UBank takes on mortgage market

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NAB subsidiary UBank has entered the mortgage market with what it’s billing as Australia’s best ongoing advertised variable rate in Australia.

The web-based lender’s UHomeLoan variable rate of 6.59% is 1.08% lower than parent company NAB’s 7.67% standard variable rate and 1.27% lower than the highest big-four standard variable rate of 7.86% offered by Westpac.

The current offer is only available to customers who apply online by 30 June, and includes a 0.2% loyalty discount on the UHomeLoan standard variable rate for the lifetime of the mortgage.

The product is fee-free; has a maximum LVR of 80%; allows interest only repayments for a specified timeframe; offers to the option of making additional repayments and a redraw facility; but doesn’t include an offset facility.

Would you switch to an online lender to find a lower rate? Is it time that the mortgage market became more competitive? Join the debate at

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