In this guide

  • Our verdict
  • Details
    • Product details
    • Fees
    • Pros & Cons
  • About this loan
  • How to apply
  • Ask a question
Unloan Variable Home Loan
Go to site
Interest rate
6.29 % p.a.
Comparison rate
6.20 % p.a.
Minimum Deposit
20 %

Our verdict

Unloan is backed by the Commonwealth Bank. This home loan is an online loan with a low variable rate and built-in discount.

Unloan's digital mortgage is a good pick for borrowers who are looking for a low rate above everything else, and a quick online application. It's especially suited to borrowers who don't need offset accounts and just want to focus on a cost-effective mortgage they can manage online.

Pros

  • A competitive variable rate home loan
  • Automatic interest rate discount
  • No lender fees

Cons

  • No offset account
  • You can’t borrow more than 80% of the property value, even with a first home buyer scheme
  • Unloan doesn’t offer fixed rates or interest only loans

In this guide

  • Our verdict
  • Details
    • Product details
    • Fees
    • Pros & Cons
  • About this loan
  • How to apply
  • Ask a question

Unloan is an online lender backed by the Commonwealth Bank. This online home loan offers borrowers a low variable rate and a quick online application. It has rates for investors and owner-occupiers.

Details

Product details

Product Name Unloan Variable Home Loan - (Investor)
Interest Rate Type variable rate
Repayment Type Principal & Interest
Comp. Rate 6.20%
Minimum Loan Amount $10,000
Maximum Loan Amount $10,000,000
Maximum Loan Term 30 years
Maximum LVR 80%
Loan Redraw Facility Yes
Offset Account No
Split Loan Facility No
Fixed Interest Option No
Loan Portable No
Extra Repayments Yes

Fees

Application Fee $0
Lender's Legal Fee $0
Valuation Fee $0
Ongoing Fees $0 p.a.
Settlement Fee $0
Discharge Fee $0

Pros & Cons

Pros and Cons

Pros

  • A competitive variable rate home loan
  • Automatic interest rate discount
  • No lender fees

Cons

  • No offset account
  • You can’t borrow more than 80% of the property value, even with a first home buyer scheme
  • Unloan doesn’t offer fixed rates or interest only loans

About this loan

What are the features and benefits of the Unloan variable home loan?

  • Loan purpose. The Unloan variable home loan is available for both new borrowers and refinancers of owner occupier and investor loans.
  • Rate discounts. Unloan applies a 0.01% rate discount every year of the loan. This works out to be a 0.30% discount in the final year of a 30-year term.
  • Loan-to-value ratio. You can borrow up to 80% of your property's value.
  • No fees. Unloan doesn't charge any fees, although you may have to pay a mortgage registration fee to the government at settlement.
  • Extra repayments and redraw. This loan lets you make unlimited extra repayments and redraw.

How to apply

To apply for this home loan or learn more about it, click the green button and follow the steps to connect with Unloan and start an application.

Compare other home loan options

Name Finder Score Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
ANZ logo
Principal & Interest20% min. depositOwner-occupierOffset account
ANZ logo
Principal & Interest20% min. depositOwner-occupierOffset account
Product NameANZ Plus Home Loan Variable Rate
Interest Rate TypeVariable
Repayment Type Principal & Interest
Interest Rate p.a.6.09%
Comp. Rate p.a.6.10%
Minimum Loan Amount$10,000
Maximum Loan Amount $2,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Finder score
Interest Rate
6.09%
Comparison Rate
6.10%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,000 cashback
Borrowers refinancing $250k or more to ANZ Plus before 31st March 2025 could get a cashback of $2,000. Excl. refinancers from ANZ or Suncorp. Other terms and conditions apply.
Unloan logo
Principal & Interest20% min. depositOwner-occupierRefinance Only
Unloan logo
Principal & Interest20% min. depositOwner-occupierRefinance Only
Go to site
Product NameUnloan Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.5.99%
Comp. Rate p.a.5.90%
Minimum Loan Amount$10,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Finder score
Interest Rate
5.99%
Comparison Rate
5.90%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
Go to site
loans.com.au logo
Principal & Interest10% min. depositOwner-occupierOffset account
loans.com.au logo
Principal & Interest10% min. depositOwner-occupierOffset account
Go to site
Product Nameloans.com.au Solar Home Loan
Interest Rate TypeVariable rate
Repayment Type Principal & Interest
Interest Rate p.a.5.99%
Comp. Rate p.a.6.51%
Minimum Loan Amount$50,000
Maximum Loan Amount $1,500,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest Option
Loan Portable
Extra Repayments Yes
Finder score
Interest Rate
5.99%
Comparison Rate
6.51%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
Go to site
IMB logo
Principal & Interest20% min. depositOwner-occupier
IMB logo
Principal & Interest20% min. depositOwner-occupier
Go to site
Product NameIMB Budget Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.04%
Comp. Rate p.a.6.07%
Minimum Loan Amount$10,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Extra Repayments Yes
Finder score
Interest Rate
6.04%
Comparison Rate
6.07%
Fees
Application: $449
Ongoing: $0 p.a.
Monthly Payment
Go to site
Up to $4K cashback
Eligible borrowers can get up to $4,000 cashback when buying or refinancing with IMB. Loan value criteria applies. Other terms and conditions also apply.
Greater Bank logo
Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only
Greater Bank logo
Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only
Product NameGreater Bank Great Rate Discount Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.5.99%
Comp. Rate p.a.6%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term
Maximum LVR 110%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Finder score
Interest Rate
5.99%
Comparison Rate
6%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
Up to $2,500 cashback
Eligible refinancers can get up to $2,500 cashback depending on loan value. Full terms and conditions apply.
Mortgage House logo
Principal & Interest40% min. depositOwner-occupier
Mortgage House logo
Principal & Interest40% min. depositOwner-occupier
Go to site
Product NameMortgage House Executive Saver Low Rate Home Loan
Interest Rate TypeVariable rate
Repayment Type Principal & Interest
Interest Rate p.a.5.89%
Comp. Rate p.a.5.93%
Minimum Loan Amount$150,000
Maximum Loan Amount $850,000
Maximum Loan Term30 years
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments Yes
Finder score
Interest Rate
5.89%
Comparison Rate
5.93%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
Go to site
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Richard Finder

