Just when we thought home loan rates couldn't get any more competitive, UBank has unveiled a sizzling new 2.19% variable rate (2.19% comparison rate*) on its popular UHomeLoan.
The move follows hot on the heels of UBank’s recent fixed rate cuts, with its 3-year fixed rate of 1.85% (2.13% comparison rate*) currently the lowest 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’s new variable rate is available to borrowers with at least 20% deposit or equity and is a whopping 95 basis points lower than the average variable home loan rate of 3.14%.
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 home loan offers to find out if it's time to make the move to this award-winning lender….
UBank has made a name for itself as one of Australia's best value online lenders, and this seriously low variable rate is case in point. As you'd expect from a multiple Mozo Experts Choice 2021 Award Winner, the UHomeLoan is packed full of other benefits including zero fees and the flexibility for borrowers to make free extra repayments towards the loan and redraw those repayments down the track (if they need to). It's available for loans of $200,000 plus with a minimum deposit or 20% or more.
NEW LOW FIXED RATE
1.85% fixed rate for 3 years (2.13% comparison rate*)
Free extra repayments up to $20,000 during the fixed term
3 year fixed home loan rates don’t get any lower than this stellar offer from UBank. Owner-occupier borrowers will be able to grab this rate on loans between $100,000 and $2,000,000 and have the upfront $395 rate lock fee waived, for a limited time. What's more, there are no other upfront or ongoing fees to worry about and UBank even lets customers make extra repayments towards the loan of up to $20k during the fixed term, for free!
NEW INVESTOR RATE
UBank UHomeLoan - Discount Offer for Investor
Variable rates from 2.55% p.a. (2.55% comparison rate*)
The UHomeLoan - Investor Extra Offer from UBank could be the perfect low cost match for prospective property investors, with variable interest rates now starting from just 2.55% (2.55% comparison rate*) for principal and interest borrowers, and 2.60% (2.65% p.a. comparison rate*) for borrowers wanting to make interest-only repayments. There are no application, service or any other fees, but you’ll need a minimum 20% deposit on a loan of at least $100,000 to qualify for the offer.
*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 the amount and term you entered.
**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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.