Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .
As one of the few online-only lenders in Australia, ubank has been providing Australians with a wide range of banking products, including home and car loans, and savings and transaction accounts since 2008.
ubank makes applying for a home loan fast and simple with 24-hour a day customer support. The company is backed by NAB, one of Australia's big four major banks. Because they are entirely online, their overheads are lower, meaning they can afford to provide borrowers with lower rates and fees.
In May 2022, ubank officially absorbed the neobank 86 400, unveiling a new logo that features the 86 400's colour scheme, styling, and font.
ubank CEO Philippa Watson said the merger of the two entities is part of the broader strategy to enhance our customer experience and create more competitive banking alternative for Australian consumers.
“Together, we will develop a leading digital bank and create the next generation of simple, fast and mobile banking solutions for our customers,” she said.
While ubank has no branches for customers to visit directly, they have a great online banking presence, as well as a 24/7 call centre based in Australia.
What are some advantages of taking out a home loan from ubank?
- No ongoing costs and low fixed-rate fee – ubank does not charge any ongoing or annual fees on its variable rate home loan. Meanwhile, it charges a minimal fee of $395 on a fixed rate home loan to lock in the advertised rate.
- Fast application – ubank boasts its fast and convenient application system that operates entirely online. ubank provides convenience by giving customers access to an online application tracker.
- Availability of support – Customers will be able to reach out to ubank’s local home loan experts to guide them in every step of the way.
- Flexibility and convenience in home loan products — ubank provides several home loan features that would fit particular circumstances. One example is the flexibility of unlimited number of redraws.
- Low rates — With the reduced cost of operating online, ubank is able to provide some of the market’s lowest rates for home loans.
How to apply for a ubank home loan
As borrowers can only apply for a loan online, it's important to make sure you have all the available information you'll need to apply for a loan.
You can start your application by going to ubank’s application portal, which can be accessed through a computer, tablet, or a mobile phone.
Once you finish all and submitted all the necessary forms, ubank will validate the information by calling you and confirming your eligibility.
You will be asked to upload your documents online for verification. ubank will arrange a property valuation and have one final look at your application. Be sure you have the following available:
- Proof of Identification: Enough to pass the 100 point check, which can include your passport, birth certificate, etc.
- You will need to be able to provide evidence of your financial details when you apply, so make sure you hang on to your tax returns, pay slips, and other financial details.
- You’ll need to agree to a credit check.
- A list of your income against your expenses, which will show the lender a more complete view of your current financial situation as far as incoming and outgoing cash flow is concerned.
- A list of assets and debts - assets include things like existing properties and investments as well as savings, while debts are any open lines of credit or other loans, etc.
- Details about the property you're planning to buy, such as the price of the property and how much you are looking to borrow.
Additionally, anyone looking to refinance will need to provide statements the last six months of their existing loans, and anyone looking for a construction loan will have to provide proof of sale, council approved plans, and building quotes.
Once everything is cleared, ubank will send you the contract pack.