UBank Home Loan Reviews

UBank Home Loan Reviews for those considering a UBank Home Loan, it is best to know what your getting and reading UBank Reviews can help you make up your mind.

UBank prides itself on helping everyday Australians get ahead by getting the most out of their money. It was established in 2008, and unlike traditional banks, it does not have any physical branches. This means it has fewer operating costs allowing it to provide you with better rates than traditional banks.

In 2022, UBank merged with 86 400, which led to more product offerings and better technology for its customers. But is getting a UBank Home Loan worth it? It’s best to compare all your options and check what each lender can offer. Here’s our UBank home loans review to get you started.

Are UBank Home Loans worth it?

UBank claims that it is helping everyday Australians. However, you should note that only a few people are eligible for a UBank home loan.

Another thing you should also consider is that it can be challenging to prepare all your documents for the home loan without the assistance of a mortgage broker, given that the application is done online. Still, it’s good that UBank provides a checklist of all the documents you’ll need before proceeding with a home loan.

Depending on how tech-savvy you are, the digital home loan process can either be a good thing or a bad thing. Below is a quick pros-cons list to help you decide about getting a UBank Home Loan:

Pros of applying for a UBank home loan

• It offers a digital home loan process.
• You can borrow up to 85% with no LMI for owner-occupied property and refinancing.
• There are no application fees on its variable rate home loan.
• There are no annual fees nor ongoing fees for its variable rate home loan.
• You can present proof of your income for the last 12 months or the last six months.
• You can do more than once in a two-year period of cash out or top-up.
• There is no limit when it comes to the number of debt consolidations.
• It accepts probationary income.
• It offers a loan term of 35 years.
• You can easily make extra payments on your home loan.
• It does not impose postcode restrictions.
• Applications are assessed in 24 hours, so you can get the result of your application faster than traditional banks.

Cons of choosing a UBank home loan

• Its interest rates are the same as other lenders.
• Self-employed applicants are not eligible to apply.
• Transferring money from your UBank account to your home loan can take a while.
• You cannot get a loan that is over 80% of the property value.
• Your application will be denied if you’re applying to purchase a property.
• It does not offer offset accounts.
• It does not provide loans for construction.
• Only a maximum of two people can apply for one loan.
• It only accepts Pay As You Go income.
• Other more traditional banks sometimes have better fixed-rate loans than UBank.
• No physical branch can be accessed.
• It has a pretty low approval rate for its home loan applications.

All these said, one of the things that really matter is the interest rate. Therefore, it’s a good practice to review your interest rate at least once a year.

As soon as you determine that your interest rate is not competitive anymore, you may ask UBank to match the offer of other lenders. If they refuse, you can always refinance to get a better rate.

Another crucial thing to keep in mind when applying for a UBank home loan is to complete all of the requirements. For example, if the checklist indicates they need 10 documents, you must submit 10 documents. If you miss just one copy, it can lead to outright denial of your home loan application. UBank has a quick turnaround time, but this also means that you must submit exactly what is required for the application.

Compare UBank Home Loans with other home loans in the market – use Makes Cents.

When it comes to choosing home loans, you only want what’s best for you and your loved ones. To do this, it would be prudent to compare available home loan options.

Makes Cents has over 35 lenders in our database, which means all the info you need is in one place. Simply visit the Home Loans page on our website to know more.