Unity Bank Home Loans
What types of home loans does Unity Bank offer?
At the time of writing, Unity Bank offers the following types of home loans:
All In One
Features include a 100% interest offset facility, 20 free monthly transactions and a loan period of up to 30 years.
Unity Bank also offers an ‘All In One Rewards Package’ which is advertised as including discounts on loans, credit cards, everyday banking and insurance for an annual package fee, among other features.
First Rate
This is a variable interest rate home loan. Features include an unlimited redraw facility, no early repayment penalties, 13 free monthly transactions and a loan period of up to 30 years.
Fixed Rate
Unity Bank says its Fixed Rate home loan is available for 1, 2, 3 and 5 years. Features include the option to split your loan between fixed and variable and $10,000 extra repayments without penalty. The minimum amount you can borrow is $30,000 and the maximum amount is 90% of the property value.
Tide You Over Home Equity Loan
According to Unity Bank, this mortgage account works ‘like an overdraft’ where you allocate your income to reduce the outstanding balance. You are only required to pay interest on the portion of the overdraft used. The minimum amount you can borrow is $30,000 and maximum amount is 80% of the property value.
Investment Loan
Property investors can choose between a fixed or variable rate. Features include an interest only option and a loan period of up to 30 years. The minimum amount you can borrow is $30,000.
Canstar does not currently compare Unity Bank home loans, but you can compare other home loan providers on our database:
Unity Bank home loan features
- No monthly fees
- Redraw facility available on some home loans
- Extra payments accepted (limits may apply to some loans)
- Loan repayment insurance available
- Repayments may be made weekly, fortnightly or monthly (monthly repayment only for Tide You Over Home Equity Loan)
The inclusions above represent a selection of the features that may be available with Unity Bank home loans at the time of writing. Canstar is not making any suggestion or recommendation to you about a particular product. Additional conditions may apply to different features. Check upfront with Unity Bank and ensure that you read the product disclosure statement (PDS) or other loan documentation to determine all the current loan terms and conditions for the product you are considering, and whether it meets your needs, before committing to it.
Unity Bank home loans FAQs
First, you might like to take a look at our applying for a home loan checklist for some pointers, and use the Canstar website to compare other home loans before choosing a product that suits your needs:
If you decide to apply for a Unity Bank home loan, you can do this through its website, over the phone or at a Unity Bank branch.
Unity Bank allows extra repayments on its home loans. Limits may apply – for example, at the time of writing, the Fixed Rate Home Loan allows up to $10,000 extra repayments without penalty. Contact Unity Bank for details, terms and conditions.
To give you an idea of how making extra repayments could save you money in interest over the life of your loan, you might like to try our Extra Repayments Calculator.
Unity Bank offers a redraw facility on their All In One, First Rate and Investment Loan home loans at the time of writing. Unity Bank does not offer a redraw facility on its Fixed Rate home loan. Fees and charges may apply to use of a redraw facility. Contact Unity Bank for details.
If you’re in the market for a home loan, compare some of your home loan options with Canstar:
Unity Bank was originally established in 1970 as Waterside Workers’ of Australia Credit Union to benefit maritime workers and their families. It has since expanded to include members in the mining and power industries and their families and local communities. In 2010, Reliance Bank merged with Unity Bank. In 2018, Central Coast Credit Union merged with Unity Bank.
