UBank Home Loan
- Home loans up to $2,000,000
- Low-interest starting from 3.69%
- Repayment up to 30 years
Table of Contents
[Accessed May 24, 2023]
About UBank Home Loan
UBank adopts a brave stance online, with a highly simplified and short scroll-down site. The site is punctuated with sliding snippets of information and, further down, tallying figures that give more intel about the bank.
A subsidiary of NAB
Appearing on the scene as a subsidiary of NAB (National Australia Bank) as a direct bank offering retail, values-driven service for savings, personal and car loans, transactional accounts and home loans, UBank is growing strong,
Brief history and big impact
While UBank came out offering to conduct telephonic transactions with a subsequent deposit via BPAY - a first for Australia - its mortgage holdings have grown to $4 billion during this time too. With service available by phone and online, UBank has successfully positioned itself to address the modern consumer’s desires.
A simple presence
An eminently logical and brisk site, the company’s online presence gets straight to the nitty-gritty of a mortgage.
With an understated look & feel online, facts and figures a borrower might ponder are all available, along with various tools and information to aid a decision.
UBank Home Loan Services
With the ability to deposit and withdraw additional amounts, a home loan from UBank is a nuanced and detailed offer.
Favouring a weekly, fortnightly or monthly repayment scheme and offering a minimum split of $20 000 that can be affected up to 4 times, consumers are spoiled for choice.
Loan terms and details
A typical loan term is 30 years on a home loan, although consumers on a variable rate can kill the account at any time without penalty.
Clients who opted for a fixed rate can too but will incur recalculation and end up being penalised for not making term.
A 20% deposit is required
Note that a fee of $395 is levied on the fixed rate option - unwelcome - and fixed rate terms can only be 1, 3 or 5 years.
In addition, while the minimum and maximum home loan amounts stand at $100k to $2 million, there is an unspoken assumption that one will have a deposit, as the maximum extent of the home loan is capped on all packages at 80%.
UBank Home Loan – Home loan
- Loan Type Home loans
- Interest Rate 3.69 – 4.49% p/a
- Loan Amount up to $2,000,000
- Repayment 36 months to 30 years
Benefits of UBank Home Loan
- Affordable fixed-rate home loans
- Apply online, it's quick and easy
- Apply for a loan with a bad credit record
You will get superior home loans at UBank
UBank is currently pitching a variable rate of 3.74% for owner-occupied home loans, 3.89% for investors buying a home and a fixed rate across the board of 3.99% against a comparative rate of 4.08%.
One has the option to tie in other accounts and pay interest repayments as a variable for a fixed period prior to adopting a fixed rate.
A Lender that cares
Going some way towards presenting UBank’s potential as an attractive, caring partner on any home loan journey, the company has flighted “real estate tips from the terminally ill’.
This is a “unique and thought-provoking perspective on life and the Australian Dream.” Part of the blur between a marketing pitch and a social presence, it is fronted online by Lee Hatton, CEO of UBank.
A transparent lender
It is an unusually frank and alternative line of ponderance for a bank. A further feather in their cap would also be statements warning clients to consider whether or not they really need to borrow what they’re applying for.
Going one step further
While all lenders have amalgamated legislated consumer protection into their stance - as though they have always been about looking after the man in the street - UBank has successfully taken the words to a new level with this initiative. Anyone considering a home loan would do well to compare rates and services at UBank.
Telephonic support
While most applications are done online, telephonic support is a big part of the offering and consultants have been extensively trained in order to facilitate the complete process.
Will they inform you if your loan application was declined?
Whatever outcome they reach when they have processed a home loan for a client, they will always inform you. They will never leave their customers in suspense. What’s even better is the fact that they will tell you what is it that you did wrong so you can fix it.
At the end of the day, they want to ensure that your future home loans always get the green light and this is the reason they tell you what you can do better.
When you want to pay your home loan upfront
Due to the fact that your home loan is on the debit order system, you have to inform them in advance if you would like to settle your home loan ahead of time. There are no penalty fees for this option as they are more than happy when clients prioritise their loans.
If you are not too sure about which loan offer to take, you can always give them a call and they will advise you to look at your budget.
UBank Home Loan is a trusted & reliable provider of home loans
In our review, UBank Home Loan adheres to the compliance criteria in accordance with the National Consumer Protection Act, where the granting the loan will not cause financial distress to the consumer.
✅ UBank Home Loan is a registered credit provider in Australia: ACL 230686
Customer Reviews & Testimonials
UBank Home Loan Contact
Physical Address
- Level 1, 800 Bourke St Docklands VIC 3008 Australia
- Get Directions
Postal Address
- PO Box 1466, North Sydney, 2059, Australia
Opening Hours
- not available