With unlimited extra repayments, the Neat Variable home loan from ubank offers both competitive interest rates and the flexibility to repay your home loan faster. Interest rates are lower for those with bigger deposits, and the loan is available for both home buyers and investors, with the choice to make interest-only repayments for a set period.
Ubank Neat Variable Home Loan
- Interest rate
- 6.29 % p.a.
- Comparison rate
- 6.31 % p.a.
- Minimum Deposit
- 30 %
- Application fee
- $ 250
Our verdict
With competitive interest rates for home buyers and investors, this variable rate loan offers flexibility and affordability from a digital lender.
This variable rate loan has a number of flexible features designed for borrowers who are focused on keeping costs as low as possible and repaying their home loan sooner. It offers competitive rates, with rates dropping further for those with a larger deposit (a 40% deposit or more gets you the cheapest rate) and there are no ongoing fees.
Pros
-
Competitive interest rates
-
Flexible redraw facility
-
No ongoing fees
-
Unlimited extra repayments
Cons
-
Requires up to 40% deposit for the cheapest rate
-
No offset account available
Details
Product details
| Product Name | Ubank Neat Variable Home Loan - LVR <70% (Investor, P&I) |
| Interest Rate Type | variable rate |
| Repayment Type | Principal & Interest |
| Comp. Rate | 6.31% |
| Minimum Loan Amount | $80,000 |
| Maximum Loan Amount | $5,000,000 |
| Maximum Loan Term | 30 years |
| Maximum LVR | 70% |
| Loan Redraw Facility | Yes |
| Offset Account | No |
| Split Loan Facility | No |
| Fixed Interest Option | No |
| Loan Portable | No |
| Extra Repayments | Yes |
| Available as equity loan/line of credit | No |
Fees
| Application Fee | $250 |
| Lender's Legal Fee | $0 |
| Valuation Fee | Free if valuation is under $360 |
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $250 |
| Discharge Fee | $300 |
Pros & Cons
| Pros and Cons | Pros
Cons
|
About this loan
What are the features and benefits of the UBank Neat Variable home loan?
- Accessible. The ubank Neat Variable home loan is available for both owner-occupiers (home buyers) and property investors. It has different rates for each. Borrowers can also choose interest-only repayments.
- Loan-to-value ratio. You can borrow up to 85% of your property's value.
- Features. This loan lets you make unlimited extra repayments, allowing you to funnel money into the loan to pay it off sooner. It also has a redraw facility, so you can access those extra repayments if needed.
- Fees. The loan has an application fee, but there are no annual and ongoing fees.
- Loan term. New owner-occupier purchasers can get loans with a longer term of up to 35 years.
How to apply
If you'd like to apply for this home loan or just get more information, click the green button and follow the application process to speak to an ubank mortgage specialist.
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Richard Finder
Editor
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Richard Whitten Finder
May 14, 2023
Hi Neeraj,
Ubank’s cashback offer is no longer on offer. It was available for applications submitted by April 30.
simon
March 25, 2023
hi
Currently on finder, there is a cashback offer for new customers.
Is this only for refinancing? or does the cashback offer extend to new customers as well, who are just looking for a home loan?
Sarah Megginson Finder
April 06, 2023
Hi Simon,
This offer is open to both buyers and refinancers.
Cashbacks are available for purchasers and refinancers taking out Own and Neat home loans. Investors and owner-occupiers are eligible for the cashback.
Borrowers taking out a new loan of at least $400,000 with an LVR of 80% or lower can get a $4,000 cashback.
Borrowers taking out a new loan of at least $1,000,000 with an LVR of 80% or lower can get a $5,000 cashback.
Hope this helps!
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Darren
January 17, 2023
Hi
When I look on the UBank website it says that the variable interest only up to 80% LVR comparison rate is 5.19%, through Finder here it says 4.94%, which is correct?
Also what is involved in the cash back offer?
Rebecca Pike Finder
January 27, 2023
Hi Darren,
Thank you for bringing this to our attention. Our page has been updated to avoid confusion. It’s our main goal to always provide accurate information to our users, so we really thank you for contacting us about this.
There are currently no cashback offers available through Ubank.
Kind regards,
Rebecca
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Loretta
September 22, 2022
Hi, will refinancing a loan of 149,000 interest only qualify for the cashback offer?
Rebecca Pike Finder
September 30, 2022
Hi Loretta,
I’m afraid to be eligible for the cashback offer your loan size needs to be at least $250,000.
Thanks,
Rebecca
Zulfiquar
July 05, 2022
My home in ACT has a market value of about 750000 dollars. I still have 132000 dollars in loan from NAB. If I refinance that amount with variable rate with Ubank, can I do that and how long the application process will take?. Thanks
Richard Whitten Finder
July 06, 2022
Hello Zulfiquar,
The application process varies depending on your circumstances and the lender’s capacity to process applications. I suggest submitting an enquiry and asking for a rough estimate from the lender.
I hope this helps.
Kind regards,
Richard
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Neeraj
May 02, 2023
Is the cash back offer still going?