CommBank launches ‘Unloan’, the digital home loan for young buyers
Important update: As of 8 April 2024, Unloan products are now available to new borrowers, removing the previous refinance-only restriction.
In 2022, CommBank debuted Australia’s first digital home loan with a discount that increases every year up to 30 years, Unloan. Here's what you need to know about these innovative digital home loans, and their brilliant interest rates.
What is Commbank’s online home loan, Unloan?
Built with modern technology from CommBank’s venture scaler, x15ventures, Unloan is a digital variable home loan which promises to offer greater speed and access to home loan support tools for new borrowers and those looking to refinance.
Given that the process is entirely online, Unloan provides young tech-savvy buyers with an attractive alternative to the traditional banking model. In fact, CommBank estimates the sign-up process can be completed in as little as 10 minutes.
“We believe home loans should be simple to understand, easy to get, and easier to live with,” says Unloan CEO Daniel Oertli. “That’s why we built Unloan – a new kind of home loan designed to pass more value back to customers.”
The best news, however, is arguably the rates. Unloan offers owner-occupiers a variable rate priced from 5.99% p.a. (5.90% p.a. comparison rate*), along with a loyalty discount that shaves 1 basis point off their interest every year for up to thirty years.
For investors, the low variable rate comes in at 6.29% p.a. (6.20% p.a. comparison rate*), with the same loyalty discount rate up to thirty years.
Unloan’s debut rate also sits 0.86% p.a. below the current variable average of 6.85% in Mozo’s database for OO P&I home loans ($400,000, LVR < 80%).
As an additional eye-catching draw, Unloan impressed Mozo's experts so much it won a Mozo Experts Choice Home Loan Award for 2023 in the Best New Home Loan category. Plus, in 2024, Unloan also won an award in the Low Cost Home Loan category. Score!
Customers keen to finance (or refinance) their home purchase with Unloan can do so from today, so long as the amount borrowed doesn’t exceed $10 million and their loan-to-value ratio is less than 80%.
What is Unloan CBA?
Unloan
- Variable rates from 5.99% p.a. (5.90% p.a. comparison rate*)
- Rate discount added annually (T&Cs apply)
- Free extra repayments and redraws
For owner-occupiers looking for a competitive variable rate, Unloan represents a compelling option. With handy features, no provider fees, and a loyalty discount that shaves 0.01% p.a. off your rate each year (conditions apply), CBA’s newest digital home loan rethinks long-term commitments with the customer in mind.
To be eligible, you must be a refinancer with a loan-to-value ratio (LVR) lower than 80%.
Launch of Unloan and “Yello” rewards program could clue CommBank customers into bigger home loan savings
CommBank has also announced their new recognition program, CommBank Yello, which rewards eligible CBA home loan borrowers with money-saving rewards and personalised deals.
“With CommBank Yello there are no tiers, no statuses and no need to spend more,” explained CommBank CEO Matt Comyn in a 2022 statement.
“We simply want to recognise customers for the depth and duration of their relationships with us by offering them tangible value and ways to save. It’s our way of thanking customers for continuing to bank with us.”
Homeowner rewards through Yello can include:
- $10 monthly cashback on eligible home insurance policies.
- $4 monthly cashback on Home Loan packages.
- An monthly prize draw where 100 customers win $1200.
- Yello exclusive offers and discounts.
- Property trends report tailored to your local area.
To be eligible, CBA home loan borrowers must have a qualifying CommBank transaction account and settle at least thirty purchases on their debit or credit card per month. Eligible customers will be notified by CommBank.
This latest initiative, including the CommBank green home offer, mark a shift in the big bank’s response to its customers. Smaller lenders tend to provide more competitive home loan rates than the Big Four banks, as well as digital or eco-conscious perks. Programs like Yello and Unloan may indicate CommBank’s awareness of changing times and consumer attitudes.
“Driving digital innovation for our customers is core to our strategy,” continued Comyn. “Our strategy is [...] to give customers more reasons to bank with the Commonwealth Bank.”
Curious about home loans? Compare some on offer below, or head over to our home loan comparison hub for more.
Loan details
Repayment change if rates go up
Compare variable rate home loans - last updated 24 April 2024
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Featured Product
Mozo experts choice awards won:
- Low Cost Home Loan - 2024
Unloan Variable
Owner Occupier, LVR <80%
variable rate
comparison rate
Initial monthly repayment5.99% p.a.5.90% p.a.Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
CompareCompareUnloan Variable
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
- variable rate
- 5.99% p.a.
- comparison rate
- 5.90% p.a.
- variable rate
- 5.99% p.a.
- comparison rate
- 5.90% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Unloan Unloan Variable
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Mozo experts choice awards won:
- Exceptional Value Home Lender - 2024
Express Home Loan
Owner Occupier, Principal & Interest, LVR <90%
variable rate
comparison rate
Initial monthly repayment6.01% p.a.6.14% p.a.Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
CompareCompareExpress Home Loan
Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
- variable rate
- 6.01% p.a.
- comparison rate
- 6.14% p.a.
- variable rate
- 6.01% p.a.
- comparison rate
- 6.14% p.a.
- Upfront fees
- $134
- Ongoing fees
- $10.00 monthly
- Discharge Fee
- $350.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $5,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Bendigo Bank Express Home Loan
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Elevate
Owner Occupier, Principal & Interest, <80% LVR
variable rate
comparison rate
Initial monthly repayment6.09% p.a.6.20% p.a.Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.
CompareCompareElevate
Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.
- variable rate
- 6.09% p.a.
- comparison rate
- 6.20% p.a.
- variable rate
- 6.09% p.a.
- comparison rate
- 6.20% p.a.
- Upfront fees
- $498
- Ongoing fees
- $0.00
- Discharge Fee
- $325.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional extra - $10 per month
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $5,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Aussie Elevate
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Mortgage Simplifier
LVR<80%, Owner Occupier, Principal & Interest
variable rate
comparison rate
Initial monthly repayment6.14% p.a.6.17% p.a.Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.
CompareCompareMortgage Simplifier
Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.
- variable rate
- 6.14% p.a.
- comparison rate
- 6.17% p.a.
- variable rate
- 6.14% p.a.
- comparison rate
- 6.17% p.a.
- Upfront fees
- $299
- Ongoing fees
- $0.00
- Discharge Fee
- $250.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the ING Mortgage Simplifier
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
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