Original ubank FAQs

Info on original ubank products

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

What is a loan split (UHomeLoan)?

A loan split is when you decide to split your home loan into two or more loan accounts. You can also create a new split loan when you increase your lending on your UHomeLoan.

For instance, if you hold a variable loan for $500,000 you may request to fix $100,000 and leave the remainder as a variable loan. As we are creating a new loan account for the fixed loan, this would be referred to as a new loan split. Some of our borrowers may opt to do this to assist in organising their banking and repayments.

There are conditions in place when creating new loan splits. You may create up to four home loan splits for each mortgage, with a minimum current balance of $20,000. Here’s an example to understand: A customer has a current balance of $30,000. They are requesting the loan to be split, however, we would be unable to process this as each split requires a current balance of $20,000, so the total starting figure would need to be $40,000.

You may choose to structure your loan in various ways to take advantage of the benefits of loan splits.

For instance, if you are wishing to create a fixed rate split (to take advantage of repayment certainty) you could do this by completing our Variable to Fixed Rate Change Request form.

If you are wishing to create new variable rate splits, simply print, complete, hand-sign, and return the Variable Home Loan – Repayment & Loan Split Changes Request form to the email address noted on the form.

Our Team will be in touch once the amendments have been made.

We will also be unable to process any request where the rate noted on the form does not match the rate advertised on our website on the day we received your form (this only applies to forms where an interest rate is required to be noted).