New UHomeLoan (Refinance) Customers Apply before 20 Dec 2012 - $500 EFTPOS Gift Card

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ubank

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  AngryMan on 03/12/2012 - 13:48

  Note this is for REFINANCING only, it's easy to miss this clause in the wall of text.

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  wisc on 03/12/2012 - 13:58

  +2

  tell us the interest rates son! (they are more important that a crumby 500 bux which can be eaten up in a couple few months - or less!)

  (5.47% p.a. Variable & comparison rate Includes 0.10%p.a. Upfront Discount Offer. Apply by 20 December 2012. - nice, though from memory you need 20% or more equity…ahh there it is: Max. LVR is 80%)

  • 

    hunter108 on 03/12/2012 - 14:43

    Sorry mate. Should have included the Rate.

    Comp. Variable Rate: 5.47%
    3 yrs Fixed Rate: 5.13%

    uBank still has the lowest fixed / variable homeloan rate compare to other lenders.

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  c64 on 03/12/2012 - 14:30

  for the first time in many years my ubank account is empty

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  blah-blah on 03/12/2012 - 14:33

  if apartment within 5km of city sometimes need 25% equity …also note they did have 0.20% discount on their variable rate previously, which is currently only 0.10% discount

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  h4lcyon on 03/12/2012 - 15:03

  I went with ubank last time they had a promo, and the sign-up process was not the smoothest, mainly because of the pain you have to go through every time you want to call them, it goes like this :

  • Make the call, be on hold for ages
  • Get through to someone, they tell you no one is available to help you and would you like a call back?
  • Wait for the call back (usually on time), explain the situation again even if you've already explained it and hopefully get it resolved

  So depending on how many interactions you need to have, it can be painful.

  • 

    hunter108 on 03/12/2012 - 15:39

    I have just submitted my application in November, i didn't wait too long on the phone before i can talk to someone, in fact they were pretty quick to answer their phone once I have selected the right option. They all seems to be able to answer my general question. I will give them 5 stars for the phone support.

    • 

      h4lcyon on 03/12/2012 - 19:19

      Sounds like things have improved since July, I was rarely able to speak to a loan specialist the first time. My questions were quite specific, related to the loan application or process.

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  megaloman on 03/12/2012 - 15:05

  If only Ubank has offset account, I would've switched.

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  devilbabies on 03/12/2012 - 15:42

  +1

  UBank dropped their savings account interest rate from 5.71% down to 4.91% (a 0.8% drop) when the RBA only dropped 0.25%.

  I wouldn't trust them (or the NAB) based on this behavior.

  • 

    samfisher5986 on 03/12/2012 - 16:03

    +1

    Is there currently another bank with a permanent better rate and without any downsides compared to ubank?

    UBank seem to always aim to beat other banks, just not by much…

    • 

      chris449 on 03/12/2012 - 17:36

      If you can't keep up the $200 deposit, Virgin Money is one I can think of that is better.

      • 

        samfisher5986 on 03/12/2012 - 20:29

        The $200 can be returned to your account every month, you just need to have $200 worth of savings, something you should have if you have ubank..

    • 

      ifonlyiwasyounger on 03/12/2012 - 17:59

      How about Citibank's current on-line saver offer? - "A great variable introductory rate of 5.35% p.a.for the first 4 months from your account opening, on balances less than $500,000."
      http://www.citibank.com.au/aus/banking/savings_accounts/citi…

      • 

        samfisher5986 on 03/12/2012 - 20:29

        Not worth it for 4 months unless you have a lot of cash and free time.

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  heroheroz on 03/12/2012 - 15:44

  I am in the same boat thinking to switch, however ubank dont have offset account. I dont have much cash in offset tho, but I know it is a good to have feature. Is there an equation to calculate how much money in offset account = how many % interest rate's saving?

  • 

    mick123 on 03/12/2012 - 16:03

    if the house/apartment is not an IP, just use their redraw facility, I think there are no fees for redraw etc.

    I am actually looking to refinance, but since its an IP I want one with offset.

    • 

      nimbin2k on 05/12/2012 - 01:38

      Apologies to go off-topic here, but i'm confused as unless you have surplus funds from the IP loan, this makes no sense… An offset would decrease the amount of interest you pay on the IP loan (the interest being tax deductible) - if it's your personal cash, put in the highest interest account you can, you'll be better off in the end! It might only be a few dollars at the end of the day, but that's what being an OzBargainer is all about.

      • 

        mick123 on 05/12/2012 - 09:00

        +1

        hi numbin, that would be ok, but you pay tax on the interest you earn on a savings account.
        As loan interest is generally higher than savings interest, you would be better off saving on a higher rate of interest than earning on a lower rate of interest.

        yes, i am talking about if you have surplus funds.

  • 

    nimbin2k on 05/12/2012 - 01:53

    I haven't seen one personally (but then again haven't looked)…

    The offset % rate saving is essentially the home loan interest rate, which 1) is usually/always higher than a savings account rate and 2) the funds are deducted from the balance of the loan before interest is calculated.

    The last part there means that tax isnt payable on the 'savings' generated by the offset, whereas with a savings account you 'earn' interest and therefore have to pay tax on the earnings.

    Disclaimer: Tax advice is not my thing, I am not qualified in any actual rules as such, just trying to help as I see it.

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  nimbin2k on 05/12/2012 - 00:59

  So many strings attached it sounds more like a bribe than an offer… However a good deal if it suits someone's needs. I prefer to go through a broker that will give me some money for my business instead of claiming an offer of a 'free' service while they pocket ongoing commissions for basically no work (or nothing more than i could do by a quick google search with some exceptions)- i haven't looked lately, but a couple of years a go, a number of brokers were offering the same (in cash however) if not more just for going ahead with a mortgage application (not just refinance) - obviously same deal whereby settlement needs to be actioned, but in my opinion you cant beat a broker willing to part with their money and do some research for me compared going to a particular bank itself where they keep the settlement commission and trailing commissions themselves.

  Good post OP!

  • 

    hunter108 on 05/12/2012 - 14:45

    i was thinking the same but don't think broker can beat the rate. It will be good if they can beat or match uBank rate and still offer mthly cash back to us. It will be worth to post it here if found, Bargain and free ads for the broker!!!

  • 

    h4lcyon on 05/12/2012 - 19:54

    I also looked at broker loans before deciding on ubank, the brokers could not offer the same rate with free redraws and no fees.

    The best they could offer was 'more features' for more money, something I didn't need.

    I think this loan is for people who know what features they want, and can work with the structure.

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  CyberMurning on 12/12/2012 - 23:17

  Ubank wont pat commission to brokers o no brokers will offer/tell you Togo with ubank :)