Digital banking trailblazer Up scoops up multiple home loan awards
While digital bank Up is probably better known by Australians for its innovative banking app, everyday and savings accounts, behind the scenes, it’s also been making headways in the home loan space.
In fact, UP Home has just scooped three home loan awards - Offset Home Loan, Fixed Rate and First Home Buyer - in the recently released 2024 Mozo Experts Choice Awards.
As part of these awards, Mozo’s money experts assessed 475 home loans from 99 lenders in Australia, only awarding the top value loans in each category.
“Up’s mantra has always been to help people reimagine their relationship with money,” said Peter Marshall, Mozo Awards judge. “And the Up Home loan ticks a lot of boxes for borrowers - competitive rate options, no upfront or ongoing fees, money-saving features like an offset account, and low deposit requirements.”
Borrowers have a choice of a variable interest rate or a fixed rate option which can be locked in for a period of between 1 - 5 years. The loan can be linked to UP Savers, providing an offset facility which reduces the amount of interest payable. Free extra repayments and redraw are also available, though extra repayments are capped at $30,000 for the fixed rate option.
There are no application, monthly, annual, redraw, or discharge fees to pay and borrowers only need a 10% deposit or equity to apply (though for loans with less than 20% lenders mortgage insurance is required).
There are a few restrictions to be aware of. Up is an app-only bank so you’ll need to apply and manage your home loan through the app. This loan is also only available to owner-occupiers who are purchasing or refinancing properties in major Australian capital cities.
Curious to learn more? Read on for the detailed snapshots of the fixed and variable options available. And in case you’re wondering about its origins, Up is 100% owned by Bendigo Bank.
Up - Variable Home Loan
- 6.15% p.a. variable rate (6.15% p.a. comparison rate*)
- No application, monthly, annual, redraw, or discharge fees
- Multiple Mozo Experts Choice Award Winner 2024^
With a competitive variable interest rate of 6.15% p.a. (6.15% p.a. comparison rate*), Up offers users a low-fee home loan, all accessed through their 2023 Mozo Experts Choice Award-winning app. This eye-catching home loan only needs a 10% deposit and offers free unlimited repayments with a redraw facility, and up to 50 offset accounts (T&Cs apply). It’s no wonder it won awards in the first home buyer and offset home loan categories in the 2024 Mozo Experts Choice Awards. They’ll also cover the first $400 of your property valuation.
Up - Home fixed rate home loan
- 4 year fixed rate of 5.80% p.a (6.02% p.a. comparison*)
- Only 10% deposit required
- No application, monthly or annual fees
- Mozo Experts Choice Award Winner 2024^
If you like the idea of fixed monthly repayments, the Up Home fixed rate option is worth checking out. Our experts rated it as one of the best fixed rate home loans in the 2024 Mozo Experts Choice Awards^. There’s a choice of fixed terms from 1-5 years, with the 4 year fixed rate at a competitive 5.80% p.a. (6.02% p.a. comparison). And if you hate paying fees, you’ll be happy to know there’s no application, monthly or discharge fees to pay. You’ll need a 10% deposit but the Up home loan is only available if you’re an owner-occupier buying or refinancing in a major Australian city. Up will also cover the first $400 of your property valuation.
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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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