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.
"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.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.19% p.a. | 6.58% p.a. | $2,589 | Principal & Interest | Variable | $0 | $530 | 90% | Featured 90% LVR |
| |||||||||
6.29% p.a. | 6.20% p.a. | $2,473 | Principal & Interest | Variable | $0 | $0 | 80% | Featured Apply In Minutes |
| |||||||||
6.19% p.a. | 6.23% p.a. | $2,447 | Principal & Interest | Variable | $0 | $595 | 80% | |||||||||||
6.34% p.a. | 6.59% p.a. | $2,486 | Principal & Interest | Variable | $248 | $350 | 70% |
| ||||||||||
6.39% p.a. | 6.41% p.a. | $2,499 | Principal & Interest | Variable | $0 | $250 | 80% |
Image by Evelyn Paris via Unsplash
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