As the number of Aussies looking to refinance in wake of rising interest rates continues to climb, Bendigo Bank-backed Up Bank has announced the launch of 'Up Home'. 

Initially open for expressions of interest solely for owner occupiers refinancing, Up Home will offer both variable and fixed home loan options. 

At current, Up Home Variable Rate Loan offers a variable interest rate of 3.45% p.a. (3.45% p.a. comparison rate*).

For customers looking to refinance to a fixed-rate loan, Up Home Fixed Term loans offer fixed interest rates from one to five years, with a one year rate at 5.10% p.a. (3.60% p.a. comparison rate*). 

Owner occupiers looking to refinance to an Up Home Loan will need to be an Up Bank customer also referred to as an 'Upsider'.

Further, Up Bank notes if you are looking to take out a loan with another person, you'll need to have a 2Up account through Up Bank. 

Allowing refinance-only has been a popular pathway for emerging lenders, with Unloan and OneTwo launching only a few months ago, while Nano only started allowing new lending in March.

Up CEO Xavier Shay said Upsiders love the Up app and don’t want to take a step backwards in their banking experience just to get a home loan.

"So for us, the right time to launch Up Home was as soon as we could make it a reality," Mr Shay told

"As rate pressure is increasingly on people’s minds, we think Up’s integrated insights and savings features will make Up Home really compelling."

Labelling itself as a simple loan for owner-occupiers, Up Home will offer customers access to over 50 free offset accounts and free redraw facilities. 

Further, Up Home will allow customers to get started with as little as 10% deposit, with unlimited additional repayments on a variable rate home loan or up to $30,000 on a fixed rate home loan. 

“Most of our customers are between 16 and 25," Mr Shay said.

"Actually hitting go on a home loan could be a while off, but there’s a lot they can do to save and learn now.

"We’ve created a saver product which will help them save and teach them about the home loan journey to help them successfully navigate what is likely to be the biggest financial decision they’ll ever make.”

Up Home fees

Up Home is a fee-free digital product from Up Bank, meaning Up Bank customers or Upsiders who are looking to refinance will pay no application or setup fees, discharge fees, monthly or annual bank fees

Up Bank will pay the first $400 in valuation costs, which it notes will cover most properties.

Up Home eligibility

Currently Up Home is only accepting expressions of interest for owner occupiers looking to refinance home loans up to $10 million and up to 90% of the property’s value.

To be eligible for an Up 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 Up's policies.
  • You are applying solely or with one other Upsider - if you are applying with someone else they must have a 2Up account. 
  • 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 to live-in. 
  • The loan will be for 90% or less of the value of the property and is between $50,000 and $10,000,000.


Looking to refinance? The table below features home loans with some of the lowest 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.

Image by Up Bank

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