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Unloan variable home loan
Unloan is backed by the Commonwealth Bank. This home loan is for refinancers only and has a low variable rate with a built-in discount.
Unloan is an online lender backed by the Commonwealth Bank. This online home loan offers refinancers a low variable rate and a quick online application. It has rates for investors and owner-occupiers.
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Review by
Richard Whitten
richard.whitten@finder.comRichard 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.
Expert review
Unloan's digital mortgage is a good pick for refinancers who are looking for a low rate above everything else, and a quick online application. It's especially suited to borrowers who don't need offset accounts and just want to focus on a cost-effective mortgage they can manage online.
About this loan
What are the features and benefits of the Unloan variable home loan?
- Loan purpose. The Unloan variable home loan is available for borrowers who are refinancing an existing owner-occupier or investor loan.
- Rate discounts. Unloan applies a 0.01% rate discount every year of the loan. This works out to be a 0.30% discount in the final year of a 30-year term.
- Loan-to-value ratio. You can borrow up to 80% of your property's value.
- No fees. Unloan doesn't charge any fees, although you may have to pay a mortgage registration fee to the government at settlement.
- Extra repayments and redraw. This loan lets you make unlimited extra repayments and redraw.
How to apply
To apply for this home loan or learn more about it, click the green button and follow the steps to connect with Unloan and start an application.
January 8, 2024
UNLOAN is not in the following ADI list.
https://www.apra.gov.au/list-of-authorised-deposit-taking-institutions-covered-under-financial-claims-scheme
What happens to the mortgage if they go under?. CBA come to the rescue?
January 9, 2024
Hi Andrew,
Unloan doesn’t offer offset accounts on its loans. So you can’t build up savings in the loan. So if it did go under you wouldn’t lose any money.
If Unloan did go under they would be acquired by someone (or maybe your loan would simply become a Commbank loan?) and you would continue making repayments as normal.
January 9, 2024
Hi Andrew,
Many online lenders don’t have an ADI license, as they’re not in the business of providing savings accounts or term deposits.
If a lender goes out of business, their “book” of lending will get taken over by another lender. Given Unloan is owned by CBA, it would be likely they would take over the book.
Hope this helps!
November 25, 2023
Is the Unloan loan rate a Tag rate to the RBA rate
December 14, 2023
Hi Miguel,
Every lender has the ability to make interest rate decisions based on their own policies and requirements. When the RBA changes the cash rate, this changes how much the bank “pays” to access funds. If the RBA lifts rates, the bank pays more to access funds to lend on to customers, and most banks pass on those interest rates increases in full so it doesn’t hurt their profit margin. When the cash rate is cut and it costs lenders less to access funds, they may pass on the rate cut in full, or keep some of it to increase their profit margin.
It is at the discretion of the bank or lender, so there are no guarantees that Unloan will move exactly in sync with the RBA or not.
Hope this helps!
November 8, 2023
Hi if you have started to work for yourself how long is it advised to wait till applying for refinancing a loan?
November 9, 2023
Hi there, Usually banks and lenders like to see at least 2 full financial years’ worth of financial documents. However your ability to a loan approval depends on a number of factors, so it’s worth contacting the lender and asking what your options are. They may be able to assess you without properly processing the loan application, therefor not impacting your credit rating.
Hope this helps!
August 20, 2023
Hey can you advise when the date mixed to its current 5.74%? Does this include the latest rate rise movement from the RBA? (It would be really handy to see a graph of the interest rate for each loan so it were easy to follow timing of movements to make comparisons easier)
August 21, 2023
Hello,
Yes the current rate includes the most recent cash rate increase.
June 16, 2023
I applied for a loan about two weeks ago. Have asked for an update but have received nothing. Please can someone provide me with an update.
June 16, 2023
Hi Catherine,
This is a review site, we’re not affiliated with Unloan. You’ll need to contact their customer support team directly for an update on your loan:
You can chat them live any time between 8am – 8pm (AEDT), 7 days a week via their website.
Or Call anytime on 1300 630 000 to request a callback.
Hope this helps!