UBank adopt a brave stance online, with a highly simplified and short scroll-down site. The site is punctuated with sliding snippets of information and, further down, tallying figures that give more intel about the bank.
A subsidiary of NAB
Appearing on the scene as a subsidiary of NAB (National Australia Bank) as a direct bank offering retail, values-driven service for savings, personal and car loans, transactional accounts and home loans, UBank is growing strong,
Brief history and big impact
While UBank came out offering to conduct telephonic transactions with a subsequent deposit via BPAY - a first for Australia - it’s mortgage holdings have grown to $4 billion during this time too. With service available by phone and online, UBank has successfully positioned itself to address the modern consumer’s desires.
A simple presence
An eminently logical and brisk site, the company’s online presence gets straight to the nitty-gritty of a mortgage.
With an understated look & feel online, facts and figures a borrower might ponder are all available, along with various tools and information to aid a decision.
What UBank can offer you
With the ability to deposit and withdraw additional amounts, a home loan from UBank is a nuanced and detailed offer.
Favouring a weekly, fortnightly or monthly repayment scheme and offering a minimum split of $20000 that can be effected up to 4 times, consumers are spoiled for choice.
Loan terms and details
A typical loan term is 30 years on a home loan, although consumers on a variable rate can kill the account at any time without penalty.
Clients who opted for a fixed rate can too but will incur recalculation and end up being penalised for not making term.
20% deposit is required
Note that a fee of $395 is levied on the fixed rate option - unwelcome - and fixed rate terms can only be 1, 3 or 5 years.
In addition, while the minimum and maximum home loan amount stand at $100k to $2 million, there is an unspoken assumption that one will have a deposit, as the maximum extent of the home loan is capped on all packages at 80%.
UBank Product Details
- Loan Type Property finance
- Interest Rate 3.69 – 4.49% p/a
- Loan Amount up to $2,000,000
- Repayment 36 months to 30 years
You will get superior home loans at UBank
UBank is currently pitching a variable rate of 3.74% for owner-occupied home loans, 3.89% for investors buying a home and a fixed rate across the board of 3.99% against a comparative rate of 4.08%.
One has the option to tie in other accounts and pay interest repayments as a variable for a fixed period prior to adopting a fixed rate.
A Lender that cares
Going some way towards presenting UBank’s potential as an attractive, caring partner on any home loan journey, the company has flighted “real estate tips from the terminally ill’.
This is a “unique and thought-provoking perspective on life and the Australian Dream.” Part of the blur between a marketing pitch and a social presence, it is fronted online by Lee Hatton, CEO of UBank.
A transparent lender
It is an unusually frank and alternative line of ponderance for a bank. A further feather in their cap would also be statements warning clients to consider whether or not they really need to borrow what they’re applying for.
Going one step further
While all lenders have amalgamated legislated consumer protection into their stance - as though they have always been about looking after the man in the street - UBank has successfully taken the words to a new level with this initiative. Anyone considering a home loan would do well to compare rates and services at UBank.
While most applications are done online, the telephone support is a big part of the offering and consultants have been extensively trained in order to facilitate the complete process.
Will you inform me if my loan application was declined?
Whatever outcome we reach when we have processed a home loan for a client, we will always inform you. We will never leave our customers in suspense. What’s even better is the fact that we will tell you what is it that you did wrong so you can fix it.
At the end of the day, we want to ensure that your future home loans always get the green light and this is the reason we tell you what you can do better.
I want to pay my home loan upfront
Due to the fact that your home loan is on the debit order system, you have to inform us in advance if you would like to settle your home loan ahead of time. There are no penalty fees for this option as we are more than happy when clients prioritize their loans.
If you are not too sure about which loan offer to take, you can always give us a call and we will advise you looking at your budget.
UBank is a trusted & reliable provider of property finance
In our review, UBank adheres to the compliance criteria in accordance with National Consumer Credit Protection Act (NCCP), where the granting the loan will not cause financial distress to the consumer.
UBank is a registered credit provider in Australia: FSP14740
Customer Reviews & Testimonials
Ubank offers some of the most affordable rates on their home loans.
— Mildura —
Using UBank’s website to apply for a home loan was easy, fast and convenient.
— Albury —