This was posted 2 years 11 months 7 days ago, and might be an out-dated deal.

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UBank Home Loan 1.99% Variable and Comparison Rate, 80% LVR (Limited Time for New Customers / Call for Existing Customers)

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UBank Home Loan 1.99% Variable and Comparison Rate, 80% LVR (Limited Time for New Customers / Call for Existing Customers)
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wisc on 15/12/2021 - 12:40 ubank.com.au (2230 clicks)
Last edited 15/12/2021 - 21:10 by 1 other user

UBANK have a new interest rate for a limited time of 1.99%, supposedly for new customers, but I just called there 13 line and asked to be transferred across, no problems, 5 minute call, and should be backdated to today, but processed in a few weeks.

  • Unlimited free extra repayments
  • Flexibility to redraw additional payments for free
  • No ongoing monthly service fee

Doesn't seem as good as the HSBC deal (with the cashback), but for those already with Ubank - its easy enough to call and get them to change it over. - also note the HSBC deal is 70%LVR and only 0.01 difference in comparison rate
(also for anyone who would prefer to deal with ubank)

13 30 80, between the hours of 9:30am and 5pm Monday to Friday

Variable and Comparison rate
Owner Occupier P&I Loans up to 80% LVR

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Referral: random (1243)

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

  • mrvaluepack on 15/12/2021 - 18:24
    +2

    This deal is to get all the suckers in before they raise the rates next month.

    • 1st-Amendment on 16/12/2021 - 10:54
      +1

      This deal is to get all the suckers in before they raise the rates next month.

      Ah well it's much better to stick with your higher rates now then. That makes perfect sense…

  • krommas on 15/12/2021 - 19:07
    +1

    Took about 10 mins on phone (after all the security questions). Lady stated will tajevabout 8 weeks due to backlog but will be backdated to today

    OP for the win. Thankyou

  • desync on 15/12/2021 - 19:10
    -2

    BOOOOOOOOOOOO

    no interest only deal

    much disappoint

  • Michael1983 on 15/12/2021 - 20:51
    +2

    Why don't they adjust variable rate automatically? I would assume they will increase rate automatically without asking, when the time will come. Am I supposed to monitor their website for any changes on weekly basis?

    • wisc on 15/12/2021 - 23:55
      +1

      yeah its a shame they used to, and thats what sold me on them… but they figured a large majority wont and those who will swich banks will call likley call them before they do…

      nothing new here all the banks do it…
      slowly increase fees/interest and introduce a new loan at a lower rate.. dodgy af.

    • 51kabunka on 16/12/2021 - 19:55

      I was told they only adjust the interest rate if the RBA says so. Otherwise they don't have to advertise it. It's a special deal. It's up to the discretion of the company

      • financialminimalism on 17/12/2021 - 23:52

        They are dodgy af that's why.
        You'll see their advertise "interest rate" is actually made up of two interest rates…
        ADVERTISED RATE = STANDARD VARIABLE OFFER + DISCOUNTED OFFER
        When RBA puts up rates, uBank lift their standard variable offer.
        When uBank wants new customers in the door, they increase their discounted offer.
        And in this situation, because they haven't lowered their standard variable rate, they don't need to offer any changes to their existing base.

  • LordSydney on 15/12/2021 - 23:02
    -1

    Is it possible to apply for a home loan and use it to buy crypto?

    • 1st-Amendment on 16/12/2021 - 10:56
      +1

      Is it possible to apply for a home loan and use it to buy crypto?

      Yes. Send me your deposit and I'll send you some crytpo

  • samprofs on 15/12/2021 - 23:13
    -1

    Broker here. Not sure what is so special about this…

    ING 1.99% (1.99% comp*) identical product with unlimited free redraw plus $3,000 cashback or Offset option 2.04% p.a with $3,000 cashback promo.

    Adelaide Bank also 1.99% p.a (2.04% p.a) with offset feature and also available for construction as I/O.

    Redraw vs Offset- net effect is the same,as long as you manually transfer funds in the redraw. The only benefit of an offset is that it in essence can preserve future interest tax-deductibility of your OO property, if it is converted into an investment at a later stage. Quite often for a lot of our clients the premium cost associated with an offset may not justify the additional fees and interest cost.

    I hope that helpds.

    • wisc on 15/12/2021 - 23:54
      +6

      people already with ubank can save massive money with almost 0 effort. problem with swapping lenders is the cashback amount is pretty much eaten in fees… so you may end up virtually with not much to show for it, add to that th effort the banks make you go though to switch… thats just my 2c as a consumer anyways.

      • samprofs on 16/12/2021 - 13:21

        I totally agree. There is little point in refinancing for the sake of refinancing (especially if the existing lender is flexible and happy to reprice the existing lending with zero effort). This is especially true if you have paid LMI and can use the LMI credit for future lending needs. In these scenarios it may be more viable to actually pay the higher rate in the short term, especially if you plan to upsize or do future lending for investments…etc as a refinance would turn that LMI paid into a sunk cost.

        Just this morning we had one client's loan reduced to 2.05% p.a variable with zero effort from his end and his current lender was happy to match his competitor.

        I think as consumers it's just crucial to be proactive and make it a habit to seek repricing every 6-12 months. The reality is that all banks are highly profit driven.

        Refinancing costs are dependent on the state and banks. Generally around ~$750 in Vic ($350 discharge with most lenders plus government charges). It can also make sense to restructure/refinance debt also for tax efficiency/tax strategy.

