Up Home Variable loan

Up's variable rate home loan is a convenient, flexible online loan for home buyers and refinancers.

Up Home is a variable rate home loan from Up, a mobile-only digital bank. It's a feature-rich, low-fee loan with a fast application process and a useful app.

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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

The Up Home variable home loan from digital bank Up has a lot going for it. It's available with a low deposit, and unlike many newer digital lenders it's not limited to refinancers. The loan also has no major fees, and instead of offering one offset account Up lets you open multiple accounts for different purposes. The biggest caveat with this loan is that it's only for borrowers in capital cities or major regional centres, so regional borrowers should check their eligibility before applying. And because Up is an online bank that runs via a smartphone app, it's not really designed for borrowers who want a traditional face-to-face experience at their local bank branch.

About this loan

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

  • Loan purpose. The Up variable home loan is for owner-occupiers, including new borrowers and refinancers.
  • Offset account. The loan lets you open multiple 100% offset accounts.
  • Loan-to-value ratio. You can borrow up to 90% of your property's value.
  • Loan amount. Up lets you borrow up to $10,000,000 , with a minimum loan size of $50,000.
  • No fees. Up doesn't charge any upfront or ongoing fees. Up also covers valuation costs up to a set amount that should cover most properties.
  • Not portable. This loan is not portable, meaning you will need to apply for a new loan if selling your property and buying a new one.
  • Extra repayments and redraw. This loan lets you make extra repayments and redraw them.
  • Location. Rural borrowers may not be eligible for an Up home loan because the bank only lends to borrowers in urban centres (including major regional cities).
  • App-based banking. Up has no physical branches. It's an online lender that runs via its smartphone app.

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 Up. You will need to download the Up app to get started.

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