$4,000 - $5,000 Home Loan Refinance & Property Purchase Cashback (Minimum $400,000 Loan) @ ubank

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AssociatedMortgage Broker @ Lending Clinic on 28/02/2023 - 17:08 ubank.com.au (710 clicks)
Last edited 04/03/2023 - 10:50 by 1 other user

Hello OzBargainers,

Hope you're all doing well.

An online bank called "ubank" is one of the few who's doing cashback for property purchases, as well as refinances.

They also issue a fully assessed pre-approval, giving you more confidence when buying a property.

Now they can offer 35-year loan term for both property purchase and refinance, giving you a borrowing power boost, and more buffer with the minimum monthly repayments in case interest rates keep going up.

With their new cashback offer which kicks off on 1 March 2023, customers can enjoy cashback when they purchase or refinance on an eligible 'Neat' or 'Own' ubank home loan with a minimum loan of $400,000 and an LVR of 80% or less.

How it works:

• $4k cashback for loans between $400,000 and under $1m
• $5k cashback for loans of $1m or more
• Apply between 1 March 2023 - 30 April 2023 and settle by 30 June 2023
• Not available for refinances within the NAB Group (which includes Citibank)

Interest Rates:

• As interest rates keep changing, best to check out their website for updated rates.
• It currently starts from 4.99% (CR 5.01%), for the basic 'Neat' owner-occupied loan without offset account, LVR <=60%.

On top of ubank's offer, we also have our own broker cashback & holiday accommodation voucher 😀

We look forward to helping you save money, or buy a property!

Arman Soetanto
M: 0431 825 128
E: [email protected]
W: www.lendingclinic.com.au
Lending Clinic Pty Ltd (Credit Representative Number 511270) is authorised under Australian Credit Licence Number 384704

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• 

  knuckle8 on 28/02/2023 - 17:35

  +2

  $4k cashback for loans between $400,000 and under $1m

  Wow that used to be 250K for $4000

  • 

    em on 02/03/2023 - 09:36

    I'm extremely nervous now since we settle on our Ubank refinance today @ $390,000. Would have set the date earlier if I'd known they were going to change it, or asked for $10,000 more.

    • 

      AssociatedMortgage Broker @ Lending Clinic on 02/03/2023 - 20:34

      If you settled today, that will be fine… you would be under the previous offer when you submitted the loan application.

      • 

        em on 28/03/2023 - 12:56

        Thanks - it did end up coming through, during our trip to Japan :) so it was great timing!

• 

  tunzafun001 on 28/02/2023 - 18:00

  +1

  Anyone got a decent "retention" payment lately?

  I asked for my discharge paper work from CBA, and they gave me $1000 and matched HSBCs rate if I would stay on for 100 more days. That is now up.

  With the rate rises, they are printing money. So would expect more than $1000 now.

  • • 

      Aureus on 28/02/2023 - 19:36

      Banks do offer more.

      I am sure they have done the math on how many people stay with them after the bonus and what ROI they get from the offer.

    • 

      tunzafun001 on 28/02/2023 - 19:42

      "Why would I expect more?"

      Because our ecomonic control mechanism (using banks/ interest rates) is broken.

      So CBA 'borrowed' funds at around 1.5% to service my loans. RBA has now green lighted them to charge 5.5% (or more) for those same funds. So I know they are now making $1000s more on the same loan.

  • 

    PeppaCat on 28/02/2023 - 18:34

    how much is your loan? usually cba is offer 3000 for staying with them

    • 

      tunzafun001 on 28/02/2023 - 19:44

      Sounds like I swung too early and accepted.

      I have 3 loans with them @ around $400k.

      Yes, there are still 3 bedroom houses in Australia under $150k.

      Cheers for the intel. Good to know $3k is doable.

  • 

    Keplaffintech on 28/02/2023 - 19:45

    With the rate rises, they are printing money.

    Not sure I follow, their funding becomes more expensive too when rates rise (they have to pay more interest on savings).

    • 

      tunzafun001 on 28/02/2023 - 20:00

      Yeah of course, but thats still "new money" they can still borrow at a lesser rate.

      Besides that, the only people getting a 'decent rate' would be those locking in a term deposit, and not many would be locking in anything at the moment.

