UBank home loan repayment calculator

Thinking about taking out a home loan with UBank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how UBank home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 5.00%

Total interest payable

$0

Total loan repayments

$0

Pros and cons

  • Flexible loan options
  • Most loans have no ongoing or application fees
  • Fast application and turnaround process
  • Some loans offer additional discounts
  • 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 home loans rates

Advertised Rate

1.75%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

2.22%

Ongoing fee
$0
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Company
UBank
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Advertised Rate

1.99%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

2.33%

Ongoing fee
$0
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Company
UBank
More details
Advertised Rate

2.24%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

2.33%

Ongoing fee
$0
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Company
UBank
More details
Advertised Rate

2.88%

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.55%

Ongoing fee
$0
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Company
UBank
More details
Advertised Rate

2.09%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

2.60%

Ongoing fee
$0
Go to site
Company
UBank
More details
Advertised Rate

2.24%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

2.64%

Ongoing fee
$0
Go to site
Company
UBank
More details
Advertised Rate

2.49%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

2.67%

Ongoing fee
$0
Go to site
Company
UBank

Winner of Best 5 year investor fixed pi, RateCity Gold Awards 2021

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Advertised Rate

2.14%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

2.71%

Ongoing fee
$0
Go to site
Company
UBank
More details
Advertised Rate

2.29%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

2.72%

Ongoing fee
$0
Go to site
Company
UBank
More details
Advertised Rate

2.64%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

2.73%

Ongoing fee
$0
Go to site
Company
UBank

Winner of Best investor interest only loan, RateCity Gold Awards 2021

More details
Advertised Rate

2.74%

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.74%

Ongoing fee
$0
Go to site
Company
UBank

Winner of Best investment home loan, RateCity Gold Awards 2021

More details
Advertised Rate

2.92%

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.92%

Ongoing fee
$0
Go to site
Company
UBank
More details
Advertised Rate

3.14%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.01%

Ongoing fee
$0
Go to site
Company
UBank
More details
Advertised Rate

3.36%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.38%

Ongoing fee
$0
Go to site
Company
UBank
More details
Advertised Rate

3.41%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.41%

Ongoing fee
$0
Go to site
Company
UBank
More details

UBank customer service

As UBank is an online-only lender, it does not have any branches or mobile lenders. UBank home loan customers can contact the bank via:

  • Phone
  • Mobile app (Android, iPhone)
  • Online banking
  • Email
  • Live chat

How to apply for a UBank home loan

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 any home loan, think about how much money you can afford borrow given your financial situation and income. 

You will also need to provide documentation when applying for a home loan, such as:

  • Name and contact details for each borrower.
  • Proof of income and employment.
  • List of assets, expenses and other debts, including credit cards, personal loans and car loans.
  • Property details like the contract of sale.

About UBank home loans

UBank home loans allow loan terms of up to 30 years. Options are available for investors and owner-occupiers, as well as for interest-only or principal and interest repayments. Interest rates may be variable, or can be fixed for one, three or five years. 

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 also has loyalty discounts available, allowing you to enjoy a lower variable interest rate after you've been with UBank for a few years.

UBank home loans review

UBank is an online-only lender, so before you apply for a home loan with them, you’ll want to be comfortable making your application and managing your mortgage online or over the phone.

UBank’s home loans are available to owner occupiers and investors, with options for principal and interest or interest-only repayments. As well as variable interest rates, it’s possible to fix your interest rate for up to five years.

The interest rates on UBank home loans tend to be lower than those of larger, more traditional banks. As UBank has no branches, it can pass some of its savings on to customers. Owner-occupiers can expect to pay lower interest rates than investors, and those making principal and interest repayments can expect lower rates than those paying interest only.

While UBank customers won’t need to pay upfront or ongoing fees on variable rate home loans, those applying for fixed rate home loans will need to include a rate lock fee in their calculations.

UBank doesn’t offer offset accounts or its home loans, but customers who make extra repayments can enjoy unlimited redraws. Plus, staying with UBank may allow a borrower to enjoy a loyalty discount on their interest rate.

Learn more about home loans

Why should I get an ING home loan pre-approval?

When you apply for an ING home loan pre-approval, you might be required to provide proof of employment and income, savings, as well as details on any on-going debts. The lender could also make a credit enquiry against your name. If you’re pre-approved, you will know how much money ING is willing to lend you. 

Please note, however, that a pre-approval is nothing more than an idea of your ability to borrow funds and is not the final approval. You should receive the home loan approval  only after finalising the property and submitting a formal loan application to the lender, ING. Additionally, a pre-approval does not stay valid indefinitely, since your financial circumstances and the home loan market could change overnight.

 

 

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

Can I get a NAB home loan on casual employment?

