ubank Home Loan & Refinance Cashback Offer: $4,000 Back on Loan $1 Million & over, $3,000 Back on Loan $250,000 & over

310

ubank Home Loan & Refinance Cashback Offer: $4,000 Back on Loan $1 Million & over, $3,000 Back on Loan $250,000 & over

Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 08:18 ubank.com.au (1134 clicks)
Last edited 10/11/2022 - 10:18 by 1 other user

Ubank from today offering up to $4,000 cashback for refinances OR purchases.

$250,000 - $999,000 = $3,000
$1,000,000 and over = $4,000

Fully digital process, currently 1 business day turnaround (likely to increase with this deal)

Be prepared to securely use your online banking credentials - UBank utilises open banking and will 'scrape' your transactions, so just giving you the head's up here.

Here's the rates

Owner occupier, variable, P&I (no offset, however free and unlimited redraw)

LVR up to 60% - 4.14% (comp. 4.16%)
LVR up to 70% - 4.19% (comp. 4.21%)
LVR up to 80% - 4.24% (comp 4.26%)
LVR up to 85% - 4.94% (comp 4.96% and no LMI)

Investor, variable, P&I (no offset, however free and unlimited redraw)

LVR up to 60% - 4.39% (comp. 4.41%)
LVR up to 70% - 4.44% (comp. 4.46%)
LVR up to 80% - 4.59% (comp. 4.61%)

The terms

We want to help your customers get ahead with money, which is why we'll give them up to $4k cashback when they take out a new home loan with us or bring their existing home loan across to us!

From 12 September 2022, your customers can enjoy cashback when they purchase or refinance on an eligible 'Neat' or 'Own' ubank home loan and have an LVR of 80% or less.
How it works:
• $3k cashback for loans between $250,000 and under $1m
• $4k cashback for loans of $1m or more
• Apply between 12 September 2022 - 30 November 2022 and settle by 31 January 2023
• Not available for refinances within NAB Group

Whether your customers are wanting to get their first home loan, or second, or even just refinancing, there's no better time than now.

Already have a customer with a pre-approval or unconditional approval with us in the pipeline? As a gesture, we may offer the cashback to already approved customers, provided all other Ts&Cs and criteria are met.

COMPARISON RATE WARNING
Each comparison rate is based on $150,000 over 25 years. These comparison rates apply only 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. Comparison rates for Interest Only Fixed Rate home loans are based on an initial Interest Only period equal in length to the fixed rate period. Comparison rates for Interest Only Variable home loans are based on an initial 5 year Interest Only period.

Hope you find this useful,
Aidan
Owner & Mortgage Broker at Blue Owl Finance
[email protected]
www.blueowlfinance.com.au
Link to my calendar to book 15 minute appointment here https://www.blueowlfinance.com.au/book-online

Note - I do not offer broker cashback, some brokers on OzB do offer their own cashbacks.

ABN 27 646 433 374 | Certified MFAA Member 230928 | Australian Credit Licence number 387025 | Credit Representative’s number 527699

Referral Links

Referral: random (1242)

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

Financial Cashback Home Loan Loan Refinance

8 Nov 2022

Related Stores

ubank

Blue Owl Finance

Third-Party

closed Comments

alz on 12/09/2022 - 08:29

+4

Not available for refinances within NAB Group - Well that's that :(
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 08:32
  
  +4
  
  Absolutely, worth pointing out so no-one is caught out here.
  
  Reasoning is NAB owns Ubank, so they won't pay money to effectively switch brands under their umbrella.
  
  Aidan.
- No Child Support on 12/09/2022 - 10:15
  
  Is there a list of lenders under the NAB Group? Im with a small lender and looking to refinance
  - Store Repfootyboy @ Blue Owl Finance on 18/09/2022 - 07:47
    
    @No Child Support
    Who are you banking with?
    
    Aidan
Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 08:30

Aidan here - happy to help with any policy or scenario questions!

Aidan
[email protected]
Jamesk811 on 12/09/2022 - 08:31

Why would I pick this over OneTwo loans with $6000 Cashback and further $2500 in matched repayments
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 08:35
  
  +1
  
  We don't work with OneTwo loans, so I can't comment on their service or proposition, I won't bash them either, I'm sure they're great.
  
  If it suits you - go for it!
  
  I will say this, Ubank's internet banking is up there with the best of them, 24 hours assessment times and backed (owned) by NAB, so they're rock solid, so Ubank will gain a lot of attention with this deal.
  
