance, travel, international currency and financial planning services.
Previous to the completion of a merger with Teachers Mutual Bank in August 2015 UniBank was trading as Unicredit, they still offer the same products and services for their members.
Compare UniBank home loans
Who are UniBank and what do they offer?
UniBank operates with the same philosophy as other credit societies, aiming to provide personalised service, fairer fees and great rates. Its flexible products are designed to meet the banking needs of Western Australians.
In terms of home loans, UniBank offers a range of fixed, variable and split loan options. Flexible repayment options help you get out of debt sooner, while you’ll receive friendly service every step of the way. You can also book a free consultation with the bank’s mobile lenders for a detailed analysis of your loan requirements.
Types of home loans offered by UniBank
My First Home Loan
With a competitive rate of interest, no monthly or establishment fees this loan is designed specifically with first home owners in mind. You have the option to make extra repayments and you can split your loan between a variable and fixed rate of interest. It’s also possible to apply for repayment holidays, discounts on insurance and can use the First Home Owners Grant as part of your settlement.
Solutions Plus Home Loan
A discounted variable rate for the life of the loan and only available, to eligible members, with the Rewards Package whether you're an investor or owner-occupier. The Rewards Package includes waiving of top up fees on your loan, discount on home and contents insurance and much more all under one package fee of $200.
Teachers Fixed Options Home Loan
The biggest advantage of this loan is that your loan repayments are fixed and you do not have to worry about changing interest rates. Though there’s no monthly or annual fee attached to this option, you do have to pay a penalty for early repayment of loans. At the end of the fixed rate period you can either choose to lock in another fixed rate term or alternatively transfer it to a variable loan option.
Teachers Flexi Choice Home Loan
A flexible home loan with multiple features and a competitive interest rate available for a range of lending needs, including land purchase or renovating as well as owner occupiers and investors. With no ongoing fees, a fee free redraw facility, an offset account and the ability to make extra repayments without incurring penalties, the flexibility in the loan allows for all sorts of needs.
Teachers Interest Only Home Loan
Although also available to owner occupiers this loan is a better choice for investment or construction as the interest only factor works when you are investing and have other needs or when you a building a home and need a bit more cash flow. Although specifically an interest only there is no ongoing fees as well as a fee free redraw facility and offset account.
Pros and cons of UniBank home loans
- Competitive interest rate. UniBank offers competitive rates to help save you money.
- Flexible repayment options. Customers get to choose the repayment schedule that suits them best so they can pay off their loan at a pace that suits their budget.
- Split loan. You can choose to split your loans into two: one half with a variable rate of interest and the other half with a fixed rate.
- Online support. This is available anytime you face a problem.
- Western Australia only. UniBank membership is only available to residents of Western Australia.
How to apply for a UniBank home loan
The application procedure is quite simple and customer friendly. You can download the application form, complete it and then deposit it at your nearest branch. Alternatively, you could call UniBank to talk to a lending consultant. You can also email UniBank.
Documents needed to apply for a UniBank home loan
- Your name and contact details
- Loan details and loan amount
- Your residential address, plus a previous address if you’ve been at your current residential address for less than three years
- Details of any dependents
- Employment details. This includes the name and address of your current employer
You will also need to provide several pieces of documentation pertaining to the purchase of your home. Each home loan may require different documentation, so be sure to talk with your agent to see what your specific requirements are. However, here is a list of the most common property documentation required:
- Property valuation. When you obtain a loan from UniBank, a proper assessment will need to be done on the property to determine its true value. This will ensure that the loan you are obtaining is equal to the value of the home being purchased.
- Proof of title for property. UniBank will need to obtain a copy of the title for the property being purchased. This will guarantee that the party selling you the property is the actual owner of the property and has the rights to sell it.
- Property sales contract. Before closing on your loan, UniBank will need to have a copy of the sales contract for the property. This will provide all the details about the sale of the property.
You’ll also have to provide financial information including:
- Your salary
- Your assets and liabilities
- Other regular expenses
One of UniBank’s home loan options might be the perfect loan for you, but make sure to compare your options and seek expert advice to be certain of getting the best possible deal.