- No upfront or ongoing fees
- Repayments will not change during fixed period
- No extra repayments
- No redraw and no offset
- Repayments won't decrease if RBA cuts rates
Interest rate structure
Fixed - 5 years
$100k - $2m
Principal & interest
Loan term range
1 - 30 years
Allows split interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Estimated upfront fees
Minimum SMSF Amount
Compare and review home loans with similar features
Since 2007, UBank has been providing Australians with a wide range of banking products, including home loans and savings and transaction accounts. UBank makes applying for a home loan fast and simple with 24 hour customer support. UBank is an online-only lender that is backed by NAB.
Since UBank is an online bank, you’ll need to be comfortable completing a UBank home loan application online, rather than by visiting a branch. With no branches to manage, UBank is able to offer lower interest rates and fees than other more traditional banks.
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 by phone, email, or online via the UBank website.
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.
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.