Ubank Neat Home Loan - Owner Occupied - Variable

Ratings

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About this rate option

The Ubank Neat Home Loan offers a variable rate of 6.69% (comparison rate 6.71%) for owner-occupiers making principal-and-interest repayments. The variable rate can move if Ubank changes its rates, and repayments gradually reduce the loan balance over time. This option applies to loans up to 85% of the property value, meaning a deposit of at least 15%. The loan has no ongoing annual fees and includes a redraw facility with the ability to make extra repayments, though no offset account is available.

This summary was generated from Ubank’s published product data for this specific rate option. Always confirm current rates with the lender.

About Neat Home Loan

Key Features

While it does not have the convenient that comes with an offset account, but $Neat Home Loan comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.

Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.

LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.

Fees & Costs

Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.
There is upfront costs of $250 to apply for Neat Home Loan, with no ongoing account keeping fees.
Ubank charge a discharge fee of $300, which covers the cost for removing the mortgage that has been registered on the title of your property.

Borrowing Limits

An LVR of 85% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.

Eligibility

Interest only repayment option is not available with Ubank Neat Home Loan for buying next home.
Interest only repayment option is not available with Ubank Neat Home Loan for first home buyer.
Interest only repayment option is not available with Ubank Neat Home Loan for refinance.

💡 Tip: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.

IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Ubank or a mortgage broker just to be sure. This information should be used as a guide only.

Other rate options for Neat Home Loan

Refinance Variable · Principal & Interest 0 Years · 60% LVR

6.09%

Refinance Variable · Principal & Interest 0 Years · 70% LVR

6.19%

Refinance Variable · Principal & Interest 0 Years · 80% LVR

6.19%

Refinance Variable · Principal & Interest 0 Years · 85% LVR

6.64%

Investment Variable · Interest Only 0 Years · 60% LVR

6.40%

Investment Variable · Interest Only 0 Years · 70% LVR

6.44%

Investment Variable · Interest Only 0 Years · 80% LVR

6.49%

Investment Variable · Principal & Interest 0 Years · 60% LVR

6.19%

Investment Variable · Principal & Interest 0 Years · 70% LVR

6.24%

Investment Variable · Principal & Interest 0 Years · 80% LVR

6.29%

Investment Variable · Principal & Interest 0 Years · 85% LVR

7.04%

Investment Variable · Principal & Interest 0 Years · 90% LVR

7.14%

Frequently Asked Questions

Are there costs when I exit or refinance to another lender?

Ubank charge a discharge fee of $300, which covers the cost for removing the mortgage that has been registered on the title of your property.

Does Ubank Neat Home Loan comes with an offset account?

No, Neat Home Loan does not come with an offset account. Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.

Does Ubank Neat Home Loan comes with an offset account?

No, Neat Home Loan does not come with an offset account. While it does not have the convenient that comes with an offset account, but $Neat Home Loan comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.

What are the costs to apply for Ubank Neat Home Loan?

There is upfront costs of $250 to apply for Neat Home Loan, with no ongoing account keeping fees. Settlement fee: $250

Fees

Application fee

Important Information

Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Ubank or a mortgage broker just to be sure. This information should be used as a guide only.