ubank FAQs

Info on current ubank products

This FAQ is related to a current ubank product. Head to our help centre if you want info about original ubank products that new customers can no longer access.

What happens if I or another borrower default on loan repayments?

Whether you or another borrower defaults on loan repayments, you’ll both be held equally liable because you have entered a loan agreement together. This means you’ll both be responsible for any associated default costs.

If your loan repayment is overdue, we’ll charge you additional interest on the overdue amount until it’s paid. This interest is calculated daily at the current overdue rate divided by 365. The current overdue rate is the annual percentage rate (APR) plus an extra 2.00% p.a.

If a full repayment has not been made more than 14 days after the due date, then a $10 missed payment management fee will be incurred.

If a full repayment has not been made more than 30 days after the due date, you may also be charged $40 for a Default Notice Fee.

If you’re having trouble repaying your mortgage, please give us a call on 13 30 80 as soon as possible so we can try to help you out.