UBank Home Loans
Information correct as at 13 June 2016.
“Just what you need from a bank, and nothing you don’t.”
Loan Options: What UBank home loans offer
The inclusions below represent a selection of the features available with a standard Variable Rate home loan of $350,000 for an owner-occupier. Additional conditions may apply to different features. Please ensure that you read the product disclosure statement to determine all the current loan terms and conditions for the product you are considering.
CANSTAR is an information provider and in giving you product information CANSTAR is not making any suggestion or recommendation about a particular product. If you decided to apply for a home loan, you will deal directly with a financial institution, and not with CANSTAR. Rates and product information should be confirmed with the relevant financial institution. For more information, read our detailed disclosure, important notes and additional information.
Variable home loan features
- Redraw facility available.
- Repayments may be made weekly, fortnightly, or monthly.
- Lump sum repayments and additional repayments are available.
- No establishment fee or ongoing fees.
- Top up facility available.
- Accessible online through My UHomeLoan portal.
UBank was launched as a start-up division of NAB in 2007 and they opened Australia’s first online-only mortgage in 2011. As an online-only bank, UBank has no branches and therefore faces fewer costs than traditional banks. They pass these savings to customers in the form of better interest rates, and Australian-based customer support.
Applying for a home loan and getting help with that loan is quick and easy, as you can chat to a customer service representative online or over the phone, 24/7. Contact options on offer include phone, Skype, or the National Relay Service for Deaf customers (includes TTY, speech-to-speech relay, and internet relay).
With their research showing that just 16% of Aussies know what interest rate they’re paying on their home loan (UBank, 2015), UBank offers the My UHomeLoan online portal to help people track their home loan more easily. They also offer customers a stack of budgeting and savings tools online and in their mobile banking app, as well as savings graphing tools and calculators.
UBank and Andrew Daddo have teamed up in the 1-hour TV episode All I Need to show how the ever-expanding “Australian dream” only leads to debt and stress, while a simpler life with a smaller mortgage really can give you more for less. Find out more by watching this thought-provoking social experiment on UBank’s YouTube channel.
Head of Digital at UBank, Jeremy Hubbard, says of the first digital mortgage, “There was some debate around whether or not this feature would be used. It was a sizeable investment for UBank at the time and we had a choice to make; we could either stay safe like all of the other banks were doing at the time or we could trust our instincts.
“Within the first two months of launching our digital mortgage to the market, more than 90% of our customers were uploading their documents online.
“So my advice is to get out of your own way, trust your instincts and don’t be bound by the way it has always been done in your organisation or industry.”
How UBank supports the community
Cerebral Palsy Alliance: UBank partners with Cerebral Palsy Alliance to help the organisation provide family-centred therapies, life skills coaching, equipment, and support for people living with cerebral palsy and their families.
Written by: TJ Ryan