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Compare Ubank home loans rates

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ubank

Since 2007, UBank has been providing Australians with a wide range of banking products, including home and car loans and savings and transaction accounts. UBank makes applying for a home loan fast and simple with 24 hour a day customer support. UBank is an online-only lender which is backed by NAB.

WHO IS IT FOR?

UBank products are suitable for full-time employees who have a good deposit saved and are looking to buy (or refinance) an established property.

Since UBank is an online bank, most of the interaction with them is electronic. Therefore, you should be comfortable with completing your application and sending through your documentation using online means, rather than visiting a branch. The fact that UBank is a branch-free bank means their overheads are lower, and that rolls down to their products. If avoiding fees and getting the best rate is your highest priority (rather than product features and face to face service) then UBank is a lender worth considering.

SPECIAL OFFER

UBank Value Offer

Enjoy a homeloan with $0 application fee, $0 ongoing fees and redraw facilities available. Min. 20% deposit required.

Frequently asked questions about UBank

Here are a few key questions some of our users have asked with respect to UBank. If you want to know more, you can read our expert review or contact UBank directly.

How is UBank’s customer service?

UBank has won numerous awards, including Money Magazine’s “Best of the Best” award, the BAI Financial Global Product Innovation Award for its refinance mortgage UHomeloan, and the 2012 Australian Lending Award for Best Online Operator. Home loan customers can contact UBank 24 hours a day by calling the customer support hotline (1300 822 630) or by using Skype.

Who owns UBank?

Although UBank offers the perks of a small lender, it is backed by one of the largest lenders in the home loan market, National Australia Bank (NAB).

What is the maximum loan term UBank allows?

UBank home loans allow loan terms of up to 30 years.

How can I make extra repayments with UBank?

UBank home loans do not offer an offset account. However, UBank home loans come with a redraw facility, enabling you to make as many extra repayments as you want, as well as fee-free redraws!

UBank fixed rate owner occupied loans


UBank variable rate owner occupied loans


UBank investor home loans


UBank mortgage repayment calculator

Borrowing Amount

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UBank home loans rates

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Pros:
  • Flexible loan options.
  • Loans have no ongoing or application fees.
  • Fast application and turnaround process.
  • Some loans offer additional discounts.
Cons:
  • No branch network.
  • Loans require a minimum deposit of 20 per cent or more.
  • Loans don’t offer offset accounts.
  • Not available for self employed
  • Not available for off the plan
UBank customer service:

As UBank is an online-only lender, it does not have any branches or mobile lenders. Home loan customers can contact UBank 24 hours a day by calling the customer support hotline or by using Skype.

✓     Phone: 1300 822 630

✓     Mobile app: Android, iPhone

✓     Online banking

✓     customer_resolutions@ubank.com.au

How to Apply

Customers wanting to apply for a UBank loan can apply by filling out an online application form or by calling the bank. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:

  • Name and contact details of each borrower.
  • Proof of income and employment.
  • List of income and expenses including credit card loans and car loans.
  • Property details like the contract of sale.

FAQs

They’re impersonal 

Most comparison sites give you information about rates, fees and features, but expect you’ll pay more with a low advertised rate and $400 ongoing fee or a slightly higher rate and no ongoing fee. The answer is different for each borrower and depends on a number of variables, in particular how big your loan is. Comparisons are either done based on just today or projected over a full 25 or 30 year loan. That’s not how people borrow these days. While you may take a 30 year loan, most borrowers will either upgrade their house or switch their home loan within the first five years. 

You’re also expected to know exactly which features you want. This is fine for the experienced borrower, but most people know some flexibility is a good thing, but don’t know exactly which features offer more flexibility than others. 

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

They’re not always timely

In today’s competitive home loan market, lenders are releasing new offers almost daily. These offers are often some of the most attractive deals in the market, but won’t get rated by traditional ratings systems for up to a year. 

The assumptions are out of date 

The comparison rate is based on a loan size of $150,000 and a loan term of 25 years. However, the typical loan size is much higher than that. Million dollar loans are becoming increasingly common, especially if you live in metropolitan parts of Australia, like Sydney and Melbourne. It’s also uncommon for borrowers to hold a loan for 25 years. The typical shelf life for a home loan is a few years. 

The other problem is because it’s a percentage, the difference between 3.9 or 3.7 per cent on a $500,000 doesn’t sound like much, but equals around $683 a year. Real Time Ratings™ not only looks at the difference in the monthly repayments, but it will work out the actual cost difference once fees are taken into consideration. 

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^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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