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Unloan Home Loan Reviews

Unloan was launched just last May 2022 and built by CommBank (CBA). Its home loan’s main selling point is that it comes with a discount that grows every year for up to 30 years.

An Unloan home loan is a digital home loan backed by one of Australia’s leading banks - CBA. But are these factors enough to convince you to get an Unloan Home Loan? Is it just a fancy marketing ploy to appeal to millennials? Is it just a CBA home loan dressed up as a digital loan? Read more Unloan Home Loan Reviews to get familiar with what UnLoan offers.

Everything you need to know about Unloan Home Loan

Daniel Oertli, the CEO of Unloan, said that home loans should be easy to understand, easy to get, and easier to live with. Therefore, Unloan home loans take pride in providing more value to their customers by having the following features:

  • Low variable rate
  • An increasing discount
  • An easy online application

Curious about Unloan’s fees? It’s good to note that there are no application fees when you are refinancing. They also do not charge for discharge, transactions, or account-keeping.

You will also not incur additional costs should you decide to make extra repayments. Additionally, there are no fees for redrawing, late payments, and even for early termination of the loan.

Easy refinance application with Unloan Home loans

Applying for an Unloan home loan can take as little as 10 minutes. This is mainly because their application is entirely digital. However, it would be best to check first if you’re tech-savvy enough to go through this kind of application.

Once you have lodged your application, one of Unloan’s lending specialists will review the application within a day or two. If your loan is approved, you can accept the loan and wait for around three weeks for the refinancing to settle.

Check your eligibility for an Unloan Home Loan.

You should check if you meet the following eligibility requirements before submitting your application:

  • You’re over 18 years of age
  • You have an eligible form of identification, such as a valid Australian state/territory Driver’s Licence or an Australia Passport..
  • You have good credit history based on Unloan’s policies.
  • You have a regular source of income with proof of income, e.g., bank statements and payslips.
  • You have an existing home loan that is for refinancing.
  • You are applying for a loan for 80% or less of the property value, and that value is only be between $10,000 and $3,000,000.

Documentary requirements for Unloan home loan application

Once you have confirmed that you are eligible for a home loan, you can start preparing the required documents. Apart from the usual forms of identification, you should prepare the following:

Proof of Employment Income

  • Most recent payslips or bank statements from the last three months showing permanent employment base salary, overtime pay, allowances, and even bonuses.
  • Bank statements from the last six months that show commission, casual, temporary, and seasonal income.

Note that there is a different set of requirements if you are self-employed:

  • Personal bank statements from the last six months. These should show your regular income payments from your business
  • A letter stating that your company has enough funds to meet the business commitments and that it can continue to provide you with a salary. This should also indicate the date the business started trading. This letter should come from your accountant.
  • Financial statements from the last two financial years that prove your business made a profit.

Rental Income

  • Bank statements from the last six months or three months.
  • If on short-term rentals, bank statements from the last six months or three months from the property managing agent.

If you are receiving government payments, you should provide either bank statements from the last six months or a letter from Centrelink stating the regular benefit amount.

If you are receiving child/spouse support, the requirements are:

  • Bank statement for the last six months.
  • Proof of the regular benefit amount. This can be a Family Law Court Order, a Child Support Agency Letter, or a Solicitor’s letter.

Compare Home Loans

Compare Unloan with other available home loans at Makes Cents.

Refinancing is not an easy task to do, and it’s important that you make the best decision available for you and your family. Therefore, it’s a must that you compare all your available options before committing to one.

Makes Cents has over 35 lenders in the database, and you can easily get results in a few minutes. Simply visit our Home Loan tab to know more.

 

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