Up Bank New Home Loans

guppyshmuck on 27/10/2022 - 14:39

Currently on Variable 4.94% with HSBC. Thinking of switching to new Up Bank home loan with a Fixed rate, considering the rates are projected to rise into 2023. I know nobody has a crystal ball but I am trying to decide between 1-2 year fixed rate and would love some classic OzBargain Financial Advice

Details here

Up Home Variable Annual and Comparison Rate

4.70% p.a.

Up Home Fixed Term

Term Annual Rate Comparison Rate
1 Year 5.10% p.a. 4.74% p.a.
2 Years 5.65% p.a. 4.88% p.a.
3 Years 5.80% p.a. 5.00% p.a.
4 Years 5.90% p.a. 5.12% p.a.
5 Years 5.95% p.a. 5.23% p.a.

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Comments

  • silo on 27/10/2022 - 15:40

    Not sure about fixed, but pretty sure there are better deals on the variable side. 4.70% isn't terrible, but certainly not the best. I'm with CBA (direct) and am currently on 4.49% with the offset product.

  • WreckTangle on 27/10/2022 - 15:55

    How come the comparison rate is lower than the annual rate?

    • miwahni on 27/10/2022 - 22:09
      +1

      Because the variable rate is lower than the fixed, and that's the rate it will revert to at the expiry of the fixed rate term.

  • DingoBilly on 27/10/2022 - 16:11

    No-one knows unfortunately and so it's hard to tell.

    It's worth contacting HSBC directly though and asking them about your home loan. I just refinanced to them and I'm paying 4.49% variable (investment home, >60% of value, including an offset), so your rate seems quite high.

    • guppyshmuck on 28/10/2022 - 08:14

      I've just had all the price hikes passed on to me started at 2.7% or something. Thinking of just locking in for a year to stop the bleeding slightly as things are projected to get worse

  • Wiadro on 27/10/2022 - 21:46
    -2

    i have 4.04% with unloan

  • T-man on 27/10/2022 - 23:04
    +1

    Has anyone applied? If yes, how was the application process? And how long?

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