  Plus the Barefoot guy loves Ubank, he's never wrong… right?
  
  Aidan
  [email protected]
  - Jamesk811 on 12/09/2022 - 09:01
    
    Do they do instant (osko) payments in and out?
    - chickenchipsgravy on 12/09/2022 - 09:04
      
      yes
    - DrRalph on 12/09/2022 - 10:58
      
      No they don't. Takes 24 hours for redraw to go through.
      - chickenchipsgravy on 12/09/2022 - 20:47
        
        @DrRalph: He asked about Osko NPP not redraw and equity payments ?
  - wisc on 12/09/2022 - 09:54
    
    +2
    
    +1 for not bashing another provider (being open and upfront) - love that.
    -1 for ubank online banking - it's horrible.
    
    Can only schedule redraws, (can't do instant.)
    Takes a day or so to come out.
    Takes 3 days to go back in and show on your account.
    The online banking IS the reason I'm thinking about leaving ubank…
    In fact if i wasn't due to finish off paying the homeland mid next year, I'd already be gone, i dislike the online banking so much.
    - Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 09:56
      
      Oh, interesting. We had demos of the 86400 banking platform and it looked wonderful… maybe that didn't flow to Ubank with this merger?
      
      Aidan.
      - wisc on 12/09/2022 - 10:44
        
        @footyboy: Yes, I've noticed when they merged there seemed to be a new front end. But i don't think existing customers where put on it, which is a shame as the excising ubank online experience is "functional".
        
        But as i said takes way way to long to get money in and out.
        I really think they are doing it for the extra interest. Eg 3 days extra interest each month across hundreds of thousands of accounts must add up to sometimes xmas bonus.
        
        Store Repfootyboy @ Blue Owl Finance on 15/09/2022 - 08:03
        
        +1
        
        @wisc: @wisc got it, I know the 86400 to Ubank clients will have the techy version though, thought they'd have dragged everyone onto it.
        
        Aidan.
- vovikdrg on 12/09/2022 - 08:37
  
  -1
  
  What do you mean? More info pls…
  - Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 08:42
    
    Which part?
    
    Aidan.
- R14 on 12/09/2022 - 09:21
  
  Hi $6000 cash back ? I could see $5k only in their website
  - vawiyoci on 12/09/2022 - 09:41
    
    +1
    
    Also only 500k+, not 250k like ubank …
yaaNaa on 12/09/2022 - 08:38

I already applied and settlement this week, can i still get the cashback?
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 08:40
  
  +1
  
  You can ask, my guess after doing loans for 10 years is… you'll need to re-apply to get the new offer, I'm afraid to say.
  
  Aidan
  [email protected]
ykwon10 on 12/09/2022 - 08:39

+3

are these rates after the recent Sept rate hike?
- drprox on 12/09/2022 - 08:40
  
  the big question
  - Cupa Bundy Drinker on 12/09/2022 - 08:51
    
    They were applied on 29 August, after the previous hike. As a current UBank customer, I expect they will be 0.5% higher very soon.
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 08:42
  
  Before. At today no major banks rates are reflecting the Sept hike, so they're all relative.
  
  Aidan
  [email protected]
drprox on 12/09/2022 - 08:40

$3k for $250k loan sounds alright I reckon, might have a look.
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 08:41
  
  +1
  
  It's decent, StG will do $4k there too, so there's options.
  
  Aidan
  [email protected]
countmein on 12/09/2022 - 08:41

+1

The rates already factored in the recent rba hike couple days ago or will be raised/adjusted?
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 08:42
  
  Before. At today no major banks rates are reflecting the Sept hike, so they're all relative.
  
  Aidan
  [email protected]
Boogerman on 12/09/2022 - 08:43

What offer for offset account mortgages?
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 08:46
  
  Up to 60% - 3.89% (comp. 4.15%)
  Up to 70%- 3.94% (comp. 4.20%)
  Up to 80% - 3.99% (comp. 4.25%)
  Up to 85% - 4.59% (comp. 4.84%)
  
  Aidan
  [email protected]
  - bashar20 on 12/09/2022 - 09:36
    
    With which bank with offset?
    - Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 09:55
      
      Above is Ubank's rates.
      
      Aidan.
impoze on 12/09/2022 - 08:53

What's the best refinance offer with offset?
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 09:00
  
  I'm liking Bankwest at the minute, only $2k cashback but we're often getting 3.54% or 3.59% rates (depending on size and LVR) with 100% offsets, so in this case the lower rates are overall lower cost than a higher cashback and higher rate.
  
