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UBank cuts mortgage rates by 10 basis points

UBank cuts mortgage rates by 10 basis points

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 amountOld rateNew rate
$200,000 to $700,0003.69%3.59%
$700,001 and above3.62%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.

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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