UBank Loans Review
When borrowing a loan from UBank, you are not charged any application, annual or ongoing fees on a variable rate home loan.
UBank started serving Australians with online savings accounts in 2008. Later on, it launched its low rate home loans in 2011. The company is now known for loans Australia. The bank is now known for refinancing loans of up to 80% the value of the property. Let us now look at the loans review Australia to find out more about what the online bank is offering.
Type Of Loans UBank
The bank offers a 20% minimum deposit on all the loans it provides. The ‘variable loan’ has no application fees and it also has an unlimited redraw. For ‘1,3 and 5 year fixed loans,’ $395 is the rate lock fee, with no ongoing charges.
The loans offered by the bank are as follows:
- Variable home loans: the variable and comparison rate is 3.59% p.a with monthly repayments of $908 to pay off the principal and interest.
- 1 year fixed loans: the variable rate is 3.59% p.a and the comparison rate is 4.14% p.a. The monthly repayment is $908 to pay off the principal and interest.
- 3 year fixed loans: the fixed rate is 3.74% p.a while the comparison rate is 4.01% p.a. with monthly repayments of $925 to pay off the principal and interest.
- 5 year fixed loans: the variable rate is 4.09% p.a and a comparison rate of 4.1% p.a with repayments of $965 per month to pay off the principal and interest.
Benefits Offered By The Home Loans
The different types of loans offered by the innovative Australia lenders have different advantages. For instance, the ‘Variable rate’ loan is flexible because you can easily make additional payments.
You can redraw surplus amounts while you make alterations to your home loan. Additionally, the loan lenders Australia offer you a fixed rate loan that gives you the interest rate and repayment assurances for 1,3 or 5 years.
Other benefits include:
- You can pay the installments weekly, fortnightly or months.
- You can split the UHomeLoan up to four times with the lowest split of $20,000.
- The minimum loan amount is $100,000.
- The bank has an easy application process that is designed to offer convenience and simplicity.