UBank key facts
- UBank's home loan rates are lower than the market average and have very low fees.
- UBank is an online lender owned by NAB. It's online application process is convenient, but the lender has no physical branches.
- You need at least a 20% deposit for a UBank home loan, so borrowers with small deposits may not qualify.
- In addition to home loans, UBank also offers savings accounts, transaction accounts and term deposits.
Review by our senior home loans writer Richard Whitten
Do you offer loans for an investment property?
Hi Roslyn,
Thanks for leaving a question on Finder.
Yes, Ubank offers investment loans. You may refer to our comparison table to see which of their investment loans suits you. You can click the “More info” link to be redirected to our review page and learn more about the loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to Ubank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
If you’d like to compare your options, see our list of investor home loans or speak to a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Cheers,
Joel
I am interested in your current fixed rates 3.99 % for 1& 3 yrs. I currently have a home loan with CBA .
The balance ATM is $220,000 variable rate ,considering refinancing.
I have read some the previous posts & unclear. When you state 20% deposit is required of the value of the property to refinance with you-
Do you mean the valuation the bank originally did , the valuation of the property on my rates notice or what I originally borrowed from CBA ??
Danni
Hi Danni,
thanks for the question.
For the purposes of refinancing, borrowers must have 20% equity in their home to be eligible for this home loan. This refers to the amount of the property you own e.g the property value minus the current loan on the property. UBank will find out your property value using either a virtual valuation or with a physical inspection to verify this, not using the other figures you’ve mentioned.
I hope this helps,
Marc.
I want to know more about.
Hi Ngin,
thanks for the question.
You can find out more about UBank home loans by comparing them in the table on this page, and clicking the ‘More info’ link. Alternatively, if you wish to speak to UBank directly, you can click the green ‘Go to Site’ button.
I hope this helps,
Marc.
Could you please tell me the understanding of:
1. variable loan
2. variable interest loan
3. principle interest loan
thank you
Hi Janet,
Thanks for the question.
Here is a basic rundown of each term, for more information you can check out our comprehensive home loans guide.
1. A variable loan is a home loan with an interest rate that can change from time to time over the course of the loan term. How often the rate changes will depend on your bank and the economy. This is different from a fixed rate home loan, where you lock in a rate for an agreed amount of time, during which the rate does not change.
2. A variable interest loan is the same as the variable loan mentioned above. It can also be called a variable rate home loan.
3. A principal and interest loan refers to a loan where some of your repayment goes towards paying the interest due each month, and some of it goes towards the actual amount you have borrowed – known as the principal. As the years go on you will slowly pay off the principal (the loan amount you borrowed) so that there is no amount remaining.
I recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that’s more inclined to review your application.
I hope this helps,
Marc
Hi,
I want to refinance 300k .Currently I am with CBA .
Can you please tell me the process?
how long it will take?
is there any application fees or valuation charge?.
Is there any ongoing fees?
Will I be able to get an offset a/c?.
What will be the interest rate?.
Is there any early termination fees?.
Regards
John
Hi John,
Thanks for your question.
If you’d like to refinance to UBank, the first step would be to choose and enquire for the UBank home loan you’d like. The duration of the process is hard to say because it depends on UBank, the borrower and CBA. It could take a few weeks, depending on how smooth the paperwork goes.
The fees and charges applicable to your UBank home loan depends on the loan your choose. If you click through to our reviews and head into the ‘fees’ tab, you can see what foreseeable fees and charges will apply to your loan. Again, your offset account, early termination fees and interest rate will depend on the specific loan your choose.
If you’d like anymore information, please let us know.
Cheers,
Shirley