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CommBank launches digital home loan product 'Unloan'

CommBank has announced the launch of Unloan, Australia’s first variable rate digital home loan with a discount that increases every year for up to 30 years.

Unloan offers owner occupiers one low variable rate, priced at 2.14% p.a. (2.06% pa comparison rate*), including a loyalty discount that grows by one basis point (0.01%) every year, up to 30 years.

For investors, Unloan also offers one low variable rate of 2.44% p.a. (2.34% p.a. comparison rate*) with the same loyalty discount that increases every year for up to 30 years.

Developed through the support and infrastructure of CommBank's venture scaler x15ventures, CommBank notes Unloan strips away many of the complexities seen in more traditional lending options allowing applications to be completed in as little as 10 minutes.

From 17 May, Unloan is accepting applications to refinance home loans up to three million dollars and up to 80% of the property’s value.

CommBank says Unloan plans to expand in the coming months into new home loans while also enabling open-banking powered assessments for a faster application experience. 

CommBank CEO Matt Comyn said driving digital innovation for customers is core to CBA’s ongoing strategy.

"Unloan is a powerful example of what can be achieved by successfully bringing together the pace and innovation of the startup world with the scale and assets of Australia's leading bank, which has always been central to our approach with x15," Mr Comyn said. 

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 eligiblity

Currently Unloan is only accepting applications to refinance home loans up to three million dollars 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.

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Buying an investment property or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for investors.

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
6.19% p.a.
6.58% p.a.
$2,589
Principal & Interest
Variable
$0
$530
90%
Featured 90% LVR
  • You MUST already have Solar or a documented plan to install within 90 days to be eligible for this loan
  • Available for refinance or purchase
  • No monthly, annual or ongoing fees
6.29% p.a.
6.20% p.a.
$2,473
Principal & Interest
Variable
$0
$0
80%
Featured Apply In Minutes
  • A low-rate variable investment home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.29% p.a.
6.42% p.a.
$2,473
Principal & Interest
Variable
$10
$690
90%
6.29% p.a.
6.57% p.a.
$2,473
Principal & Interest
Variable
$299
$299
80%
6.29% p.a.
6.35% p.a.
$2,473
Principal & Interest
Variable
$0
$799
80%
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.

Image by Evelyn Paris via Unsplash





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