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UBank UHomeLoan (Variable Rate)
Enjoy a fee-free home loan with a sharp, discounted rate from a lender backed by NAB.
The UBank UHomeLoan offers a low variable interest rate, a application fee and no ongoing maintenance fees. However, if you would prefer the certainty of a fixed rate home loan UBank offers the UBank UHomeLoan Fixed Rate.
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Review by
Marc Terrano
marc@finder.comMarc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.
Expert review
The UBank UHomeLoan allows you to refinance your current loan or purchase a new home, but it is not available for construction or business purposes. This loan is available as a full documentation loan only.
About this loan
What are the features and benefits of the UBank UHomeLoan (Variable Rate)?
- No fees: The UBank UHomeLoan (Variable Rate) comes with no application fees, ongoing fees or break fees if you pay the loan out early. There are also no fees for making additional payments towards your loan.
- Unlimited free redraws: If you manage to get ahead with your repayments, UBank will allow you to withdraw additional funds as you need them. You can redraw as many times as you want for free provided that you withdraw more than $1,000 per redraw.
- Maximum LVR: The maximum loan-to-value (LVR) of the UHomeLoan (Variable Rate) is , with a loan term of up to years.
- Portability: If you decide to sell your property and buy another, this loan can be transferred provided the property is approved by UBank. This saves you time and money in having to reapply for a new loan.
- Interest-only payments: This home loan allows interest-only repayments. Be aware, however, that making interest-only repayments will not reduce the principal on your home loan.
- Split loan option: You can split your loan up to four times. This means you can have some of your loan calculated on a variable rate and the other portion calculated on a fixed-rate. This can save you money if interest rates rise, while giving you savings if interest rates drop.
- Online account management: UBank is an online lender so it allows you to perform redraws and additional repayments using 'My UHomeLoan'. In addition, it provides a 24-7 customer service hotline.
What fees and charges come with this loan?
There are no ongoing, annual or applications fees charged with the UBank UHomeLoan (Variable Rate).
How to apply
If you believe the UBank UHomeLoan (Variable Rate) sounds right for you, click on the 'Go to site' button and you'll be redirected to the UBank website where you can leave your details and get in touch with a UBank mortgage expert.
The application process consists of several stages; the application, approval, verification, valuation, assessment, approval and settlement.
During the application process, you'll be asked to offer information about your income, assets, liabilities and expenses.
Does UBank offer pre-approval?
The UBank UHomeLoan offers pre-approval for new purchases only. UBank calls this 'Approval in Principle' and it lasts for 60 days.
Approval in principle takes 3-5 days to receive, and you can apply for this by clicking the green 'Go to site' button on this page and starting an application with UBank.
What documents are required?
The paperwork required for the application will depend on whether you're purchasing a property or refinancing an existing loan. However, when you apply for the UBank UHomeLoan (Variable Rate) , you'll generally need to provide:
- Loan purpose. You'll need to specify the loan purpose (e.g. new purchase or refinance).
- Personal details. UBank will require you to disclose your full name, date of birth, residential address and contact details. You'll need to provide a copy of your driver's license and your passport which clearly shows your signature and photo.
- Employment details. When you apply for the UBank UHomeLoan (Variable Rate), you'll need to provide two recent payslips that specify your employer's name, the pay period and your gross or net income. You may also need to lodge a signed employer consent form. You'll need to provide evidence of other income (e.g. government payments or rental income).
- Liabilities. You'll need to provide statements for any liabilities that you have, such as credit cards or personal loans.
- Property details. During the application, you'll need to put forward the contract of sale. This document should identify the property type, address, purchase price, vendor's details and the signature of all parties.
Once you've completed your application, you can download the documents checklist from your application tracker.
June 29, 2019
Hi,
Part of my income comes from foreign rental income. Can that be included in my application and be considered in deciding how much I can borrow?
Thanks
June 30, 2019
Hi Sharon,
Thanks for your inquiry.
The required documents for the application will depend on whether you’re purchasing a property or refinancing an existing loan. However, when you apply for the UBank UHomeLoan (Variable Rate), you’ll generally need to provide:
– Loan purpose. You’ll need to specify the loan purpose (e.g. new purchase or refinance).
– Personal details. UBank will require you to disclose your full name, date of birth, residential address and contact details. You’ll need to provide a copy of your driver’s license and your passport which clearly shows your signature and photo.
– Employment details. When you apply for the UBank UHomeLoan (Variable Rate), you’ll need to provide two recent payslips that specify your employer’s name, the pay period and your gross or net income. You may also need to lodge a signed employer consent form. You’ll need to provide evidence of other income (e.g. government payments or rental income).
– Liabilities. You’ll need to provide statements for any liabilities that you have, such as credit cards or personal loans.
– Property details. During the application, you’ll need to put forward the contract of sale. This document should identify the property type, address, purchase price, vendor’s details and the signature of all parties.
I hope this helps.
Kind regards,
Bella
May 29, 2019
I’ve just settled on a property last month as an investment property. However, I changed my mind and sold my OO home and decided to use my new property as OO. I now want to refinance my investment loan into an oo loan with UBank. Does UBank credit policy allow less than 6 month history for the loan being refinanced?
May 30, 2019
Hi James,
Thank you for getting in touch with Finder.
Kindly get in touch with UBank on this matter for a more accurate info on refinancing.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
May 20, 2019
Afternoon,
Currently working full time and I’m a single mum. Currently, have $50000 worth of debt and my credit reporting is very good. Really wanting to purchase a new home. What is the criteria for my status?
May 21, 2019
Hi Sangeeta,
Thank you for getting in touch with Finder.
If you consider applying for a home loan with UBank, kindly click the ‘Go to site’ button on this page to be redirected to their official page where you may learn more on their offered services or even apply online. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
If you’re looking around and thinking to do further research on getting a home loan, you may refer to our guide on getting a home loan as a single parent. I also suggest that you seek help from a mortgage broker since you’re looking for providers that offer the best rate.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
January 29, 2019
Does this home loan apply for owner occupier and investment properties?
January 30, 2019
Hi Teresa,
Thank you for reaching out to finder.
The UBank UHomeLoan allows you to refinance your current loan or purchase a new home, but it is not available for construction or business purposes. This loan is available as a full documentation loan only and for owner occupier applications. Hope this helps!
Cheers,
Reggie
December 18, 2018
Hi,
I earn income through contract work rather than as a permanent employee, and have done so consistently for years – does this impact on my chances of getting a loan, even if I have a deposit ready and have ongoing income?
December 20, 2018
Hi Essbee,
Thanks for reaching out.
Your chances of getting approved for a home loan would entirely depend on the lender’s overall assessment of your financial situation which is not limited to your employment, salary, other debts and liabilities, assets, and even including your creditworthiness. You’d be able to know your chances of approval by contacting your lender and confirm your eligibility. It may also help to speak with a mortgage broker who can also take your circumstances into account and help you find a suitable home loan.
Cheers,
May