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UBank Home Loan $1,961 EFTPOS Gift Card Offer

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UBank Home Loan $1,961 EFTPOS Gift Card Offer
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AssociatedUBank Rep on 01/05/2014 - 14:48 hello.ubank.com.au (379 clicks)
Last edited 05/05/2014 - 12:58

The cash rate is lower than in 1961!

To celebrate, UBank are giving away a $1,961 EFTPOS gift card with all eligible UBank home loans of $350k or more.

Apply for a UHomeLoan by 30 May and, when you settle, you could get a $1,961 EFTPOS card to spend however you like. Terms & Conditions apply.

You’ll also take home these rewards:

Variable Home Loan

  • 4.62%p.a. variable and comparison rate, includes 0.25%pa Upfront Discount Offer
  • no bank fees whatsoever
  • 24/7 support

Find out more and apply for a UBank Variable Home Loan here:
http://hello.ubank.com.au/uhomeloan/1961-offer/

3 Year Fixed Home Loan

Offer T&Cs are available here:
http://hello.ubank.com.au/uhomeloan/1961-offer/doc/Terms-n-c…

Get in touch
If there are any questions or queries regarding the offer, please leave a comment below and we’ll aim to get back to you as soon as possible.

UBank Rep

IMPORTANT INFO: Info as at 05/05/14. The comparison rate is based on a secured loan of $150,000 over the term of 25 years. WARNING: This comparison rate only applies to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers are not included in the comparison rate, but may influence the cost of the loan.

Referral Links

Referral: random (1251)

Referrer and referee each receive $30 after referee makes 5 settled card purchases within 30 days.

Financial Home Loan Loan

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closed Comments

  • excite on 01/05/2014 - 14:55
    +2

    rep, any promotion for refinance of home loan less than $350k?

    • cdhiren on 01/05/2014 - 15:03
      +1

      I would like to know any offers for less than $300K as well

    • AssociatedUBank Rep @ ubank on 01/05/2014 - 15:26
      +1

      Hello, currently we only have a promotion for home loans over $350,000. However we believe our home loan rate is very competitive and worth consideration.

    • cooperdog on 01/05/2014 - 15:33
      +1

      If you were looking for just under the $350k, assuming its in your borrowing power and finances, the variable loan has no repayment fees, so borrow $350k and repay whatever you don't need to get the gift card. Don't think there is anything against this.

      The interest rate is pretty good, so even if you kept the extra in high interest savings (e.g. Ubank saver 4.37%!) for a month or two should be worth it for the $1961.

      You can usually redraw as well if you need extra funds in the future which is a much lower interest loan than going to the bank for a new loan. Rep mentions this below.

      • cdhiren on 01/05/2014 - 16:20

        awesome … will it work on refinancing existing loan as well?

        lets say I have an existing loan of $250K, can I borrow and additional $100K under this scheme and repay back the $100K?

        • f4te on 01/05/2014 - 20:24
          +1

          You can borrow up to 80% of your property value, so if that is greater than $350k then yes it'll work.

    • Thrifty McGifty on 01/05/2014 - 16:08

      I'm refinancing with them at the moment, and got a text message saying if I send back my documents before 5 May, they'd give me a "$500 gift card 30 days after settlement". I have no idea what you had to do to qualify, or when it expires. My loan was well under $350k.

  • powerhead on 01/05/2014 - 15:01
    +3

    what about an offset account rep?

    • jv on 01/05/2014 - 15:03

      isn't that standard ???

      • powerhead on 01/05/2014 - 15:11
        +1

        not with ubank afaik. happy do stand corrected tho.

    • homersyd on 01/05/2014 - 15:27

      i was wondering the same thing… but then if they have redraw it's essentially the same right?

      • tomclancy on 01/05/2014 - 15:39
        +2

        Redraw is completely different to offset. Most importantly for tax purposes on investment properties. HUGE difference and only an offset will do

    • AssociatedUBank Rep @ ubank on 01/05/2014 - 15:27

      At the moment there are no offset facilities with a UHomeLoan.

