Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
5.99% p.a.
5.90% p.a.
Principal & Interest
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.29% p.a.
6.20% p.a.
Principal & Interest
Important Information and Comparison Rate Warning

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. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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 .

The changing lending landscape being shaped by the growing need for digital services has resulted in the birth of Unloan.

Backed by CommBank, Unloan aims to “undo home loans”, offering a low-rate, no-frills mortgage product designed for digital borrowers.

Unloan CEO Daniel Oerti said the digital product provides Australians with a level of security being backed by one of the country’s biggest banks before committing.

“Essentially, what’s possible for the home loan market has been reimaged by bringing together the pace and innovation of Unloan with the scale and assets of CBA,” he told Your Mortgage.

“At Unloan, we believe that home loans should be easy to get and easier to live with – that's why we offer one simple low rate, with a discount that gets better every year you’re with us.”

Mr Oerti said CBA recognised that there was a growing number of Australians who were ready to a consider a digital home loan that was easy to navigate and rewarding to live with.

“Consumer expectations are radically changing as our world continues to progress digitally – with more exposure to online services and solutions, Australians expect seamless and personalised digital experiences,” he said.

“Digital home loans, unlike traditional mortgages, are rapidly expanding in Australia’s housing market and through Unloan, CBA is capitalising on an important segment of the market sought after by neobanks and other non-bank lenders.”

What Unloan offers

Unloan currently offers owner-occupier and investment refinancing loans that start with a low variable rate.

The loan comes with a loyalty discount that grows by 0.01% p.a. every year for up to 30 years.

Plans are in place for Unloan to expand into new home loans in the future.

What are the features of an Unloan loan?

Unloan offers a home loan that promises simplicity – fit for borrowers who want a straightforward, no-frills low rate loan.

Here are some of the features of Unloan’s digital offering:

Annual rate discounts

Borrowers will receive an additional discount of 0.01% p.a. off their current interest rate for every year they hold their home loan. The discount is capped at 0.30% p.a.

High loan amount threshold

Borrowers can apply for a home loan worth $10,000 to $3m, as long as the amount is not exceeding 80% of the value of the property being financed.

Fast application

Existing home loans can be switched to Unloan in as little as 10 minutes with the simple and fast application process.

No fees and penalties

Unloan does not charge any form of application, ongoing, and recurring fees. There are also no penalties for redraws, additional repayments, and late payments.

Loan term of up to 30 years

Borrowers can set their loan terms for as long as 30 years. Despite this longer loan term, borrowers can still set a higher repayment or make additional repayments to settle their loans sooner.

Repayment flexibility

Repayments can be set up weekly, fortnightly, or monthly for the borrowers’ convenience.

Redraw facility

Additional payments made on top of the regular repayments can be accessed any time with no fees.

Automated Repayments

Borrowers with strict budget schedules use Unloan AutoPay to set up automatic repayments.

Principal & Interest Repayment Terms

Currently, Unloan only works for P&I repayment terms to ensure that borrowers will always be paying down their principal.

How Unloan’s 10-minute application works

Borrowers interested in refinancing to Unloan can visit the website using a computer or a mobile phone. They can also download the Unloan app. Applicants must enter their email address and mobile phone number to verify their identity.

After the verification, borrowers follow these six steps:

  1. Find and add your property.
  2. Add your borrower details. If you are borrowing with somebody else, you will need to enter their details too.
  3. Provide details of your income.
  4. Enter details of your expenses.
  5. Add information about your other existing home loans and credit cards.
  6. Set up the details of your home loan and finalise your application by providing documentary requirements.

Every part of the process is digital – from automated property valuation, credit check, signature, to settlement.

What are the eligibility requirements?

Unloan divides the requirements into four categories:


  • Borrowers must be at least 18 years old.
  • They must hold an eligible form of identification such as a valid Australian state/territory Driver’s License or an Australian Passport.
  • Each borrower must have an Australian residential address.

Credit Check

  • Borrowers’ credit histories must meet Unloan’s policies.
  • Borrowers are encouraged to check their credit rating through organisations such as Equifax, Dun & Bradstreet (Illion), or Credit Savvy.


  • Borrowers must receive regular income.
  • They must be able to provide acceptable documents to prove their regular income such as pay slips and bank statements.


  • Refinancing will only be for applications whose loan amounts does not exceed 80% of the property’s assessed value.

Frequently Asked Questions about Unloan

How does the annual rate discount work?

The 0.01% p.a. discount is offered upon settlement – on each anniversary of the loan’s settlement date, the margin discount will increase by a further 0.01% p.a. up to a maximum discount of 0.30% p.a.

Are there really no fees when applying for Unloan?

Unloan charges no upfront fees for refinancing applications. Furthermore, loans from Unloan do not carry ongoing costs. However, borrowers must keep in mind that there are some mandatory government costs depending on each state when switching home loans. Unloan can add this amount, which could range from $260 to $440, to the loan balance on settlement.

What are the required documents when refinancing to Unloan?

While the application process is digital, borrowers will still be required to submit paperwork that verifies their income. These may include bank statements, payslips, and tax statements. Unloan may require additional documents depending on the situation of the borrower.

Are Unloan home loans available through CommBank?

CommBank built Unloan but it does not offer loans from the latter. The two are separate entities. As such, borrowers cannot refinance to Unloan through CommBank’s branches and call centres.

Can applications be done through the CommBank app?

No, Unloan has a separate app where borrowers can manage their home loans and submit their applications.