Here are the key features and details you need to know about Up Home:
Feature
Details
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.
The following information is general in nature and applies to most home loans. There may be specific criteria that apply for this lender.
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 Up Bank you are required 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 can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.
📄 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).
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.
Tiimely Home. 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.
What is Finder Score?
The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
Rebecca Pike is Finder’s money editor, with over 7 years of experience in mortgages and personal finance. A frequent TV and radio commentator, she frequently appears on Sunrise and 7News, Today and 9News, as well as Sky News, Channel 10 and across radio and print. Rebecca previously served as Editor of Mortgage Professional Australia. She has a Master’s degree in Journalism as well as ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, which comply with ASIC guidelines.
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Learn more about Up home, a variable home loan from Up.
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