  Counter-intuitive for OzB, but overall working out at a lower cost.
  
  Up to 8 offset accounts, 3 days turnaround time.
  
  Aidan
  [email protected]
  - impoze on 12/09/2022 - 09:14
    
    any T&C for 100% offset re. cashback?
    
    would $2k cover fees due to refinancing?
    - Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 20:05
      
      +1
      
      @impoze it will cost around $600 in discharge and government fees to switch, so yeah the $2k will give you plenty of surplus.
      
      Aidan
      [email protected]
  - wisc on 12/09/2022 - 09:59
    
    +2
    
    I should switch back. I was with bank west. (Now with ubank)
    They are fantastic if you have a normal account with them.
    Online banking so much better can transfer directly out of your homeloan to pay bills etc. Can't do any of that with ubank.
    
    They ripped me off so hard though. Interest rates where shocking. I stayed with them at the time for way to long.
  - FXD on 13/09/2022 - 10:52
    
    Is that 3.59% with the $395 package fee and up to nine offsets included, or 3.59% with a further $10 a month for the one offset? Or 3.59% with a free offset?
    - Store Repfootyboy @ Blue Owl Finance on 13/09/2022 - 12:17
      
      @FXD
      Bankwest - 3.59% with $10 per month, per offset, or $0 per months fees if no offset required.
      
      Aidan
      [email protected]
    - Bennie on 13/09/2022 - 21:02
      
      Hi
      I’m with bank west, $395 package fee will include 9 offset for free.
      If you need more than 9 then $10 per offset account
      - FXD on 14/09/2022 - 16:06
        
        @Bennie: Thanks, but the rate for that loan is 4.74% instead of their 3.64% loan, with $10 per month per offset.
pyramid on 12/09/2022 - 09:00

+2

I was with ubank 2yre back and their process is pretty straightforward. Why would I use broker ?
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 09:09
  
  +1
  
  Their process can be straightforward, glad you had success.
  
  I'll highlight just one of many reasons;
  
  Go direct to Ubank - automatic credit hit, maybe it's approved, maybe it's declined.
  
  Go via broker - broker will fully assess before submitting, potentially saving you a credit hit and decline if you don't meet their affordability metrics.
  
  I know we've spoken before pyramid, I think you will know why this aspect is important.
  
  Aidan
  [email protected]
  - pyramid on 12/09/2022 - 09:12
    
    Glad you replied….It always great to see brokers replying with more information. Appreciate it mate…
    - Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 09:20
      
      Any time bud.
      
      Aidan.
- chickenchipsgravy on 12/09/2022 - 09:10
  
  with pre COVID valuation @ <60-70% LVR — you don't need.
  
  Today with anything other than straight forward PAYG and ALL your living expenses well documented, under control with absolutely no serviceability issues (effectively your net pay equals 1.5x all your living expenses + HEM), no valuation concerns/changes and you operate one very basic transactional account (all money/expenses in one account — not split, separated or another institution) … then use the broker.
  
  the new ubank/86400 digital assessment is sensational, their turn around times are brilliant but there is a trade off — basically whatever data is assessed is the outcome, unless you've got a broker to work their BDM over to massage the policy.
  - Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 09:20
    
    Good point, knowing my UBank BDM personally (great guy BTW), I can call on him, and as you said, above board we can work together for a positive outcome.
    
    Aidan
    [email protected]
mhc on 12/09/2022 - 09:13

UBank utilises open banking and will 'scrape' your transactions

Do I need to be worried?
- chickenchipsgravy on 12/09/2022 - 09:17
  
  +1
  
  only if you're applying as a "liar loan" or involved in money laundering? their marketing would have you believe scraping is designed to deliver expedited approval but it's really to identify undisclosed credit (cards/loans/bnpl) and hiding expenses, such as transfers to other accounts using payID in lieu of bsb/acct#, for example — bank is all about risk mitigation, hence great rates (and low losses?).
  - mhc on 12/09/2022 - 09:40
    
    Thank you. I guess you may be right.
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 09:18
  
  +1
  
  DYOR - for me it's all above board, it's just basically a quicker means of them getting your bank statements.
  
  No passwords are stored etc.
  
  Aidan
  [email protected]
- alz on 12/09/2022 - 09:39
  
  -1
  
  Huh?
  Please explain?
- pscac001 on 12/09/2022 - 11:58
  
  +3
  
  As I mentioned in another comment, Open Banking does NOT require you to share your credentials. The fact that they are misrepresenting the process and claiming that it uses the government mandated, secure Open Banking system when it doesn't, is slightly worrying.
  
