Effective 29 November, variable rates for owner occupier and investor (principal & interest and interest only) will reduce by 0.15% p.a. New owner occupier principal & interest variable rate customers will receive 2.34% p.a. (comparison rate 2.34% p.a.).
Effective 13 November, UHomeLoan 3-year Fixed Rate will reduce by 0.19% p.a. to 1.95% p.a. (comparison rate 2.36% p.a.*) for Owner Occupier (principal and interest) and the Rate Lock Fee of $395 won’t apply for all new fixed rate loans that settle on or before 31 March 2021.
Here’s some info and key dates for customers with applications already in progress:
What if my variable interest home loan hasn’t settled yet?
All new customers currently applying for a variable interest rate UBank home loan will get the new reduced variable rate from 29 November 2020.
What if my home loan settles on or after 29 November 2020?
If your loan settles on or after 29 November 2020, you’ll get the new reduced variable interest rate from your settlement date.
What if my home loan settles before 29 November 2020?
If your loan settles before 29 November 2020, the current variable interest rate for your home loan will apply up until 29 November 2020. From 29 November 2020, the new reduced variable rate will apply.
Here’s some info and key dates for existing home loan customers:
When will the variable home loan interest rate change happen?
The 0.15% p.a. rate reduction will apply from 29 November 2020.
Will my repayments reduce automatically?
Depending on how your repayments have been set up, they may reduce when the new lower interest rate takes effect. If there’s a change to your repayment, we’ll send you a letter to let you know what your new repayment will be. Keep a look out for a letter that will be sent to you, which will outline more information on your new repayment details.
I am already on a fixed interest rate, will I receive the discount?
Once your fixed interest period ends, your home loan will switch to the variable interest rate applicable at that time.
Gone are those days