UBank has unveiled a home loan special offer that involves both an interest rate cut and cashback.
Owner-occupiers who apply for a variable principal-and-interest UHomeLoan can qualify for the following discount:
| Loan amount | Old rate | New rate |
|---|---|---|
| $200,000 to $700,000 | 3.69% | 3.59% |
| $700,001 and above | 3.62% | 3.59% |
Eligible borrowers will also receive a $1,000 cash payment into a USaver account, which must be opened by settlement.
UHomeLoan applications must be made by 6 August and must be approved and settled by 28 September.
This offer excludes fixed-rate borrowers, owner-occupiers who choose interest-only and investors.
The key features of a UHomeLoan include:
- Maximum loan-to-value ratio (LVR) of 80 per cent
- No application fees
- No ongoing fees
- Redraw facility (but no offset account)
- Unlimited additional repayments
The home loan with the lowest interest rate may not be the best home loan for every borrower. Before making a decision, consider comparing your options and consulting a financial adviser.
