The $220 million purchase is expected to be completed by mid 2021, subject to approval from the Treasurer, the Australian Prudential Regulation Authority (APRA), and the Australian Competition and Consumer Commission (ACCC). 

UBank and 86 400 will continue to operate as separate businesses until the transaction is finalised. 

Chief executive of 86 400, Robert Bell, said he was proud of what the neobank had achieved in such a short period. 

“Over the past 18 months, we’ve challenged the status quo of banking through innovative products, services and technology," Mr Bell said.

"86 400 and its customers will benefit from NAB’s capital and balance sheet strength and investment spend to support accelerated growth and continued innovation, helping even more Australians take control of their money.”

Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.

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
6.04% p.a.
6.06% p.a.
Principal & Interest
Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
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.
6.14% p.a.
6.16% p.a.
Principal & Interest
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
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.

In an email to customers, 86 400 said day-to-day, nothing would change and no action was needed. 

"You'll continue to be an 86 400 customer, bank using the 86 400 app and make purchases with your physical 86 400 card or connected Apple Pay, Google Pay, or Samsung Pay wallet.

"You can also expect the same rapid rollout of smart products and features that you'll be used to as an 86 400 customer."

It's unknown what savings account interest rate 86 400 customers will receive when the acquisition is approved, or whether the 86 400 brand will remain. 

"We’ll continue to have competitive rates and fees, but with even greater scale, enabling us to help even more Australians take control of their money," Mr Bell told

"While we are still working through some specifics such as the combined business name, our intent is for the look, feel and experience to reflect the best of both businesses."

Just over a month ago, 86 400 was boasting $200 million in home loans, with Robert Bell stating in July the bank wanted $2 billion in loans by the end of 2021. 

With Xinja's infamous collapse in December and the sale of 86 400, it's a challenging time for the neobank sector. 

Up Bank, a digital subsidiary of Bendigo and Adelaide Bank, boasts 300,000 savings account customers but is yet to launch a home loan product. 

Meanwhile, other notable entrant to the sector, Volt, launched in late 2019, is yet to launch a product. 

But Mr Bell said the partnership with UBank would dramatically accelerate growth and help even more Australians reach their financial goals. 

“Coming together with UBank gives us the scale, funding and capital to dramatically accelerate our growth and reach even more Australians with our smarter approach to banking,” he said.

UBank chief executive, Phillippa Watson, said UBank had a proud history of innovation, which would only be strengthened through its partnership with 86 400.

“Combining with 86 400 will bring together UBank’s established business and 86 400’s experience and technology platform to help us meet the changing needs of our customers," Ms Watson said.

"We are looking forward to having the 86 400 team join us to help deliver the next generation of simple, fast and mobile banking solutions.”

UBank launched what may be Australia's lowest advertised home loan rate just a week ago, offering a three-year fixed home loan rate of 1.75% p.a. (2.22% p.a. comparison rate), for owner occupiers paying principal and interest. 

Image source: 86 400

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