Launched in May 2022, Unloan is the new kid on the block in the digital home loan space. Developed through the infrastructure of CommBank’s x15ventures, Unloan notes it is able to move at pace of a fintech while also benefiting from the back-end banking, payments and compliance services of Australia’s largest bank.

Unloan CEO Daniel Oertli said home loans should be simple to understand, easy to get and easier to live with.

“Unloan is purposely designed to give an incredibly low, simple rate,” Mr Oertli told

“No one likes paperwork, no one likes waiting for a long period of time, so Unloan has been built specifically to offer a great rate with a discount that increases every year, but also a very fast application process.”

Looking to refinance? Check out some home loan options available from Unloan in the table below. 

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.29% p.a.
6.20% p.a.
Principal & Interest
Featured Apply In Minutes
  • A low-rate variable investment home loan from a 100% online lender. Backed by the Commonwealth Bank.
Important Information and Comparison Rate Warning

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 be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Applying to refinance with Unloan

Mr Oertli said Unloan is trying to make it easier for Australians to put more money into their back pockets.

“The application process is one of those linchpins - we want to constantly work on making it faster and faster,” he said.

“By making the application process completely digital, you are able to complete the application at your convenience, typically in as little as 10 minutes, and then one of Unloan’s lending specialists will decision the application.”

“Unloan tries to decision many of the loans within a day or two and then once you have been approved, you can accept the loan, then it takes typically three weeks for the refinancing to settle.”

Required documents

Aside from the traditional forms of identification, to refinance your home loan with Unloan, Unloan requires:

Employment Income

  • Most recent payslip, or last three months worth of bank statements evidencing permanent employment base salary, allowances, overtime and bonuses.

  • Last six months bank statement evidencing commission, casual, temporary and seasonal income.

If you are self-employed, you will need:

  • Last six months of personal bank statements, showing regular payments of income from your business.

  • A letter from your accountant, advising that the company has sufficient profits to meet the business commitments, it can continue to pay your salary and the date it began trading, or

  • Financial statements from the last two financial years, showing that the business made a profit in those years.

Rental Income

If earning rental income, Unloan requires:

  • Last six months of bank statements, or your last six months of statements from the property managing agent for short-term rentals.

  • Last three months of bank statements, or your last three months of statements from the property managing agent for long-term rentals.

Government Payments

If receiving government payments, Unloan requires:

  • Last six months of bank statements, or letter/statement from Centrelink, showing the regular benefit amount.

Child/Spouse Support & Maintenance

If receiving child/spouse support and maintenance, Unloan requires:

  • Last six months of bank statements, or

  • Family Law Court Order / Child Support Agency Letter / Solicitor’s letter, showing the regular benefit amount.

Unloan fees

Unloan is a fee-free digital product from CommBank, meaning customers who are looking to refinance will pay no application fees, discharge fees, account keeping fees or transaction fees. 

There are no penalties for additional repayments, redrawing, late payments or early termination. 

Unloan eligibility

Unloan is currently only accepting applications to refinance home loans up to $3,000,000 and up to 80% of the property’s value.

To be eligible for an Unloan home loan, the following requirements must be met:

  • All applicants must be over the age of 18.

  • You hold an eligible form of identification - valid Australian state/territory Driver Licence or an Australian Passport.

  • All borrowers on the loan application have good credit history that meets Unloan’s policies.

  • You receive regular income and are able to provide acceptable documents to verify your income and expenses e.g. payslips, banks statements.

  • You’re refinancing an existing home loan.

  • The loan will be for 80% or less of the value of the property and is between $10,000 and $3,000,000.

Image by Namcha Ph via Unsplash

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