Unloan variable home loan

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

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.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Review by


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.

Expert review

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.

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.

Ask a question

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our 1. Terms Of Service and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

79 Comments

    Default Gravatar
    Andrew
    January 8, 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?

      AvatarFinder
      Richard
      January 9, 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.

      AvatarFinder
      Sarah
      January 9, 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!

    Default Gravatar
    Miguel
    November 25, 2023

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

      AvatarFinder
      Sarah
      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!

    Default Gravatar
    NB
    November 8, 2023

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

      AvatarFinder
      Sarah
      November 9, 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!

    Default Gravatar
    Mic111
    August 20, 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)

      AvatarFinder
      Richard
      August 21, 2023

      Hello,

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

    Default Gravatar
    Catherine
    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.

      AvatarFinder
      Sarah
      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!

Go to site