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.

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. 

UBank home loan features

UBank offers a variety of home loan features, such as:

• No ongoing fees: UBank variable home loans have no ongoing fees or application fees
• Flexible payments: UBank allows you to make weekly, fortnightly, or monthly loan repayments on a number of its loans
• Split loans: You can split your home loan between fixed and variable interest rates up to four times with a minimum split of $20,000
• Unlimited redraws: UBank’s variable home loans have no limit on redraws of extra repayments
• Flexible & convenient online banking: UBank offers 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 UBank home loan 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

Eligibility criteria

To apply for a UBank 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 50 square metres or greater (including balconies, car parking and storage cases)
• Or 40 square metres or greater (excluding balconies, car parking and storage cases)
• You must be purchasing or refinancing an established property

Since UBank is an online-only lender, you can apply for a UBank home loan via their website

Documents needed

Applying for a UBank 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

Considering other lenders? Compare home loans with these low-rate offers for owner occupiers:

Advertisement

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

Product Features

• 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%

Monthly repayments:$1,449

1.85%Advertised Rate (p.a.)

2.21%Comparison Rate*

More details