    • Jonzay on 16/12/2021 - 08:35
      +2

      Minimum refinance amount for the cashback with ING is $500,000

  • seanmilt on 16/12/2021 - 07:24

    Tic Toc Homeloans is just about the market leader IMO
    $10 monthly offset.. Bank Card linked, Bpay payments etc
    I personally use it, admitedly, I don't owe much on my home loan and they aren't willing to give me the new customer rate of 1.89%, so they won't be as easy to negotiate with as Ubank above, but as a new customer, amazing rate for variable p&i, owner occupied, with all the features.
    https://tictoc.com.au/lp/tictoc-comp-c?source=GoogleSearchNe…

    • llllllllllllll on 16/12/2021 - 23:42

      I thought they are quite flexible in matching new rate for existing customer?

  • UrMumsOnlyFan on 16/12/2021 - 08:58
    +1

    13 30 80, between the hours of 9:30am and 5pm Monday to Friday

    Called at 8:30am and got through. It was pretty easy as others described (except for remembering the answer to my secret question set up years ago) and will be backdated to the date of the request.

  • OhNoUShiz on 16/12/2021 - 08:59
    +2

    Was told up to 8 weeks of processing time.

  • rusteh on 16/12/2021 - 09:30
    +1

    Just called, (before 9:30 fwiw) and got the rate. He said that isn't actually offered to existing customers, but as a good will gesture I'm happy to do so ha) 5 minute call. Thanks OP.

    • tunzafun001 on 16/12/2021 - 11:35

      I called CBA and tried to get a rate close to new customer rates… And I have a 60% LVR… They basically told me to get stuffed.

  • jmel on 16/12/2021 - 10:05

    anyone compared this to nano? i am with ubank today and nano seems really interesting. same rate with LVR of 75%, but everything is done much faster than uBank

    • OhNoUShiz on 16/12/2021 - 13:36

      Ubank processing time to get pre approval loan is horrible

      • 51kabunka on 16/12/2021 - 19:59

        Yeah you have to jump through a hell of a lot of hoops just to get through the application process …but there's no charges for anything. Super good customer support as well. Good bank

  • sclarve on 16/12/2021 - 10:39
    +1

    Cheers exactly as described. Was also told 8 weeks processing time. Easy call to save a fair bit of cash.

    • jmel on 16/12/2021 - 16:07

      did they tell you it will be backdated too?

      • sclarve on 16/12/2021 - 19:55

        Yep backdated to today.

      • 51kabunka on 16/12/2021 - 20:00
        +1

        They told me to the date of today it will be backdated

  • MonkEE on 16/12/2021 - 17:21

    Thanks for the heads up! I found ubank to offer great value homeloans when compared to others. The ones that have offset require you to pay monthly/yearly fees.

  • joel-n1 on 17/12/2021 - 11:07

    Can anyone see what the minimum loan amount is? I wouldn't mind refinancing but most banks can't be bothered dealing with you for a balance under $100k

  • hayythere on 17/12/2021 - 17:48
    +1

    Just called ubank and got my rate changed too. Took 15 mins on hold but once though it was about a 5 minute conversation and all done. Backdated to today.

  • ccsamwag on 21/12/2021 - 13:35

    Just got off the phone and they're saying that it'll be about 8 weeks to be done. Anyone else hearing that?

    • wisc on 21/12/2021 - 16:15

      yep, but they will back date it, so shouldnt be too much of an issue.

      pretty lame that there system makes it so hard to change, and they cant just change it on the phone when they are talking to you.

  • DrRalph on 31/12/2021 - 11:16

    Did this all via email. Got a message yesterday saying change approved and back dated to 15/12/2021.

    • wisc on 31/12/2021 - 16:44

      nice let us know when it appears on your account, im still seeing 2.19 in mine.

      • modernwoe on 08/01/2022 - 21:00

        Mine is showing 1.99% in Advantedge/Starnet now. I can't see the backdated interest yet though. When this happened in Oct I saw the original interest charged, reversed and then the smaller amount charged.

        The lower interest rate is showing as applied from 11 Dec on the downloaded loan statement.

        • wisc on 09/01/2022 - 10:47

          Im still showing 2.19. :(

      • DrRalph on 11/01/2022 - 01:38

        1.99%

  • elhanm2004 on 12/01/2022 - 00:07

    HSBC sucks. Waste of time. They are actually looking for rich customers and if your bank account with large cash doesn't impress them they will do everything to get rid of you. Applied 7 months ago. Since then provided tons of documents. Still have no clear response, yes or not.

  • wisc on 18/01/2022 - 11:50

    sooo… who has and who hasnt got the 1.99% discount as yet?

    im still waiting and im sure i was the first to ring them up and get them to change it…

    • UrMumsOnlyFan on 18/01/2022 - 21:35

      I called on 16 Dec, got an initial email less than a week later, and received the official email a couple of days ago, confirming that the 1.99% rate applies from 16 Dec.

      Thanks again for posting the deal!

  • jmondejar on 19/01/2022 - 13:33

    Is this applicable for constructing new property or only for already build property

  • gothebroncos on 24/01/2022 - 16:11

    I have been with UBank for quite a while and I normally see what's out there and get UBank to match the variable rates. They did it last time and I got the 1.99% before it was advertised. I saw that Athena was down to 1.89% and thought I would try my luck. Luck was not on my side - they denied dropping to that. I also asked why there still is no offset and their response was that as they just bought 86400, we could see an offset in the next 3 - 6 months as they move to a more efficient online system (from 86400).

    • wisc on 25/01/2022 - 13:42

      i really wish you could use the faster payments from your home loan, thats the biggest issue with UBank, how long it takes to access funds you've already put in there, i guess an offset would fix that.

  • wisc on 25/01/2022 - 13:41

    man i just rang them again, confirming they had my call from the 15th, still not done, you'd think they would just do a blanket update to save them time, and resources.

  • wisc on 27/01/2022 - 15:28

    mine finally came though today. nice… now lets see when they jack up the price.

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