What do you need to apply online?
If you want to apply for a home loan through our online digital application, you:
- can only use one property as your security property
- can’t apply for owner occupied loans with interest only repayments
- can apply jointly with your spouse or de facto partner that you currently live with or intend to live with after settlement in the same household. (You and a sibling or parent wouldn’t be able to apply for a ubank home loan together).
If you’d like to apply online but you don’t match some of the above, talk to one of our lending specialists.
Who’s eligible for a ubank home loan?
You can have a max of 2 applicants for a ubank home loan. To be eligible, each applicant will need to:
- be 18 years old or over
- be an Australian or New Zealand citizen, or a permanent resident of Australia
- live in Australia
- have a good credit rating (don’t worry, we’ll run the report for you)
- be listed on the property title.
You can apply for a loan if your employment is:
- permanent (full-time or part-time)
You won’t be able to get a loan with us if you’re self-employed.
These are the types of income we accept:
- PAYG income (full-time, part-time and casual) – at least one applicant has to have PAYG income to get a loan
- rental or investment income
- certain Australian government payments (including pensions).
What properties can I get a ubank home loan for?
If you are applying for your loan online, you can only have one security property. Have a chat to one of our lending specialists if you would like to have more than one security property.
We offer loans for liveable security properties that are fully constructed, connected to power and water, and used for residential purposes.
Here are the security properties you won’t be able to take out a loan for:
- vacant land (we don’t lend for construction purposes)
- off the plan properties with more than 3 months left before settlement
- a strata title hotel, motel or resort style dwelling
- a stratum title property or company share property
- student accommodation
- mobile or temporary homes
- studio apartments
- apartments with living areas smaller than 40m2 (excluding balconies, car parking and storage cages)
- properties that are larger than 25 acres.
What you’ll need
Loan to value ratio (LVR)
Your loan to value ratio (LVR) is a percentage calculated by dividing your loan amount by your property value.
For example, if your property is valued at $1,000,000 and your loan amount is $700,000, your LVR would be 70%.
For owner occupied home loans repaying principal and interest, you can have a maximum LVR of 85%. For all other loans, you can have a maximum LVR of 80%.
Each home loan will need a ubank valuation of all security properties. Depending on security type and location, this could be an online or digital valuation (like an automated valuation model otherwise known as AVM), desktop or full in-person valuation. We’ll let you know if we need a valuer to visit your property in person.
To settle your new home loan, you’ll also need:
- a fully executed contract of sale if you’re not in NSW
- a contract of sale signed by purchaser, fully executed front page from the vendor’s contract and the special conditions if you’re in NSW
We might ask you for additional supporting documents in unique situations. These situations could include expected changes to income or expenses, your loan term exceeding your retirement age or ubank being unable to estimate the rent you’ll receive for a new purchase.