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  • Do more with your home loan

    A UHomeLoan gives you options. Make your loan work for you.

01

Managing your home loan

When you have a UHomeLoan you have flexibility.

My UHomeLoan, conveniently online

My UHomeLoan is an online tool for managing your loan. You can keep track of payments, transactions and balances, transfer funds, redraw and more whenever you like.

To access your home loan, log in to Online Banking and click ‘Manage’ in the ‘My UHomeLoan application’ box. Here you’ll need your unique Loan ID and PIN.

Loan ID: enclosed in your Welcome Pack sent after you reach settlement. 

PIN: posted to you shortly after the Welcome pack.

If you misplace or forget your Loan ID or PIN, please call us on 13 30 80 and we’ll sort it out for you.

 

In My UHomeLoan, you’ll be able to:

  • View account details
  • Check your balance and interest
  • Monitor repayments and change frequency and amount
  • Manage payments
  • View recent transactions
  • Download statements instantly
  • Redraw funds if you have a variable rate UHomeLoan and you’ve made extra repayments
  • Obtain BPAY® details to transfer money in to your UHomeLoan
  • Transfer between loan splits provided loans are for the same property
  • Update contact details
  • Change your PIN
     

You will need to call us on 13 30 80 if you wish to:

  • Change payment date
  • Recalculate minimum repayments
  • Perform a funds transfer over $20K from another UBank account held in your name, e.g. from your USaver savings account to your UHomeLoan
  • Increase your loan amount (aka ‘top up’ your UHomeLoan)
  • Lower your facility amount to stop yourself accessing redraw funds
  • Request security substitution (portability)
  • Request pay out figure for fixed/break costs
  • Add/remove a borrower from the loan- Change address (for home loans with two borrowers, both will have to call to request the change)
  • Request a new PIN

02

Managing your repayments

How to repay your UHomeLoan

Making repayments

The easiest way to manage your loan repayments is by direct debit from a linked account. That way, payments happen automatically and on time.

You would have nominated an account to link to your UHomeLoan when completing the loan contract, so this will be set up for you automatically in My UHomeLoan. The hard work is done!

There are a range of other repayment options to choose from if this method doesn’t suit you, but we’ll still need you to have a direct debit set up should your circumstances change. 

Before you change the way you make repayments, please call us on 13 30 80 as we need to help you make it happen.

 

  • When you open your account we’ll give you your BSB and Account Number.

    You can then transfer funds from your chosen bank account to your UHomeLoan. Please check with your bank first as restrictions may apply.

    How to change the Direct debit account linked to your UHomeLoan

    Simply complete the Direct Debit Request form and return it to us. Too easy!

    Be sure to nominate a bank account that allows direct debits such as USaver Ultra. USaver savings accounts can’t be linked to your UHomeLoan account.

  • Transfer funds electronically using the BPAY® Biller Code and Reference Number specific to your UHomeLoan. You can find this enclosed in your Welcome pack and online in My UHomeLoan.

  • You can make repayments by having your salary credited to your UHomeLoan.

    Provide your UHomeLoan BSB and account number to your employer and make sure your salary goes into the account at least two business days before your repayment is due.

    If you’d like your salary to offset your repayments, please give us a call.

Change your loan repayments

If you are making principal and interest repayments on your variable or fixed[01] UHomeLoan, changing the frequency and amount of your ongoing repayments is quick and easy.

Log in to My UHomeLoan > Payments > Ongoing payments > Edit ongoing payment

Select the frequency of payments and your existing or new repayment value – that’s it, you’re done.

The change will take effect after the next scheduled payment.

If you wish to change the payment date, you will need to call us on 13 30 80 and we’ll get it sorted.

If you are making interest only repayments on a variable or fixed UHomeLoan, you can only make monthly payments.

[01] Break costs may apply if you repay all, or any part, of your fixed UHomeLoan early.

Increase your regular repayment

As long as you can afford it, paying more than the minimum repayment is a smart way to get on top of your home loan – you could save interest and reduce the life of your loan. You can easily increase the amount of your repayments at any time if you have a variable rate UHomeLoan.

Simply call us on 13 30 80 and we’ll arrange this for you.

If you have a fixed rate loan, you may be able to increase your repayments but you could incur break costs. Please call us if you would like to discuss your options.

Make an extra repayment

If you have a variable rate UHomeLoan, you can make additional repayments of any amount at any time. It may help you pay off your loan sooner. 

If you’ve chosen a fixed[01] rate UHomeLoan, and your loan was formally approved on or after 28 September 2013, you can make up to $20,000 in additional repayments during the fixed term without incurring break costs. (Any more than this, and break costs may apply – call us on 13 30 80 to find out more.)

