Nearly two years after its launch, Unloan is officially taking applications for new mortgages.

The product, which rewards loyalty with discounted rates, has previously only been available for borrowers looking to refinance their existing home loan. 

The Unloan Variable Rate Home Loan currently offers one of the most competitive rates on the market, at 5.99% p.a. for owner occupiers (comparison rate* 5.90% p.a.).

Such a rate would see the repayments on the average new home loan – around $599,000 in February, according to Australian Bureau of Statistics data – come in at $3,587 a month.

Comparatively, the typical variable rate on a new home loan funded that month – 6.40% p.a., according to Reserve Bank of Australia figures – would demand repayments of $3,708 a month.

See how your home loan compares: Mortgage Repayment Calculator 

Unloan also offers a home loan for property investors, with a variable rate of 6.29% p.a. (comparison rate* 6.20% p.a.)

Key features of Unloan Variable Rate Home Loan

  • Competitive rates
    One of the market's lowest at 5.99% p.a. for owner-occupiers (comparison rate* 5.90% p.a.)
  • Fee-free experience
    No application, discharge, account-keeping, redraw, or late payment fees.
  • Unique discount feature
    An interest rate discount that grows annually by 0.01% p.a., reaching up to 0.30% p.a. after 30 years.

CommBank launched the digital-only home loan offering in 2022, promising to roll it out for home buyers in the near future.

Since then, many market watchers may have been left wondering when, or even if, that would come about.

Today, would-be home buyers can rejoice in the knowledge they can now apply for an Unloan mortgage. 

And they can do so in as little as 10 minutes, according to the lender’s website. 

How to apply for an Unloan home loan

Unlike many traditional lenders, Unloan digitally assesses the value of a property as part of a person’s application. 

It also performs credit checks, financial verification, and even takes signatures digitally, which supposedly speeds up the home loan approval process. 

It also provides conditional pre-approval for wishful homeowners still hunting for a perfect abode. 

Home buyers and refinancers can apply for an Unloan home loan on the lender's website.

How does Unloan stack up against other home loan lenders? 

The CommBank-backed online lender offers a notably competitive interest rate for owner-occupiers. 

See how it stacks up against those provided by other market participants 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
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
6.14% p.a.
6.39% p.a.
Principal & Interest
Flexible Home Loan Options
  • $0 application fee & fast turnaround times
  • Estimate your borrowing power in as little as 1 minute
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. reached out to Unloan for comment but didn’t receive a response in time for publication.

Image by BRUNO CERVERA on Unsplash

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