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

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Top Suburbs : toowong , north epping , westmead , ropes crossing , coburg north

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