How to make an extra payment

  • Arrange a direct debit from your nominated account directly to your loan account. Log in to My UHomeLoan > Payments > ‘One off payments’
  • Direct credit / EFT from your chosen bank account to your UHomeLoan
  • BPAY® using your Biller Code and Reference Number

Keep in mind, your next home loan repayment will continue to be debited as scheduled unless you have selected to offset your repayment. You do have the option to re-calculate your repayments to a minimum – call us on 13 30 80.

[01] Break costs may apply if you repay all, or any part, of your loan early. 

How to redraw

If you’ve made additional repayments on your variable rate UHomeLoan, you may have available credit that you can redraw funds from at any time, with no fees. 

Redraw online by logging in to My UHomeLoan. Go to Payments > Redraw.

03

Making changes

We make it easy to make changes to your UHomeLoan post settlement.

Life situations change. What was right for you at the time may not be so right in the future. 

You won’t find a ‘til death do us part’ arrangement here. We’ve made it easy for you to make changes to your home loan post settlement. Just remember though, that if you make changes to your loan during a fixed rate period, break costs may be payable, so think carefully.

For each instance below where a form is required, please ensure the relevant form is completed by all nominated borrowers and emailed back to us at servicing@ubank.com.au

 

  • Whether you’re improving your home, buying a new car or planning a family holiday … you may be able to increase the size of your existing UHomeLoan to finance it.

    The minimum loan increase amount is $20,000 and maximum is up to 80% of the value of your property, subject to credit approval.

    Simply call us on 13 30 80 and, provided you’re eligible, we’ll get the process started.

    To save time on the call, you may like to read the eligibility criteria and documents you will be asked to provide.

    Top up generally takes between 4-6 weeks from the time you contact us, depending on your circumstances.

  • Fill in this Nomination form to designate one person to receive correspondence, such as 6-monthly loan statements, on behalf of any other borrower/guarantor.

04

Tips

Make the most from your home loan

Here are tips for a variable rate UHomeLoan that may help you pay less interest and pay off your home loan more quickly.

  • Pay weekly or fortnightly repayments as opposed to monthly if you are making principal and interest repayments.
  • Pay more than the minimum repayment to shorten the life of your loan and save on interest.
  • If interest rates fall, try not to reduce your home loan repayments.
  • Make additional lump sum repayments whenever you can. Spare savings? Invest them in your home loan.
  • Have your salary credited in to your home loan to offset your repayments.

05

FAQs

The top questions people ask about our home loan management.

  • Yes, but only with a variable rate UHomeLoan.

    You can do this by using the ‘One Off Payment’ option in My UHomeLoan and adding the new payment details.

    It’s important to know that your next Home Loan repayment will continue to be debited as scheduled.

    You do have the option to re-calculate your repayments to a minimum by giving us a call on 13 30 80.

    With a fixed rate UHomeLoan you may be able to make extra payments but you should give advance notice first, and you may have to pay break costs (also called the Lender’s Early Repayment Loss).

  • If you have a variable rate UHomeLoan with available credit, you can redraw funds at any time, with no fees, by logging in to My UHomeLoan. Once you’ve logged in, go to Payments > Redraw.

    The minimum redraw you can make is $1000.

    If you request a redraw through My UHomeLoan by 11am EST, the funds will be transferred to your nominated account within 3 business days.

  • FASTRefi® allows a refinanced home loan to be fast-tracked and completed within as little as a few days after formal loan approval.

    We calculate an estimated figure that includes any known exit fees and discharge fees that your existing lender will charge, plus a safety “buffer” allowance to ensure we have enough funds to pay out your existing lender.

    The estimated figure will be included within your total approved loan amount. This enables UBank to pay out your existing loan very quickly – typically within a few days after receipt of your returned signed documents.

    FASTRefi® isn’t available to all applicants and we’ll confirm at assessment whether your current lender is set up to settle your loan that way.

    If you’re not eligible for FASTRefi® then we’ll still be able to settle your UHomeLoan as quickly as possible.

  • Unfortunately not. Each loan has a unique My UHomeLoan profile and PIN.

    To log in select My UHomeLoan from your Online Banking and enter your unique Loan ID and PIN.

    If you’ve forgotten your PIN, please give us a call on 13 30 80 and we’ll organise for a new one to be sent out to you.

  • It appears on your UHomeLoan statements. You can generate one for any period you like.

    1. Log on to Online banking at ubank.com.au
    2. Manage UHomeLoan
    3. Enter log in ID & PIN
    4. Select ‘Statements’
    5. Enter date range and hit ‘submit’

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