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.

Advertisement

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.

Lender

Variable
More details
GREAT INTEREST RATE
  • Option to add an offset for 0.10%
  • No monthly or ongoing fees
  • Unlimited redraws
GREAT INTEREST RATE

Smart Booster Investor Bundle (Principal and Interest)

  • Option to add an offset for 0.10%
  • No monthly or ongoing fees
  • Unlimited redraws
Variable
More details
GET APPROVED FASTER WITH A DIGITAL APPLICATION
  • Split Loan Option
  • Unlimited additional repayments
  • Free redraw facility
GET APPROVED FASTER WITH A DIGITAL APPLICATION

Neat Variable Investment Loan (Principal and Interest) (LVR < 60%)

  • Split Loan Option
  • Unlimited additional repayments
  • Free redraw facility
Variable
More details
BUNDLE YOUR HOME LOAN AND YOUR INVESTMENT LOAN FOR MORE SAVINGS
  • Split Loan Option
  • Unlimited additional repayments
  • Free redraw facility
BUNDLE YOUR HOME LOAN AND YOUR INVESTMENT LOAN FOR MORE SAVINGS

Yard Investor Bundle Loan (Bundled with Home Loan)

  • Split Loan Option
  • Unlimited additional repayments
  • Free redraw facility
Variable
More details
100% FULL OFFSET ACCOUNT
  • Free redraw facility
  • Split account option
  • Unlimited extra repayments
100% FULL OFFSET ACCOUNT

Ocean Investment (Amounts < $1m, LVR < 60%)

  • Free redraw facility
  • Split account option
  • Unlimited extra repayments

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. 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. *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 June 29, 2022. View disclaimer.