Skip to the buying bit with Ubank’s 10% deposit home loans
Interest rates with 90% LVR
Here’s all our interest rates for 90% LVR home loans
VariablePrincipal and interest (P&I)
Home loan | ||
|---|---|---|
Neat variable | 6.99% | 7.01% |
Flex Variable | 6.99% | 7.22% |
Avoid LMI at Ubank
What is LMI?
Lenders Mortgage Insurance (LMI) is a one-off insurance payment, usually charged on home loans where the borrower has a deposit lower than 20% of their property value (or 80% LVR). LMI protects the lender, not the borrower, for home loans that are considered higher risk. Typically, the more you borrow, the more the cost of LMI goes up.
Ubank doesn’t charge LMI on any of our home loans, even if you’re coming with a lower deposit. It’s our way of backing people who have the income to make a home loan work, but don’t have a 20% deposit yet.
You can apply to buy with Ubank as an Owner Occupier or Investor for home loans with principal and interest (P&I) repayments, as long as you have at least a 10% deposit. Or you can refinance Owner Occupier loans with P&I repayments to Ubank, as long as you have at least 15% equity (or 85% LVR).2
Property Value | 10% Deposit | Loan Amount | LMI Payable |
|---|---|---|---|
$500,000 | $50,000 | $450,000 | $8,680 |
$1,000,000 | $100,000 | $900,000 | $22,392 |
$1,500,000 | $150,000 | $1,350,000 | $36,858 |
Compare our home loan options
Home loans, like homes, aren't one-size fits all
Home loans comparison table
Ready to take the leap with a 10% deposit and no LMI?
Tips and guides
Tips to get you closer to your property goal
All the fine print