  In terms of "will they steal all my money" sharing your banking credentials with a major lender is probably fairly low risk. However most banks probably have a clause in their service contracts saying that you need to keep your credentials confidential. Again the real world risk is probably fairly minor because banks don't generally like to upset customers, but they would technically be within their rights to lock or close your accounts for breaching the contract if they detect logins from a known scraping service.
  
  At the end of the day, the odds are that nothing bad will happen. For me personally the combination of breaching a contract with the company that holds all my money, the small but not exactly zero risk of having my credentials misused, plus the fact that an actual secure option exists and these companies continue to use the less secure option that encourages their customers to mishandle their credentials (presumably because it is cheaper in the short term) is enough to convince me not to use them.
markspencer109 on 12/09/2022 - 09:30

Hi Aidan,

Do they do Interest only for investments? How many properties can they refinance altogether, I have 5 - 1 OO and 4 Investments? Any charges for property valuations?

Thanks
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 09:38
  
  Hey @markspencer109,
  
  You might be keen on ME Bank here actually, at $2,500 cashback per property over $250k.
  
  Recently got an investor $15k!
  
  You're looking at 4.24% investment I/O (assuming 80%)
  
  Aidan
  [email protected]
Stonecold3419 on 12/09/2022 - 09:44
Hey Mate …

Planning to refinance 2 investment loans from
CBA ..

Would I get $3k for each loan if I move?

Would it’s be possible to get IO on both the loans ?

Would an offset account be provided with it ?

What’s the turnaround time ?

Regards
Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 09:54

Hey @Stonecold3419,

Would I get $3k for each loan if I move?
No.

Would it’s be possible to get IO on both the loans ?
Yes.

Would an offset account be provided with it ?
It can be, rates are higher.

What’s the turnaround time ?
1 day (currently)

Aidan
[email protected]
asdfasdfasdfasdf on 12/09/2022 - 09:56

Let's say I bought it at the peak of the market. Will ubank match the valuation to loan me 80% as the other bank did?
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 10:06
  
  +2
  
  @asdfasdfasdfasdf
  No.
  They will assess value at today's value, as will every lender.
  
  Aidan.
Bab on 12/09/2022 - 09:56

Hi Aidan,

I switched my loan to another financial institution a few months ago. Can I refinance again from U or it’s too early since my last switch? Thanks.
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 10:07
  
  Hey @Bab
  
  Maybe, case by case depending on your borrowing history and if Ubank sees the application as a promotion chaser. It's a real thing and have seen loans declined for it.
  
  Aidan.
PeppaCat on 12/09/2022 - 10:05

This rate is before latest 0.5 increase, right?
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 10:06
  
  That's correct.
  
  Aidan.
Heybargain on 12/09/2022 - 10:09

Hey Aidan, interested in doing a refinance comparison based on what's on offer. Will book a time in with you.
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 11:06
  
  Look forward to the chat @Heybargain
  
  Aidan.
Churna on 12/09/2022 - 10:33

Is there any ozbarginers just continually refinancing their home loans to get the cashbacks? seems like a great side hustle
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 11:07
  
  +2
  
  Yep there sure is, and they should please go direct to the bank, as a broker getting paid and then unpaid (clawback) sucks.
  
  Aidan.
  - Churna on 12/09/2022 - 11:38
    
    yeah thought this was the case, apricate the info with this deal. thanks
    - Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 20:02
      
      Best of luck @gingerale95 !
      
      Aidan
  - XXRydeR on 14/09/2022 - 08:57
    
    Oh wow, didn't know that. Just read some info about it.
    
    So brokers run the risk of being unpaid for up to 2 years from settlement should a client refinance under another broker or themselves?
    
    That doesn't give brokers much incentive to help existing clients does it.
  - knobbs on 14/10/2022 - 11:21
    
    Is refinancing every year 'bad' for the broker? Or if we refinance using the broker again do they get compensated on the next loan still?
    - Store Repfootyboy @ Blue Owl Finance on 25/10/2022 - 08:11
      
      @knobbs @XXRydeR
      
      Broker clawback generally works like this;
      
      Under 12 months - we lose 100%
      Under 24 months - we lose 50%
      
      Aidan.
      - knobbs on 25/10/2022 - 08:32
        
        @footyboy: So if I like to refinance every year for cashback, they net only 50% of a customer that stays 2 years. Should I be upfront about this or is it general consensus
webtherapist on 12/09/2022 - 10:35

is 4.99% 4 years fixed with Westpac good? any good 100% offset offer(s)?
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 11:05
  
  I like the deal, providing you won't pay an extra $10k p.a. and won't be moving for minimum 4 years.
  
