UniBank My First Home Loan

Features

The UniBank My First Home Loan has a minimum loan amount of $25,000 and a maximum of $1 million. The loan has a maximum loan term of 40 years. Customers can borrow up to 98 per cent of the property value, although lender’s mortgage insurance is required on loans over 80 per cent.

Repayments can be made weekly, fortnightly or monthly as either principal and interest or interest-only payments. Additional repayments are unrestricted and customers can use a free redraw facility to access these payments.

Borrowers also have access to a 100 per cent offset account to use their savings account to reduce the amount of interest owed on the loan.

There is also a repayment pause option available for borrowers to take advantage of when they need a break from mortgage payments. The loan can also be split and customers can increase the loan amount, subject to approval.

Who is the UniBank My First Home Loan good for?

The UniBank My First Home Loan is good for first homebuyers looking for the flexibility of a competitive variable rate loan with little fees and lots of repayment options.

The loan is not available to investors or refinancers but may suit first-time owner-occupiers with small deposits.

Review - What RateCity says

The UniBank My First Home Loan is a variable rate loan that is targeted only at first homebuyers.

It offers customers the common repayment features found in standard variable loans, such as free additional repayments, a redraw facility and an offset account, all of which may suit those looking to pay off their loan quickly or with more flexibility.

The loan also requires relatively tiny fees, including no upfront fees, and a fairly competitive interest rate, which may suit first homebuyers looking for a degree of simplicity and value for money in their loan.

Customers can also borrow up to 98 per cent of the property value, which is higher than that offered by most other loans and therefore may suit those with smaller deposits in the market for a home loan. The loan can also be repaid over a period of 40 years, which is longer than the maximum of 30 years generally offered by other lenders.

These options may give first homebuyers more freedom in their loan, but may also increase the amount of interest paid over the life of the loan and this should be factored in when looking at the UniBank My First Home Loan.

Ultimately, the UniBank My First Home Loan offers first homebuyers a lot of freedom and options in how they repay their mortgage but could end up stinging borrowers in the long term if the loan is stretched over 40 years and large amounts of interest are paid.

UniBank My First Home Loan Options

The UniBank My First Home Loan is a variable rate loan available only to first homebuyers.

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More details

Variable Rates from

4.66%

Advertised rate

4.66%

Comparison rate
Pros
  • Offset account available.
  • No upfront fees.
  • Small deposit required.
Cons
  • Only available to first homebuyers.
  • Limited branch access.
  • Moderate rate.
Eligibility

Must be over 18 years of age.

Must be a citizen or permanent resident of Australia or New Zealand.

Must meet UniBank’s serviceability criteria.

Must be a first homebuyer.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
Fees
  • Estimated upfront fees: $0
  • Discharge fees: $75
  • Ongoing fees: $0

The UniBank My First Home Loan has no upfront fees and no ongoing or annual fees.

Borrowers will pay a small discharge fee but no redraw or additional repayment fees.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About UniBank

UniBank is a member-owned mutual bank which merged with Teachers Mutual Bank in 2015. They have four branches in Western Australia but for customers unable to visit a branch they provide a phone and online service.

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