Digital bank Up is entering the lending market by launching its own home loan offering for owner-occupiers looking to refinance their mortgages.

The bank rolled out 'Up Home', which works with Up’s saver products and current features.

Up CEO Xavier Shay said one of the goals of the newly launched home loan is to make finances “feel easy” among Australians.

“With Up Home, Upsiders can go from saving their first $5 to buying a home, all within Up,” he said.

“Most of our customers are between 16 and 25. While actually hitting go on a home loan could be a while off, there’s a lot they can do to save and learn now — we’ve created a saver product which will help them save and teach them about the home loan journey — help them successfully navigate what is likely to be the biggest financial decision they’ll ever make.”

Up Home loan features

Up Home is open to borrowers who can refinance with as little as 10% deposit. It has no application, monthly, or annual fees.

A home loan from Up comes with over 50 free offset accounts and a free redraw offering.

Borrowers with existing funds in their Up and 2Up savers accounts will be able to offset their funds against their home loan, allowing them to save in interest.

Borrowers are also able shorten the life of the loan with existing Up features such as Round Ups, Boosted Round Ups, Pay Splitting — all of which are linked to savers products.

Here are the current rates for Up Home (as of 20 July 2022):


Annual Rate

Comparison Rate


3.45% p.a.

3.45% p.a.

1-Year Fixed

5.10% p.a.

3.60% p.a.

2-Year Fixed

5.65% p.a.

3.84% p.a.

3-Year Fixed

5.80% p.a.

4.07% p.a.

4-Year Fixed

5.90% p.a.

4.29% p.a.

5-Year Fixed

5.95% p.a.

4.49% p.a.

Up Home eligibility requirements

Currently, Up Home is only available for refinancers — Up sent out early access invites to a small number of of its existing clients. More invitations will be rolled out soon.

To qualify under the current requirements, borrowers must:

  • Be refinancing a property that they current live in
  • Live in a capital city or major regional centre
  • Have at least a 10% equity in the property
  • Borrow more than $50,000
  • Be currently employed (or self-employed)
  • Be an Australian citizen or permanent resident

Borrowers who are applying with someone else must have a 2Up account with their co-applicant.

Frequently asked questions about Up Home

Are there region restrictions for Up Home applications?

Up Home is currently available for borrowers living in urban centres and capital cities. Up advises borrowers who are outside the eligible zones to apply for a loan at its partner lender Bendigo Bank.

Is Lenders Mortgage Insurance (LMI) needed for applications with 10% deposit?

Yes, borrowers with less than 20% deposit will need to take out LMI.

Can self-employed applicants apply for Up Home?

Yes, self-employed can apply for Up Home as long as they are able to demonstrate an income high enough to meet the demands of regular, ongoing loan payments.

Can borrowers who did not receive an invite still apply?

Up will be rolling out more invitations. Up clients are advised to keep an eye out in-app or through the monthly newsletter.

Are there loan offers available to first-home buyers?

Up are currently offering Up Home to refinancers only. It will soon roll out loan products available