      But dont even worry about all that. Simply look at the banks quarterly profit reports. Records are being broken..

      Which in turn goes to share holders. Share holders can spend this money on whatever they want. So really, inflation hits the pockets hard in those who cant afford bank shares, while at the same time giving those with a nice portfoio a chance to spend up bigger than ever.

      So the current inflation control is really a weath divider, and those who dont own parts of a bank might get a piece of the pie by asking for a retention payment, or refinancing to a bank who will.

• 

  JointyJay on 28/02/2023 - 18:17

  +1

  Perhaps just personal experience (maybe not based on productreviews.com.au) but even for $4000 cashback I would be hesitant to go anywhere near Ubank. They completely borked the merger with 86 400. My personal experience has been support being near impossible to reach, agreed interest rates were not applied on loans as agreed, and even complaints received no reply.

• 

  Vorsprungdurchtech on 28/02/2023 - 18:24

  +1

  This is an extension of their current cashback deal that has been around for a number of months and was due to end today, i just submitted my application this morning.

• 

  XXRydeR on 28/02/2023 - 18:27

  I just refinanced with ING with $3k cashback and $1k from my broker with a rate under the 4.99 UBank is offering and free offset.

  Guess it comes down to how hard your broker pushes and what kind of relationship they have with the bank.

  • 

    TheBargainShopper on 28/02/2023 - 19:39

    Would you mind sharing the contact details of your broker please?

  • 

    valleyrain on 28/02/2023 - 20:20

    +1

    More importantly, what's your comparison rate? Aren't you paying the $299 annual fee?

    • 

      Kammi on 28/02/2023 - 21:40

      Isn't ubank $250 annual fee?

      "Ongoing fees
      Annual fee
      To manage the account and process any requested variations to your loan. Debited every year on the anniversary of the date we first give you the funds.
      $250 per year"

      Even though I applied for the Neat Variable 🤷‍♂️

      • 

        valleyrain on 01/03/2023 - 09:23

        It was in response to the ING offer. ING's offset product Orange Advantage has a $299 yearly fee.

  • 

    Kammi on 28/02/2023 - 21:44

    Min is $350k, who's your broker!

• 

  Nalar on 28/02/2023 - 18:34

  I thought Ubank didn't work with brokers?

• 

  dirtyhen on 28/02/2023 - 19:36

  What about 95% LVR?

  • 

    AssociatedMortgage Broker @ Lending Clinic on 28/02/2023 - 20:52

    ubank goes up to 85% LVR but no cashback if above 80% LVR.

• 

  relicsinner on 28/02/2023 - 20:48

  Would I be eligible if I refi from Citi?

  • 

    AssociatedMortgage Broker @ Lending Clinic on 28/02/2023 - 20:52

    Not from Citi to ubank, they're both owned by NAB. But some other banks such as ANZ and St George can do $4k cashback.

• 

  Kammi on 28/02/2023 - 21:47

  Fwiw, I submitted an application to ubank on 04/02/2023 and haven't heard anything from them…

  • 

    AssociatedMortgage Broker @ Lending Clinic on 01/03/2023 - 09:49

    ubank has been quick for us recently. They may have a separate team for direct applications, perhaps also a sales team who needs to do some work before the application gets submitted for credit approval (we do the sales work for you and go straight to credit).

• 

  uggugg on 01/03/2023 - 13:18

  The old Ubank (before the merger/takeover of 86400) didn’t accept applications if one or more applicants was self employed. Does the “new” Ubank have this restriction ?

  • 

    AssociatedMortgage Broker @ Lending Clinic on 01/03/2023 - 13:32

    Yeah still the same. Tax returns are too complicated too decipher. But if your business is a company and you pay yourself consistent salary, they can consider.

• 

  oshe on 12/04/2023 - 16:19

  how quick after settlement do you get the cashback? i know it says 60 days but in the past I have received it within a month from other banks

  • 

    AssociatedMortgage Broker @ Lending Clinic on 12/04/2023 - 22:35

    Ubank is usually pretty quick, 1-3 weeks.

  • 

    em on 13/04/2023 - 09:30

    We received ours in a few weeks.

• 

  oshe on 13/04/2023 - 12:56

  great thanks