UBank Home Loans

Read on to compare some of UBank’s key home loan interest rates and the key features they have.

UBank is an online-only lender launched in 2008 as a division of National Australia Bank (NAB). As an online bank, UBank has no physical branches.

Other than mortgages, UBank also offers other financial products and services such as savings accounts, term deposits and SMSF accounts.

Read on to learn more about some of UBank’s key home loans and features.

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Compare UBank Mortgage Rates

Lender
Advertised rate Comparison rate Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval
VariableMore details

Discount Offer Variable Home Loan OO P&I (LVR < 80%)

VariableMore details

Discount Offer for Investor Variable P&I Rate

VariableMore details

UHomeLoan - Standard Variable OO (Principal and Interest)

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 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. *Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given Rates correct as of October 18, 2021. View disclaimer.

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.

Documents needed

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:

Lender
Advertised rate Comparison rate Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval
VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
FixedMore details
NO UPFRONT OR ONGOING FEES

Basic Home Loan Fixed (Principal and Interest) (LVR < 70%) 3 Years

NO UPFRONT OR ONGOING FEES
VariableMore details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services

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 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. Rates correct as of October 18, 2021. View disclaimer.