These home loans offer low costs, coupled with a host of features, giving the best overall value.
7+
Great
These home loans may have slightly higher interest rates or fewer features but overall, a competitive offering.
5+
Standard
Usually the home loans would offer above average rates. They may still include some competitive features.
0+
Basic
Higher costs and/or fewer features.
Ubank is an online Australian lender owned by NAB. Ubank has home loans for investors and owner-occupiers, including fixed and variable rates. Check out the full table of ubank products below or read more about the lender and its loans.
Compare ubank home loans for October 2024
Hit the "Load more" button to compare a bigger selection of products and hit the green button to go to ubank's website to start an enquiry or learn more about the loan.
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Here are the key features and details you need to know about ubank's mortgage products.
Feature
Details
Minimum deposit
Most ubank loans have 80% maximum LVRs. This means you can borrow up to 80% with a ubank mortgage. There are no loans for borrowers with low deposits (that is, deposits below 20%). Some loans require larger deposits.
Fees
Ubank loans have very low fees, including no application or ongoing fees. This could save you hundreds of dollars in loan costs.
Most ubank mortgages allow you to split your loan into fixed and variable portions.
How do I compare ubank home loans?
To make sure you find the right ubank loan you need a clear idea of what you're looking for in a mortgage. These simple questions can help:
Are you comfortable applying online? Because ubank is an online lender you need to be comfortable completing the entire home loan process via the web (with phone and chat support).
Fixed or variable? Do you want the flexibility of a variable rate loan that could rise or fall at any time? Or are you happy to lock in a fixed rate for a certain period so you can forget about rate changes at all?
What features do you need? You need to decide whether you need features like a 100% offset account, the ability to make extra repayments and the option to split your rate.
"Make sure to check that the amount you want to borrow is within the amount that ubank are prepared to loan. I did not do this, and got to the end of a 30 minute application process only to be told that my application was denied because they did not loan the amount of money I wanted to borrow. "
Joe Waller
Finder crew member
How do I apply for a ubank mortgage?
When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.
Eligibility
Each ubank product have specific eligibility criteria but some will apply to all products. For example:
Age. You must be over 18 years of age.
Residency. You should be a resident of Australia.
Employment. You should have a regular source of income.
Documents required
When you apply for a mortgage with ubank you are required to provide certain information so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:
📄 Property details: You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's license, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).
Most Australian borrowers bank with one of the Big Four banks (Commbank, ANZ, Westpac and NAB). You might have some concerns about getting a loan from a smaller lender you've never heard of. But there's no reason to worry just because you've never heard of a lender before.
In Australia, banks and lenders are regulated by the Australian Prudential Regulation Authority (APRA). Because ubank is owned by NAB, it is considered an authorised deposit-taking institution (ADI). This means customers with money deposited in a ubank savings account benefit from the deposit guarantee scheme. This federal government scheme guarantees a customer's savings up to $250,000. Even if the bank itself collapses.
This doesn't affect home loan borrowers, of course. Once your lender loans you the money at settlement they can't take it back.
Lenders like ubank
If you want to compare loans from similar lenders to ubank then you can start with these online lenders. They all have competitive rates and may be a better match for your needs:
Athena. This digital fintech lender offers low-rate mortgages and an entirely online, convenient service.
Tiimely Home. This lender's online application tool can process your mortgage application fast. Backed by the Bendigo and Adelaide Bank.
Homestar. A 100% online lender, Homestar has been providing mortgages to Australian borrowers since 2004.
Loans.com.au. A Brisbane-based online lender, Loans.com.au is backed by Firstmac, Australia's largest non-bank lender.
ME Bank. Member's Equity was established back in 1994 and went fully digital in 2012.
ING. This online bank is part of the global, Dutch-based financial group of the same name.
Mortgage brokers. Still confused? Get free, expert guidance from a qualified mortgage broker.
More home loan questions
To make sure you find the right ubank loan you need a clear idea of what you're looking for in a mortgage. These simple questions can help:
Are you comfortable applying online? Because ubank is an online lender you need to be comfortable completing the entire home loan process via the web (with phone and chat support).
Fixed or variable? Do you want the flexibility of a variable rate loan that could rise or fall at any time? Or are you happy to lock in a fixed rate for a certain period so you can forget about rate changes at all?