While many lenders consider casual employees as high-risk borrowers because of their fluctuating incomes, there are a few specialist lenders, such as NAB, which may provide home loans to individuals employed on a casual basis. A NAB home loan for casual employment is essentially a low doc home loan specifically designed to help casually employed individuals who may be unable to provide standard financial documents. However, since such loans are deemed high risk compared to regular home loans, you could be charged higher rates and receive lower maximum LVRs (Loan to Value Ratio, which is the loan amount you can borrow against the value of the property).

While applying for a home loan as a casual employee, you will likely be asked to demonstrate that you've been working steadily and might need to provide group certificates for the last two years. It is at the lender’s discretion to pick either of the two group certificates and consider that to be your income. If you’ve not had the same job for several years, providing proof of income could be a bit of a challenge for you. In this scenario, some lenders may rely on your year to date (YTD) income, and instead calculate your yearly income from that.

Can I apply for an ANZ non-resident home loan? 

You may be eligible to apply for an ANZ non-resident home loan only if you meet the following two conditions:

  1. You hold a Temporary Skill Shortage (TSS) visa or its predecessor, the Temporary Skilled Work (subclass 457) visa.
  2. Your job is included in the Australian government’s Medium and Long Term Strategic Skills List. 

However, non-resident home loan applications may need Foreign Investment Review Board (FIRB) approval in addition to meeting ANZ’s Mortgage Credit Requirements. Also, they may not be eligible for loans that require paying for Lender’s Mortgage Insurance (LMI). As a result, you may not be able to borrow more than 80 per cent of your home’s value. However, you can apply as a co-borrower with your spouse if they are a citizen of either Australia or New Zealand, or are a permanent resident.

How long does Bankwest take to approve home loans?

Full approval for a home loan usually involves a property valuation, which, Bankwest suggests, can take “a week or two”. As a result, getting your home loan approved may take longer. However, you may get full approval within this time if you applied for and received conditional approval, sometimes called a pre-approval, from Bankwest before finalising the home you want to buy.  

Another way of speeding up approvals can be by completing, signing, and submitting your home loan application digitally. Essentially, you give the bank or your mortgage broker a copy of your home’s sale contract and then complete the rest of the steps online. Bankwest has claimed this cuts the approval time to less than four days, although this may only happen if your income and credit history can be verified easily, or if your home’s valuation doesn’t take time.

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

How can I calculate interest on my home loan?

You can calculate the total interest you will pay over the life of your loan by using a mortgage calculator. The calculator will estimate your repayments based on the amount you want to borrow, the interest rate, the length of your loan, whether you are an owner-occupier or an investor and whether you plan to pay ‘principal and interest’ or ‘interest-only’.

If you are buying a new home, the calculator will also help you work out how much you’ll need to pay in stamp duty and other related costs.

What is the difference between fixed, variable and split rates?

Fixed rate

A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.

Variable rate

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

Split rates home loans

A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.

What is an interest-only loan? How do I work out interest-only loan repayments?

An ‘interest-only’ loan is a loan where the borrower is only required to pay back the interest on the loan. Typically, banks will only let lenders do this for a fixed period of time – often five years – however some lenders will be happy to extend this.

Interest-only loans are popular with investors who aren’t keen on putting a lot of capital into their investment property. It is also a handy feature for people who need to reduce their mortgage repayments for a short period of time while they are travelling overseas, or taking time off to look after a new family member, for example.

While moving on to interest-only will make your monthly repayments cheaper, ultimately, you will end up paying your bank thousands of dollars extra in interest to make up for the time where you weren’t paying off the principal.

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

Who has the best home loan?

Determining who has the ‘best’ home loan really does depend on your own personal circumstances and requirements. It may be tempting to judge a loan merely on the interest rate but there can be added value in the extras on offer, such as offset and redraw facilities, that aren’t available with all low rate loans.

To determine which loan is the best for you, think about whether you would prefer the consistency of a fixed loan or the flexibility and potential benefits of a variable loan. Then determine which features will be necessary throughout the life of your loan. Thirdly, consider how much you are willing to pay in fees for the loan you want. Once you find the perfect combination of these three elements you are on your way to determining the best loan for you. 

When should I switch home loans?

The answer to this question is dependent on your personal circumstances – there is no best time for refinancing that will apply to everyone.

If you want a lower interest rate but are happy with the other aspects of your loan it may be worth calling your lender to see if you can negotiate a better deal. If you have some equity up your sleeve – at least 20 per cent – and have done your homework to see what other lenders are offering new customers, pick up the phone to your bank and negotiate. If they aren’t prepared to offer you lower rate or fees, then you’ve already done the research, so consider switching.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

What is a comparison rate?

The comparison rate is a more inclusive way of comparing home loans that factors in not only on the interest rate but also the majority of upfront and ongoing charges that add to the total cost of a home loan.

The rate is calculated using an industry-wide formula based on a $150,000 loan over a 25-year period and includes things like revert rates after an introductory or fixed rate period, application fees and monthly account keeping fees.

In Australia, all lenders are required by law to publish the comparison rate alongside their advertised rate so people can compare products easily.