Editor

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Avatar

Andrew

January 08, 2024

UNLOAN is not in the following ADI list.


https://www.apra.gov.au/list-of-authorised-deposit-taking-institutions-covered-under-financial-claims-scheme


What happens to the mortgage if they go under?. CBA come to the rescue?


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Avatar

Richard Whitten Finder

January 09, 2024

Hi Andrew,


Unloan doesn’t offer offset accounts on its loans. So you can’t build up savings in the loan. So if it did go under you wouldn’t lose any money.


If Unloan did go under they would be acquired by someone (or maybe your loan would simply become a Commbank loan?) and you would continue making repayments as normal.


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Avatar

Sarah Megginson Finder

January 08, 2024

Hi Andrew,


Many online lenders don’t have an ADI license, as they’re not in the business of providing savings accounts or term deposits.


If a lender goes out of business, their “book” of lending will get taken over by another lender. Given Unloan is owned by CBA, it would be likely they would take over the book.


Hope this helps!


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Avatar

Miguel Camargo

November 24, 2023

Is the Unloan loan rate a Tag rate to the RBA rate


Avatar

Sarah Megginson Finder

December 14, 2023

Hi Miguel,


Every lender has the ability to make interest rate decisions based on their own policies and requirements. When the RBA changes the cash rate, this changes how much the bank “pays” to access funds. If the RBA lifts rates, the bank pays more to access funds to lend on to customers, and most banks pass on those interest rates increases in full so it doesn’t hurt their profit margin. When the cash rate is cut and it costs lenders less to access funds, they may pass on the rate cut in full, or keep some of it to increase their profit margin.


It is at the discretion of the bank or lender, so there are no guarantees that Unloan will move exactly in sync with the RBA or not.


Hope this helps!


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Avatar

NB

November 08, 2023

Hi if you have started to work for yourself how long is it advised to wait till applying for refinancing a loan?


Avatar

Sarah Megginson Finder

November 09, 2023

Hi there, Usually banks and lenders like to see at least 2 full financial years’ worth of financial documents. However your ability to a loan approval depends on a number of factors, so it’s worth contacting the lender and asking what your options are. They may be able to assess you without properly processing the loan application, therefor not impacting your credit rating.


Hope this helps!


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Avatar

Mic111

August 19, 2023

Hey can you advise when the date mixed to its current 5.74%? Does this include the latest rate rise movement from the RBA? (It would be really handy to see a graph of the interest rate for each loan so it were easy to follow timing of movements to make comparisons easier)


Avatar

Richard Whitten Finder

August 20, 2023

Hello,


Yes the current rate includes the most recent cash rate increase.


Avatar

Catherine Stephens

June 16, 2023

I applied for a loan about two weeks ago. Have asked for an update but have received nothing. Please can someone provide me with an update.


Avatar

Sarah Megginson Finder

June 16, 2023

Hi Catherine,


This is a review site, we’re not affiliated with Unloan. You’ll need to contact their customer support team directly for an update on your loan:

You can chat them live any time between 8am – 8pm (AEDT), 7 days a week via their website.

Or Call anytime on 1300 630 000 to request a callback.


Hope this helps!


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