The secret backdoor to better home loan rates with a big bank
Home owners across the country are feeling the bite of increased home loan repayments since the RBA began its war on inflation, and we are all looking for ways to save extra cash where we can.
By far the biggest monthly expense is likely to be your mortgage and chances are that your current home loan is with a big bank. While big banks are great for stability, they do generally have higher interest rates so you want to make sure it’s worth paying extra for.
But what if we told you there was a way you could lower your repayments and still have the stability of a big bank?
The massive shift in digital banking in Australia has led to the development of several new banking brands and products, and three of the most innovative players - Unloan, Ubank and Up - are actually the offspring of some of the biggest players in the Australian banking industry - CommBank, NAB and Bendigo Bank.
With competitive interest rates, unique features and speedy approvals these home loans are proving popular choices for Aussies of all ages and they could be your secret backdoor to a better deal on your home loan too.
Keen to learn more? Compare your options with some big bank backed lenders below.
Unloan backed by CommBank
Unloan Variable Home Loan
- 5.99% p.a. variable rate (5.90% p.a. comparison rate*)
- Zero upfront or ongoing fees
- Low cost home loan winner - Mozo Experts Choice Awards 2023 & 2024^
Unloan’s Variable Home Loan has taken out a low cost home loan award for the second year running in the Mozo Experts Choice Awards^. Built by CommBank, Unloan offers owner-occupiers a super low 5.99% p.a. variable rate (5.90% p.a. comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for loans of up to $10M. Minimum 20% deposit.
Ubank backed by NAB
ubank Neat Home Loan
- Variable rates from 6.14% (6.16% comparison rate*) - min 40% deposit
- Fast and paperless online application process
- Free extra repayments
As one of the top online banks in our database, UBank has our seal of approval when it comes to offering Aussie borrowers bang for their buck. This low cost digital home loan rewards borrowers with lower loan-to-value-ratios (LVRs) with super sharp rates, while also being light on fees. Features include free extra repayments and redraw, and repayments can be made weekly, fortnightly or monthly. Plus, UBank is backed by NAB so you get all of the savings an online lender can offer, as well as the security of big bank backing. (T&Cs apply)
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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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