Unloan is an online Australian lender which promises fast digital mortgage applications. As well as not charging any fees, it discounts your rate by 0.01% each year. And it's owned by Australia's largest bank. As of April 2024, Unloan began offering loans to new home buyers as well as refinancers.
Unloan has been recognised in the 2024 Finder Awards in the Home Loan Provider of the Year category. It has consistently provided competitive interest rates over the last 12 months. Although it doesn't offer an offset account, borrowers don't have to worry about any fees.
Unloan offers variable rate loans for investors and owner-occupiers. It does not offer fixed rate loans or loans with interest-only repayments.
Rate reductions
Unloan will discount your interest rate periodically as you repay the loan, helping you get out of debt faster. Every year you have the loan, Unloan will drop your rate by 0.01%.
How do I apply for an Unloan 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
When applying for an Unloan home loan, a borrower should generally meet the following criteria:
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 Unloan you may need 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 will need the address of the existing property you are refinancing or the new property you are purchasing.
Identification documents. You will need identification such as a driver's licence, 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).
If you want to compare loans from similar lenders to Unloan then you can start with these online lenders. They all have competitive rates and may be a better match for your needs:
Mortgage brokers. Still confused? Get free, expert guidance from a qualified mortgage broker.
More home loan questions
To make sure you find the right Unloan 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 or by phone? Because Unloan is an online lender you need to be comfortable completing the home loan process via the web.
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 altogether?
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.
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) or the Australian Securities & Investments Commission (ASIC) and must comply with the National Consumer Credit Protection Act.
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.
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