UBank stuns with stellar new home loans
Just as home loan rates are rising in the wake of the RBA's back-to-back rate hikes, popular digital bank UBank has bucked the trend and unveiled a stellar new range of home loans with seriously low rates.
The new UBank Neat Home Loan boasts variable rates from just 3.64% (3.66% comparison rate*) for borrowers with at least 40% deposit or equity. This is currently one of the lowest variable rates in the Mozo database.
According to UBank chief executive officer Phillippa Watson, the online bank regularly reviews its home loan rates to ensure it's offering value to customers.
UBank has also introduced an extremely competitive new offset home loan called the Own Home Loan, and a bunch of new fixed rates to round out the offering.
So if you're looking for a better value home loan that could save you thousands, read on for our expert rundown of UBank's stellar new home loan offers to find out if it's time to make the move to this award-winning lender….
NEW LOW VARIABLE RATE
UBank - Neat Home Loan
- Variable rates from 3.64% (3.66% comparison rate*) - min 40% deposit
- $3,000 refinance cashback for loans over $250K (t&cs apply)
- Fast and paperless online application process
UBank has made a name for itself as one of Australia's best value online lenders, and its stellar new Neat Home Loan is a case in point. This low cost variable home loan rewards borrowers with lower loan-to-value-ratios (LVRs) with its best rates, while also being light on fees. Features include free extra repayments and redraw. 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.
NEW OFFSET VARIABLE RATE
UBank - Own Home Loan
- Variable rates from 3.89% p.a. (4.15% comparison rate*) - min 40% deposit
- Multiple offset accounts available
- Free extra repayments and redraws
If you're looking for a home loan with 100% offset facility to help save on interest, the new UBank Own Home Loan could be the perfect low cost match. Variable interest rates start from 3.89% p.a. (4.15% comparison rate*) for principal and interest borrowers. Add in the ability to reduce your repayments with multiple offset accounts and free extra repayments and this really is a loan set to turn heads.
NEW FIXED RATE
UBank - Own Home Loan Fixed
- 5.19% fixed rate for 1 year (4.27% comparison rate*)
- Free extra repayments up to $20,000 during fixed term
- 40% deposit required
Owner-occupier borrowers with at least 40% deposit will be able to grab this competitive fixed rate on loans between $100,000 and $2,000,000, with tiered rates available for borrowers with higher LVRS. UBank lets customers make extra repayments towards the loan of up to $20k during the fixed term, and you can also redraw up to $20K of your additional payments for free, whenever you like.
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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.
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