Who is Unloan?
Launched in 2022, Unloan is a digital home loan lender created by Australia’s largest bank, CommBank. Unloan specialises in providing variable rate loans to both owner-occupiers and investors.
What types of home loans does Unloan offer?
Unloan only offers variable rate home loans, so those looking for a fixed rate may need to look elsewhere. Unloan also does not offer interest-only home loans or loans with attached offset accounts, although they do offer redraw facilities. That said, Unloan’s variable rates are often competitive compared to the rest of the market.
Unloan only takes on home loans with loan-to-value ratios (LVRs) of 90% or less, which means you’re borrowing 90% or less of the current value of the home. The maximum loan term is 30 years, with the loan value capped at $10 million per customer. The minimum amount that can be borrowed is $10,000.
What are Unloan’s interest rates?
You can use the table at the top of this page to view the current interest rates for Unloan products on our database.
Unloan is also unique in offering an interest rate ‘loyalty discount’, which helps to reduce your rate each year you have the loan, with maximum benefits reached after 30 years. The current discount is 0.01% p.a., up to a maximum of 0.30% p.a.
What fees does Unloan charge?
Unloan does not charge any fees, like application, account keeping, transaction, or exit fees at the time of writing. However, you’d still need to pay relevant government and third party fees, including fees from your current lender if you were to refinance.
The lender also does not charge lenders mortgage insurance (LMI), even if a borrower's LVR is above 80%. Though, higher interest rates do apply.
Can I apply for an Unloan home loan?
Unloan says it will usually consider applicants who are:
- Refinancing or buying a home with an LVR of 80% or less.
- Over 18 and have an Australian Drivers Licence or Passport that’s valid or expired within the last two years.
- Earn a Pay As You Go (PAYG) salary or self-employed income.
How do I apply for an Unloan home loan?
If you find a Unloan home loan on the table above that you’re interested in, you can click the button to be taken directly to the Unloan site (Canstar may earn a referral fee in this instance). You’ll then be taken step by step through the application process, which Unloan suggests can take less than 11 minutes to complete.