  Plus, $4k CB with Westpac.
  
  Aidan.
  - ykwon10 on 12/09/2022 - 14:57
    
    on Westpac website says $2k CB only. is the $4k CB via broker only?
    - Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 20:01
      
      @ykwon10 I can get you $4k, Platinum broker too for speedier assessment times.
      
      Aidan
      [email protected]
webtherapist on 12/09/2022 - 10:43

thank you OP, booked a phone consultation with Aidan, will see how it goes :)
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 11:05
  
  +1
  
  Look forward to the chat @webtherapist
  
  Aidan.
cocomelon on 12/09/2022 - 11:08

i refinanced from CBA to HSBC like 3 months, is there minimum i need to wait until i can refinance again. also does this rate included the recent hike?
wouldyou on 12/09/2022 - 11:16

-1

No offset, deal breaker
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 13:29
  
  +1
  
  @wouldyou They have offsets at a higher rate by 0.20%
  
  Aidan
  [email protected]
jonnoyeo on 12/09/2022 - 11:18

They don't do bridging loans do they?
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 13:29
  
  @jonnoyeo
  Nope, no bridging loans here! Look at St George.
  
  Aidan
JayKrisx2 on 12/09/2022 - 11:23

Does UBank offer home loans to self employed people?
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 13:28
  
  @JayKrisx2
  Yep, they do. Looking at 2 years TRs here.
  
  Aidan
  [email protected]
  - Store Repfootyboy @ Blue Owl Finance on 15/09/2022 - 08:45
    
    Revision - no self-employed for Ubank.
    
    Aidan.
43 on 12/09/2022 - 11:32

After series of increase, might be the best time to look around.
Email sent for queries.
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 13:27
  
  Look forward to the chat @43
  
  Aidan.
BargainBogan99 on 12/09/2022 - 11:34

+2

Be prepared to share your online banking credentials - UBank utilises open banking and will 'scrape' your transactions

Excuse me WTF
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 13:26
  
  +1
  
  Haha, fair comment. Login details do not need to be shared on OzB, only with Ubank…
  
  Aidan.
pscac001 on 12/09/2022 - 11:43

+2

If they are asking for your banking credentials (as opposed to having you log into your bank and generate a one-time password) then they are NOT using Open Banking.

The whole point of Open Banking is that you will never need to share your credentials. You can find info on how Open Banking really works here: https://www.cdr.gov.au/how-it-works
- Tyrx on 12/09/2022 - 21:43
  
  Can we call it CDR rather than open banking? Calling that scheme 'open banking' is a tragedy because it's a bureaucratic walled garden. There are very good reasons why scrappers are still used, and why some financial institutions are snubbing the government over that shit cdr scheme.
OhNoUShiz on 12/09/2022 - 19:39

I am currently with Ubank, can i refinance with them to get the cashback? :)
- Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 20:00
  
  +2
  
  @spedohero nope, afraid not!
  
  St George will pay you $4,000 though 😉
  
  Aidan
  [email protected]
  - OhNoUShiz on 12/09/2022 - 20:02
    
    Do you recommend St George? Its on my one of the lender list to consider. Thanks.
    - Store Repfootyboy @ Blue Owl Finance on 12/09/2022 - 21:01
      
      +1
      
      @spedohero
      Personally love dealing with StG, I'm a Platinum broker there too, so my clients get 24 hour assessments.
      
      Aidan
      [email protected]
ntienvu on 12/09/2022 - 21:58

I am curious if using Interest-Only (instead of Principal and Interest) mortgage can help us to increase the borrowing power?
- Store Repfootyboy @ Blue Owl Finance on 13/09/2022 - 09:39
  
  +1
  
  No, the opposite, as the loan is assessed on the remaining P&I term.
  
  E.g. 30 year loan, 5 years I/O.
  
  This will be assessed on whether you can afford to repay the P&I repayments on the remaining 25 years.
  
  Aidan
  [email protected]

This was posted 2 years 2 months 10 days ago, and might be an out-dated deal.

ubank Home Loan & Refinance Cashback Offer: $4,000 Back on Loan $1 Million & over, $3,000 Back on Loan $250,000 & over

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