What features do you need? You need to decide whether you need features like a 100% offset account, the ability to make extra repayments and the option to split your rate.
Home loan pre-approval is an optional step in the application process that some lenders offer. Pre-approval means a lender has examined your savings, income and spending habits and has a rough idea of how much it could lend you. It's not the same as full loan approval and it's no guarantee that the lender will ultimately approve a full application. But it does allow borrowers to start looking for a home with more confidence and a clearer idea of their borrowing power.
Pre-aproval is not something every lender offers, but many do.
Most Australian borrowers bank with one of the Big Four banks (Commbank, ANZ, Westpac and NAB). You might have some concerns about getting a loan from a smaller lender you've never heard of. But there's no reason to worry just because you've never heard of a lender before.
In Australia, banks and lenders are regulated by the Australian Prudential Regulation Authority (APRA). Because ubank is owned by NAB, it is considered an authorised deposit-taking institution (ADI). This means customers with money deposited in a ubank savings account benefit from the deposit guarantee scheme. This federal government scheme guarantees a customer's savings up to $250,000. Even if the bank itself collapses.
Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down. A variable rate usually offers more flexibility in how fast you can repay the loan and the cost of refinancing.
A fixed rate loan offers total certainty about your rate, for the fixed period. This means it won't rise, costing you more. But if your lender starts lowering rates you won't benefit either. Refinancing a fixed rate loan means breaking the loan, because you've agreed to a specific rate. This means you may have to pay a fixed rate break fee.
Mortgage brokers are home loan professionals who can help you find a suitable loan. A broker typically charges you no fee, because they receive a commission from your lender. Brokers are great if you are short on time or find the whole process of researching and applying for a home loan confusing. But you can definitely do it yourself and find a good loan. You may even find a better deal. That's because brokers don't compare loans from every lender in the market. They have access to a panel of loans and often don't have smaller online lenders in their panel.
What is Finder Score?
The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio
Richard's expertise
Richard has written 541 Finder guides across topics including:
Hi
could you tell me please what LVR stands for and also if you are paying extra money weekly off a variable loan does the amount of years you take the loan over make a difference?
jenelleNovember 10, 2014
hi
We currently have a variable home loan with ANZ for$130,000
would we be eligible for the U Bank variable rate of %4.45 if we change over and also would we have to provide 20 percent deposit?
Finder
ElizabethNovember 10, 2014Finder
Hi Jenelle,
Thanks for your question.
The UBank UHomeLoan is available for refinancing applications, so if you meet the eligibility criteria you’ll be able to apply. The 20% deposit related to the value of your property, so if your property is worth $130,000 and you’re looking to take out a $130,000 loan, then you would need to provide a 20% deposit. If your home is worth more (having paid off some of your loan with ANZ) then you may not need to pay the deposit, as long as you’re taking out a loan that is less than 80% of the value of your property.
If you’re paying extra money on a weekly basis, it tends to reduce your loan term though it does depend on much you’re paying off as well. If you opt for a loan term that is too long and you pay its offer early, you could be liable for an early discharge fee though this mainly depends on the home loan and lender.
Cheers,
Shirley
FredAugust 22, 2014
I would like to borrow money for a house through my self managed super fund do you lend for this type of loan and do I
Require a 20% deposit before I can apply
Finder
ShirleyAugust 22, 2014Finder
Hi Fred,
Thanks for your question.
To be eligible for this home loan, you need to be looking to purchase a residential property or refinance your current home loan.
Hi there,
My father has offered to pay mortgage insurance for my husband and myself, instead of being a guarantor for the loan. Approximately how much (based on a $350,000 home) would we need to have as a deposit to get our foot in the door?
Finder
ShirleyJuly 14, 2014Finder
Hi Heather,
Thanks for your question.
The UBank UHomeloan requires a 20% deposit, so deposit of $70,000 will be required.
Cheers,
Shirley
KevinJune 25, 2014
Hi, Im looking at refinancing with Ubank. I am a customer with Ubank already. I saw that the minimum loan term for a variable rate home loan is 3 years. Does that mean i can’t pay off the loan sooner if some extra money comes to hand which allows me to pay off earlier than 3 years. If i can, will their be fees involved in paying it off earlier. Also, if i decide to purchase another property and borrow from ubank, does it become one loan or two separate loans and will i have to borrow less than 80% to avoid any fees.
