Unloan is an online lender backed by the Commonwealth Bank. This online home loan offers borrowers a low variable rate and a quick online application. It has rates for investors and owner-occupiers.
Unloan variable home loan
Edited by Moira Daniels
- Interest rate
- 6.29 % p.a.
- Comparison rate
- 6.20 % p.a.
- Minimum Deposit
- 20 %
Our verdict
Unloan is backed by the Commonwealth Bank. This home loan is an online loan with a low variable rate and built-in discount.
Unloan's digital mortgage is a good pick for borrowers who are looking for a low rate above everything else, and a quick online application. It's especially suited to borrowers who don't need offset accounts and just want to focus on a cost-effective mortgage they can manage online.
Pros
-
A competitive variable rate home loan
-
Automatic interest rate discount
-
No lender fees
Cons
-
No offset account
-
You can’t borrow more than 80% of the property value, even with a first home buyer scheme
-
Unloan doesn’t offer fixed rates or interest only loans
Details
Product details
| Product Name | Unloan Variable Home Loan - (Investor) |
| Interest Rate Type | variable rate |
| Repayment Type | Principal & Interest |
| Comp. Rate | 6.20% |
| Minimum Loan Amount | $10,000 |
| Maximum Loan Amount | $10,000,000 |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Loan Redraw Facility | Yes |
| Offset Account | No |
| Split Loan Facility | No |
| Fixed Interest Option | No |
| Extra Repayments | Yes |
Fees
| Application Fee | $0 |
| Lender's Legal Fee | $0 |
| Valuation Fee | $0 |
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $0 |
| Discharge Fee | $0 |
Pros & Cons
| Pros and Cons | Pros
Cons
|
About this loan
What are the features and benefits of the Unloan variable home loan?
- Loan purpose. The Unloan variable home loan is available for both new borrowers and refinancers of owner occupier and investor loans.
- Rate discounts. Unloan applies a 0.01% rate discount every year of the loan. This works out to be a 0.30% discount in the final year of a 30-year term.
- Loan-to-value ratio. You can borrow up to 80% of your property's value.
- No fees. Unloan doesn't charge any fees, although you may have to pay a mortgage registration fee to the government at settlement.
- Extra repayments and redraw. This loan lets you make unlimited extra repayments and redraw.
How to apply
To apply for this home loan or learn more about it, click the green button and follow the steps to connect with Unloan and start an application.
Compare other home loan options
Richard Finder
Editor
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Richard Whitten Finder
January 09, 2024
Hi Andrew,
Unloan doesn’t offer offset accounts on its loans. So you can’t build up savings in the loan. So if it did go under you wouldn’t lose any money.
If Unloan did go under they would be acquired by someone (or maybe your loan would simply become a Commbank loan?) and you would continue making repayments as normal.
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Sarah Megginson Finder
January 08, 2024
Hi Andrew,
Many online lenders don’t have an ADI license, as they’re not in the business of providing savings accounts or term deposits.
If a lender goes out of business, their “book” of lending will get taken over by another lender. Given Unloan is owned by CBA, it would be likely they would take over the book.
Hope this helps!
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Miguel Camargo
November 24, 2023
Is the Unloan loan rate a Tag rate to the RBA rate
Sarah Megginson Finder
December 14, 2023
Hi Miguel,
Every lender has the ability to make interest rate decisions based on their own policies and requirements. When the RBA changes the cash rate, this changes how much the bank “pays” to access funds. If the RBA lifts rates, the bank pays more to access funds to lend on to customers, and most banks pass on those interest rates increases in full so it doesn’t hurt their profit margin. When the cash rate is cut and it costs lenders less to access funds, they may pass on the rate cut in full, or keep some of it to increase their profit margin.
It is at the discretion of the bank or lender, so there are no guarantees that Unloan will move exactly in sync with the RBA or not.
Hope this helps!
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NB
November 08, 2023
Hi if you have started to work for yourself how long is it advised to wait till applying for refinancing a loan?
Sarah Megginson Finder
November 09, 2023
Hi there, Usually banks and lenders like to see at least 2 full financial years’ worth of financial documents. However your ability to a loan approval depends on a number of factors, so it’s worth contacting the lender and asking what your options are. They may be able to assess you without properly processing the loan application, therefor not impacting your credit rating.
Hope this helps!
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Mic111
August 19, 2023
Hey can you advise when the date mixed to its current 5.74%? Does this include the latest rate rise movement from the RBA? (It would be really handy to see a graph of the interest rate for each loan so it were easy to follow timing of movements to make comparisons easier)
Richard Whitten Finder
August 20, 2023
Hello,
Yes the current rate includes the most recent cash rate increase.
Catherine Stephens
June 16, 2023
I applied for a loan about two weeks ago. Have asked for an update but have received nothing. Please can someone provide me with an update.
Sarah Megginson Finder
June 16, 2023
Hi Catherine,
This is a review site, we’re not affiliated with Unloan. You’ll need to contact their customer support team directly for an update on your loan:
You can chat them live any time between 8am – 8pm (AEDT), 7 days a week via their website.
Or Call anytime on 1300 630 000 to request a callback.
Hope this helps!
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Andrew
January 08, 2024
UNLOAN is not in the following ADI list.
https://www.apra.gov.au/list-of-authorised-deposit-taking-institutions-covered-under-financial-claims-scheme
What happens to the mortgage if they go under?. CBA come to the rescue?
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