Up is a digital bank that launched in 2018 through a partnership between Bendigo Bank and software development company Ferocia. Up offers fixed and variable rate home loans for new buyers and refinancers.
Compare Up home loans for December 2023
Up Bank key facts
- Up's variable rate and comparison rate is the same because it doesn't charge the fees that can push comparison rates higher.
- The bank offers fixed and variable rate loans which are consistent across the board - there are no sneaky offers for special customers.
- If you bank with Up, all of your bank accounts will act as free offset accounts, meaning your savings can save you interest.
- Up also offers a transaction account and savings account.
Up home loan features
Here are the key features and details you need to know about Up Home:
|Eligibility||Up Home is currently available for owner-occupiers, including new home buyers and refinancers. Your property needs to be located in a capital city or major regional centre.|
|Offset accounts||You can have up to 50 free offset accounts. If you bank with Up already, your transaction account and savings account can act as offset accounts so that you save money on the interest you pay.|
|Fees||There are no application or setup fees, no monthly or annual bank fees, no redraw fees and no discharge fees. Up also pays towards valuation costs.|
|Repayment options||Up Home allows you to make unlimited additional repayments on its loans.|
How do I apply for an Up home loan?
All Up products, including loans, are offered through the bank's smartphone app. You can download the app from the Play Store or App store, or via Up's website.
Up can assess loans quickly using its digital application tools.
In its current phase, you might be eligible for Up Home if:
- You're an Australian citizen or permanent resident who lives in Australia (must have 2 forms of government ID)
- Your property is in a capital city or major regional centre
- You have at least a 10% deposit (or equity in the property if refinancing)
- You want to borrow more than $50,000
- You are currently employed or self-employed
How to apply for a home loan
Lenders like Up
If you're looking for a similar lender to Up to service your home loan, you could look at other online lenders such as:
- Ubank. An online bank backed by NAB.
- 86 400. This online lender offers super-fast loan turnarounds and was bought by NAB in May 2021.
- Athena. This digital fintech lender offers low-rate mortgages and an entirely online service.
- Nano Home Loans. Nano is an online lender with low rates and a fast approval process, currently only available to refinancers.
- Tic:Toc. This lender's online application tool can process your mortgage application fast. Backed by the Bendigo and Adelaide Bank.
- ING. This online bank is part of the global Dutch-based financial group of the same name.
- 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.
Looking for more mortgage options?