Until 30 June 2011, UBank is offering a 0.2% p.a. loyalty discount for the life of the loan on all new home loans refinanced through online application. At current standard variable rate of 6.79% p.a. this translates to 6.59% p.a. (comparison rate: 6.59% p.a.).
This is the lowest variable interest rate on offer by any bank in Australia. No establishment fees, no ongoing fees and no exit fees.
Referrer and referee each receive $20 after referee makes 5 settled card purchases within 30 days.
Yah I think that might be the real reason if you're only borrowing 50%. This Ubank homeloan is just like some dishonest online flash sale that I've seen - attractive discount but has a whole lot of exclusions that shut everyone out.. What is the point of running business if you don't want to do business here?
Is it a high-density apartment? I know that BankWest has issue with this (although I note that you're currently with BankWest).
It is high density apartment. Well basically anything near the city, Mascot, Alexandria, Zetland (you name it) are all of high density nature. I can accept that Ubank might have concern over the devaluation or whatsever issue of high density apartment and require more security by asking for 30% deposit, but what annoys me is the way they run their advertisement, in which there's no warning whatsever over criteria variation for different areas/property nature.
Also frankly I don't see any reason behind that 70% LVR requirement, it's not like apartments in Alexandria will devaluate by 30% in near future? (unless unemployment rate hits 10% of course)…
appears ubank is no longer offering this loan as no longer on the comparison web sites. So much for 30 June, more like 15 June
Why are you relying on other websites when it's still available per UBank's site?
Yes had a similar experience with Ubank - knocked back at the last minute for a minor detail after going through the lengthy application process. My loan was for 50% of the property value.
I expect the real reason that I was denied is because my loan amount was relatively small and Ubank wouldn't make that much money out of me.