Compare UBank Mortgage Rates
What home loans does UBank offer?
UBank has a range of mortgages for both owner-occupiers and property investors, offering fixed and variable rates as well as principal & interest and interest-only repayment options.
UBank home loan interest rates
You can find a complete list of UBank's home loan rates here:
Some of UBank's key home loan products include:
- Variable UHomeLoan: A variable mortgage with unlimited redraws and no application fees or ongoing fees
- Fixed UHomeLoan: A fixed-rate mortgage for one to five years with no ongoing fees and 20% minimum deposit.
UBank home loan features
UBank offers a variety of mortgage features, such as:
- No ongoing fees: UBank variable mortgages have no ongoing fees or application fees
- Flexible payments: You can make weekly, fortnightly, or monthly loan repayments on a number of its loans
- Split loans: You can split your mortgage between fixed and variable interest rates up to four times with a minimum split of $20,000
- Unlimited redraws: UBank's variable mortgages have no limit on redraws of extra repayments
- Flexible & convenient online banking: There are a range of online features for your convenience, including an online application tracker and a "digital human" application assistant called Mia
- Discounts for loyalty: If you've held your mortgage for three straight years (or stay after your fixed-rate expires), you can get a 0.10% point loyalty discount off your variable rate.
How to apply for a UBank home loan
To apply for a home loan you must meet their lending criteria:
- You must be 18 years of age or older
- You must be an Australian or New Zealand citizen or Australian Permanent Resident
- You must be residing in Australia and have an Australian mobile number
- You must have an email address
- You must be outside your probationary period of employment
- You must be buying a house or unit that's at least 50 sqm
- You must be purchasing or refinancing an established property
Since UBank is an online-only lender, you can apply for a mortgage via their website.
Applying for a home loan will require you to submit certain documents such as:
- Proof of identity validating your name, address and birth date. This can be your passport, Medicare card, driver’s license etc.
- Details of your ongoing monthly expenses such as food expenses, childcare, clothing, transport etc.
- Saving accounts statements.
- Proof of ongoing rent or board
- Assets and liability documents
- If you are an employee they will typically require two recent payslips and the most recent payment summary or tax return
- If you are self-employee they will typically require the last two years’ of company tax returns.
UBank Frequently asked questions
How long does it take for UBank to process my home loan application?
According to UBank, it can take up to six weeks for your home loan application to be processed as they need to verify your identity, assess your finances and transfer security of the property.
Pre-approval usually takes less time than unconditional approval, and you should receive pre-approval within two business days once you have submitted all the required documentation, but speak to a UBank lending specialist for more information on your application.
How does UBank verify my identity?
UBank can verify your identity electronically using the personal details you have provided in your application.
Why was my home loan application unsuccessful?
Your home loan application can be unsuccessful if you don't meet the eligibility criteria or haven't supplied all the documentation required for the process to move forward.
Considering other lenders? Compare home loans with these low-rate offers for owner occupiers: