Australian Unity is a member-owned bank offering banking, health insurance and investment products. Australian Unity has home loans for investors and owner-occupiers, including fixed and variable rates. Check out the full table of Australian Unity products below or read more about the lender and its loans.
Compare Australian Unity home loans for January 2024
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Australian Unity is a member-owned bank, meaning it is run for its members and not for profit.
You need at least a 20% deposit to get most Australian Unity home loans, but there are some options for borrowers with smaller deposits. Some of the bank's most competitive rates require deposits above 20%.
In addition to home loans, Australian Unity also offers bank accounts, health insurance, credit cards and a range of other services.
Here are the key features and details you need to know about Australian Unity's mortgage products.
Feature
Details
Minimum deposit
Many Australian Unity loans have 80% maximum LVRs. This means you can borrow up to 80% with an Australian Unity mortgage. But there are some loans for borrowers with low deposits (that is, deposits below 20%).
Offset account
You can get an offset account on some loans, including variable rate package loans.
Most Australian Unity mortgages allow you to split your loan into fixed and variable portions.
How do I apply for an Australian Unity mortgage?
When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.
Eligibility
Each Australian Unity product has specific eligibility criteria but some will apply to all products. For example:
Age. You must be over 18 years of age.
Residency. You should be a resident of Australia.
Employment. You should have a regular source of income.
Documents required
When you apply for a mortgage with Australian Unity you are required to provide certain information, so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:
📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).
If you want to compare loans from similar lenders to Australian Unity then you can start with these large online brands, small banks and credit unions:
Auswide. This small bank is based in Bundaberg, Queensland.
Mortgage brokers. Still confused? Get free, expert guidance from a qualified mortgage broker.
More home loan questions
To make sure you find the right Australian Unity loan you need a clear idea of what you're looking for in a mortgage. These simple questions can help:
What do you need the loan for? If you're buying a home to live in you need an owner-occupier loan. Property investors need an investment loan. Australian Unity has both.
Fixed or variable? Do you want the flexibility of a variable rate loan that could rise or fall at any time? Or are you happy to lock in a fixed rate for a certain period so you can forget about rate changes entirely?
What features do you need? You have to decide whether you need features like a 100% offset account, the ability to make extra repayments and the option to split your rate.
Home loan pre-approval is an optional step in the application process that some lenders offer. Pre-approval means a lender has examined your savings, income and spending habits and has a rough idea of how much it could lend you. It's not the same as full loan approval and it's no guarantee that the lender will ultimately approve a full application. But it does allow borrowers to start looking for a home with more confidence and a clearer idea of their borrowing power.
Pre-approval is not something every lender offers, but many do.
Most Australian borrowers bank with one of the Big Four banks (Commbank, ANZ, Westpac and NAB). You might have some concerns about getting a loan from a smaller lender you've never heard of. But there's no reason to worry just because you've never heard of a lender before.
In Australia, banks and lenders are regulated by the Australian Prudential Regulation Authority (APRA) or the Australian Securities and Investments Commission (ASIC) and must comply with the National Consumer Credit Protection Act.
Australian Unity is an authorised deposit-taking institution (ADI). This means customers with money deposited in an Australian Unity savings account benefit from the deposit guarantee scheme. This federal government scheme guarantees a customer's savings up to $250,000.
Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down. A variable rate usually offers more flexibility in how fast you can repay the loan and the cost of refinancing.
A fixed rate loan offers total certainty about your rate, for the fixed period. This means it won't rise, costing you more. But if your lender starts lowering rates you won't benefit either. Refinancing a fixed rate loan means breaking the loan, because you've agreed to a specific rate. This means you may have to pay a fixed rate break fee.
Mortgage brokers are home loan professionals who can help you find a suitable loan. A broker typically charges you no fee, because they receive a commission from your lender. Brokers are great if you are short on time or find the whole process of researching and applying for a home loan confusing. But you can definitely do it yourself and find a good loan. You may even find a better deal. That's because brokers don't compare loans from every lender in the market. They have access to a panel of loans and often don't have smaller online lenders in their panel.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.
If you are looking for a home loan that helps build your investment portfolio look at the Australian Unity Wealth Builder Investor Home Loan as a possible option.
As an online lender that also has insurance products, the Australian Unity Kickstarter Home Loan offers no ongoing fees as well as discounts off insurance products from Australian Unity.
The Australian Unity Health, Wealth and Happiness Fixed Rate Home Loan is offered to borrowers looking for funds to purchase an owner-occupied home. It combines no ongoing fees with a 100% offset account and a range of other flexible features.
The Australian Unity home loans are available for refinancing. Transfer costs will actually depend on the specific loan that you choose. If you’d like, you can use the switching costs calculator to help give an indication.
For information about eligibility, I’d recommend that you get in touch with Australia Unity directly.
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Hi there,
I currently have 3 home loans with WBC.
Can I change from Westpac to unity and how much are transfer costs? Thanks
Lara
Hi Lara,
Thanks for your question.
The Australian Unity home loans are available for refinancing. Transfer costs will actually depend on the specific loan that you choose. If you’d like, you can use the switching costs calculator to help give an indication.
For information about eligibility, I’d recommend that you get in touch with Australia Unity directly.
Cheers,
Shirley