      The Variable Rate UHomeLoan does offer Redraw facility, which allows you to deposit extra funds in your loan and offset your Loan balance.

      • homersyd on 01/05/2014 - 15:28

        but does redraw allow us to withdraw money from the paid amount though? (ie. function of an offset a/c)?

      • powerhead on 01/05/2014 - 15:38
        +2

        doing what you said has very different tax implications compared with keeping extra funds in the genuine offset account. that is a deal breaker imo.

      • kirt on 01/05/2014 - 16:02

        At the moment there are no offset facilities with a UHomeLoan.

        So there will be offset for the UHomeLoan in the future?

  • arend on 01/05/2014 - 15:16
    +3

    Its lower than in 2013 too…

  • tomclancy on 01/05/2014 - 15:41
    +3

    The cash rate is lower than in 1961!

    What does this matter? Its not like the % rate grows with inflation. What a stupid thing to write. Just a sales pitch

    • pmupsinep on 01/05/2014 - 15:46
      +1
      It's in bold and it sounds amazing, we better not miss out!
      • tomclancy on 01/05/2014 - 16:51
        +4

        If you were selling something, I'd buy it

  • blandest on 01/05/2014 - 15:57

    Any considerations for these rates with loans above $1m?
    We currently have 2 x properties (Total value just over $1m) with CBA getting a 4.9% rate…
    Would love to chat if that's possible. Happy to PM you my number or you can send me one to call…

    • AssociatedUBank Rep @ ubank on 01/05/2014 - 16:36

      Hello, we’d be happy to discuss the UHomeloan product with you, if you could please contact us at any time on 13 30 80, we’re open 24 hours a day, including Public Holidays.

  • 17833 on 01/05/2014 - 16:47
    -6

    Yep, pathetic business model rep. Those with savings get screwed again. They've obviously screwed saving account holders to finance this promotion. Obviously they are more profitable than those with savings. Go post your advertisement elsewhere. I am sure you have the advertising budget for it. Post reported.

    • johnyBgood on 01/05/2014 - 17:00
      -1

      Care to elaborate how they screwed savings account holders? I have a savings account with them.

      • 17833 on 01/05/2014 - 17:10

        Lowering saving account rate by .25 percent the other week with no corresponding move by Reserve Bank when we are in a clearly neutral to perhaps slightly positive phase.

        • fertiliser on 01/05/2014 - 17:38
          +1

          it's not difficult to move your savings elsewhere if you're getting that upset.

        • 17833 on 01/05/2014 - 17:48

          Very true. I had just woken up and was a bit grumpy when I wrote that! In fact I think it is the first post I have negged for 5yrs being on OzBargain. Just a bit annoyed they offer this sort of incentive while on the other hand reduce the value of their savings product.

        • f4te on 01/05/2014 - 20:31

          Even with the drop UBank still have one of the highest savings account rates, so you're still getting a pretty good deal (and much better than the major banks).

  • kipps on 01/05/2014 - 20:45
    +2

    Good deal, but just a heads up. They want simple loans. If there's anything out of the ordinary, they become difficult. Tried to refinance through Ubank, but eventually gave up with their ridiculous requests for information in the process of approval.

    For instance, my current loan was financed at 80% LVR, but I have made contributions for which I can redraw. I told UBank I wanted to finance around 75% LVR. They questioned why I wanted the "extra cash". I told them over the phone I wanted the same flexibility I had under my current loan — ie, ability to redraw if I need to. They insisted I sign a document & upload it confirming this.

    Then, they noticed I am a director of a company. I responded by uploading a signed letter to Ubank confirming the company does not trade at all, that it used to hold (as trustee) shares on the ASX prior to me acquiring properties, and that it only has cash at bank and no liabilities. That wasn't good enough for Ubank. They insist an accountant sign a letter, presumably based upon my very own instructions, confirming exactly what I have already told them.

    In the end, once seeing how inflexible they were, I gave up and considered that the discount wasn't worth it to be locked into an inflexible, and quite frankly, stupid, lender.

  • shortgum on 02/05/2014 - 00:29
    +2

    So not $2014 any more?

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