UBank Home Loans

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

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Summary

About UBank

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.

UBank home loan interest rates

UBank has a range of home loans for both owner-occupiers and property investors, offering fixed and variable rates as well as principal & interest and interest-only repayment options.

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 home loan with unlimited redraws and no application fees or ongoing fees
  • Fixed UHomeLoan: A fixed-rate home loan for one to five years with no ongoing fees and 20% minimum deposit

UBank variable rate home loans

Company Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
 
Variable Home Loan OO P&I 3.09% 3.09% $1,706 More details
Variable Home Loan Investor P&I 3.49% 3.49% $1,794 More details
Variable Home Loan Inv IO 3.94% 3.94% $1,313 More details
Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
Variable Home Loan OO P&I
3.09% 3.09% $1,706
More details
Variable Home Loan Investor P&I
3.49% 3.49% $1,794
More details
Variable Home Loan Inv IO
3.94% 3.94% $1,313
More details

Base criteria of: a $400,000 loan amount, variable home loans with an LVR (loan-to-value) ratio of at least 80%. Introductory rate products were not considered for selection. This table includes only a snapshot of the lender’s products, not all of them. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term. *Rates correct as at 3 September 2019.

UBank fixed rate home loans

Company Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
 
3yrs Fixed Rate OO P&I 2.99% 3.45% $1,684 More details
1yr Fixed Rate OO P&I 2.99% 3.63% $1,684 More details
3yrs Fixed Rate Inv P&I 3.14% 3.85% $1,717 More details
1yr Fixed Rate Inv P&I 3.14% 4.09% $1,717 More details
Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
3yrs Fixed Rate OO P&I
2.99% 2.99% $1,684
More details
1yr Fixed Rate OO P&I
2.99% 3.63% $1,684
More details
3yrs Fixed Rate Inv P&I
3.14% 3.85% $1,717
More details
1yr Fixed Rate Inv P&I
3.14% 4.09% $1,717
More details

Base criteria of: a $400,000 loan amount, fixed home loans with an LVR (loan-to-value) ratio of at least 80%. Introductory rate products were not considered for selection. This table includes only a snapshot of the lender’s products, not all of them. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term. *Rates correct as at 3 September 2019.

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 at least 50sqm
  • 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
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