Finder
ShirleyJune 27, 2014Finder
Hi Kevin,
Thanks for your question.
In the terms and conditions it states that, ‘you may pay an additional amount in repayment of the Facility at any time provided that You give Us at least two Business Days notice of your intention to make the early repayment. You must not pay an amount under the Facility before it is 12.due and payable. We are not obliged to accept such a payment.’
There is likely to be fees involved, up to the discretion of UBank. If you intend to purchase another property, then generally it becomes two separate loans.
Borrowing under 80% LVR means you can avoid LMI, but the standard fees still apply such as application, establishment fees etc. if applicable.
Cheers,
Shirley
GregMay 22, 2014
Hi, does Ubank offer home loans to investors? I am already a Ubank customer. Cheers, Greg
Finder
ShirleyMay 23, 2014Finder
Hi Greg,
Thanks for your question.
UBank currently offers one home loan, the UHomeLoan.
At the moment, it’s only available to borrowers looking to purchase a residential property or refinance a current home loan.
Cheers,
Shirley
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Hi
could you tell me please what LVR stands for and also if you are paying extra money weekly off a variable loan does the amount of years you take the loan over make a difference?
hi
We currently have a variable home loan with ANZ for$130,000
would we be eligible for the U Bank variable rate of %4.45 if we change over and also would we have to provide 20 percent deposit?
Hi Jenelle,
Thanks for your question.
The UBank UHomeLoan is available for refinancing applications, so if you meet the eligibility criteria you’ll be able to apply. The 20% deposit related to the value of your property, so if your property is worth $130,000 and you’re looking to take out a $130,000 loan, then you would need to provide a 20% deposit. If your home is worth more (having paid off some of your loan with ANZ) then you may not need to pay the deposit, as long as you’re taking out a loan that is less than 80% of the value of your property.
I hope this has helped.
Thanks,
Elizabeth
Hi Jenelle,
Thanks for your question.
LVR stands for loan the value ratio.
If you’re paying extra money on a weekly basis, it tends to reduce your loan term though it does depend on much you’re paying off as well. If you opt for a loan term that is too long and you pay its offer early, you could be liable for an early discharge fee though this mainly depends on the home loan and lender.
Cheers,
Shirley
I would like to borrow money for a house through my self managed super fund do you lend for this type of loan and do I
Require a 20% deposit before I can apply
Hi Fred,
Thanks for your question.
To be eligible for this home loan, you need to be looking to purchase a residential property or refinance your current home loan.
If you’d like, you can compare SMSF home loans using our comparison table.
Cheers,
Shirley
Hi there,
My father has offered to pay mortgage insurance for my husband and myself, instead of being a guarantor for the loan. Approximately how much (based on a $350,000 home) would we need to have as a deposit to get our foot in the door?
Hi Heather,
Thanks for your question.
The UBank UHomeloan requires a 20% deposit, so deposit of $70,000 will be required.
Cheers,
Shirley
Hi, Im looking at refinancing with Ubank. I am a customer with Ubank already. I saw that the minimum loan term for a variable rate home loan is 3 years. Does that mean i can’t pay off the loan sooner if some extra money comes to hand which allows me to pay off earlier than 3 years. If i can, will their be fees involved in paying it off earlier. Also, if i decide to purchase another property and borrow from ubank, does it become one loan or two separate loans and will i have to borrow less than 80% to avoid any fees.
Hi Kevin,
Thanks for your question.
In the terms and conditions it states that, ‘you may pay an additional amount in repayment of the Facility at any time provided that You give Us at least two Business Days notice of your intention to make the early repayment. You must not pay an amount under the Facility before it is 12.due and payable. We are not obliged to accept such a payment.’
There is likely to be fees involved, up to the discretion of UBank. If you intend to purchase another property, then generally it becomes two separate loans.
Borrowing under 80% LVR means you can avoid LMI, but the standard fees still apply such as application, establishment fees etc. if applicable.
Cheers,
Shirley
Hi, does Ubank offer home loans to investors? I am already a Ubank customer. Cheers, Greg
Hi Greg,
Thanks for your question.
UBank currently offers one home loan, the UHomeLoan.
At the moment, it’s only available to borrowers looking to purchase a residential property or refinance a current home loan.
Cheers,
Shirley