UBank cuts mortgage rates by 10 basis points

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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.


^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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