- Application fee: $0
- Legal fee: $0
- Loan is portable
- Service fee: $0 per annum
- Settlement fee: $0
- Valuation fee: $0
- Able to split loan
- Exit fee: $0
- Extra repayments allowed
- Fortnightly repayments allowed
- Loan amount: $100,000 to $1,000,000
- Loan term: Up to 30 years
- Maximum interest only period (investment): 10 years
- Maximum interest only period (owner/occupied): 10 years
- Maximum loan to value ratio (LVR): 80%
- Rate lock available ($395 fee applies)
- Repayment holiday available
- Variable interest rate: 5.12%
About This Loan
This home loan is only available to borrowers refinancing their current home loan. The UBank Fixed rate home loan is a fixed rate loan, allowing you lock in a fixed rate of interest for 1, 3 or 5 years whilst accessing key features like an Interest Only payment option. By fixing your rate, you can protect yourself from rising interest rates and control your monthly repayment amounts for up to five years (where the loan then moves to the standard variable rate at that time).
UBank has no branches so home loan applications have to be made online or over the phone.
Features & Benefits
The UBank Fixed UHome Loan has eliminated most traditional home loan fees such as application, valuation, settlement and redraw. Break Costs may still apply when terminating your UBank Fixed UHome loan early.
If you keep your UBank Fixed UHome loan for 3 years and switch to a UBank Variable Rate UHome loan UBank will reward you with a 0.10% discount on the variable rate of your home loan.
You can make additional repayments toward this home loan (up to a set tolerance amount provided by UBank). Making additional repayments allows you to pay this loan off more quickly when you have extra money available to you.
Interest Only Payments
You can access an ‘Interest Only’ option with this Fixed Rate home loan where you only pay the ‘interest amount’ on the loan for a period of time (up to 10 years). During this time you won’t be making any repayments to the principal and will be paying interest on the entire principal amount every month.
Rate Lock Feature
UBank will automatically lock in your fixed rate at the time of application ($395 Rate Lock Fee applies). This feature protects against interest rate changes between approval and settlement.
Ability to Split Loan
Splitting the loan means that you can split this fixed rate UHome loan with the UBank Variable Rate UHome so that you can access different features (like redraw) at different times during the loan.