How to apply
Here’s all you need to know from the initial online application through to settlement.
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01
The application process
Searching for your dream home or to refinance, looking for pre-approval or ready to seal the deal, we’re here to help.
01 Apply
Apply for a home loan online and securely using your computer, mobile or tablet.
02 Approval in principle
Once we’ve reviewed your application, a home loan specialist will be in touch to discuss more details including your financial needs and objectives, monthly living expenses, assets, liabilities, income and employment details.
This call shouldn’t take more than 45 minutes, and after, we’ll be able to confirm if you’ve been approved in principle.
03 Verification and valuation
We’ll ask you to provide some documents so we can check the details you included in your application form. Don’t worry, it’s quick and easy – our Application Tracker lets you upload your documents securely. Please see our Checklist of the documents you may need to provide.
We’ll also carry out a valuation on your property during this stage.
04 Assessment
Once we’ve checked your documents, and the valuation is completed, it’s time for our lending experts to have one final look at your loan application.
05 Approval
It’s official! Once everything is OK from our end, we’ll confirm your loan is approved and send you your Home Loan Contract Pack.
06 Settlement
Once you’ve returned your signed Contract, we can arrange settlement through our agents.
Then – congratulations! Your new UHomeLoan is now up and running and it’s time to enjoy all the benefits (and savings) of having a home loan with UBank.
02
Who can apply for a UBank home loan?
Whether you’re still searching for your dream home, looking for pre-approval, ready to seal the deal on a new property or cut ties with your current lender and refinance, we’re here to help.
Eligibility criteria
Our UHomeLoan has some standard lending guidelines that you can review right now.
To qualify, you need to:
- be an Australian citizen or Australian Permanent Resident or New Zealand citizen
- be at least 18 years old
- currently live in Australia
- have an Australian mobile number (for joint applications, both applicants must have a different mobile number)
- have an email address (for joint applications, both applicants must have a different email address)
- have regular PAYG income or self-employed income (sole trader or in a partnership)
- be buying or refinancing a house or unit that’s at least 50sqm.
- be borrowing no more than 85% of the property’s value for Owner Occupier loans and 80% for Investor loans. Calculate your borrowing power
- be buying a property that will be personally owned – not in a company or trust
- be buying or refinancing an established property
Additional credit criteria applies.
Need more information? Visit our FAQs on home loan eligibility.
03
Your information
To make the application process as quick and straightforward as possible, below is everything you can expect to provide when you apply.
Personal details
- Relationship status and number of dependants
- Driver’s licence or passport number[01]
- Email address
- Basic personal details
If you’re an existing UBank customer, you will be prompted to enter your login details. Your basic personal details will prepopulate as you proceed through the form. It would be a good idea to check that all information in your Account under My Details is correct before you apply.
[01] If you’re completing the home loan application from a mobile/tablet device, you won’t need to provide these details online but we’ll ask for them down the track.
Employment
Current employment and employment history for the past 2 years.
Finances
- Income
- Assets
- Liabilities such as existing loans, credit cards and rental commitments
- Everyday living arrangement and expenses
Property information
Refinance
- Property address and estimated value
- Existing home loan details including loan provider, current balance, minimum loan repayment and when the loan commenced
- Whether you’re borrowing additional funds and purpose of use
New purchase
- Property address and purchase price
- If you’re undecided on a property, you’ll be asked to provide the suburb and postcode of the area you intend to purchase real estate in
- Where funds to complete the purchase will come from
This initial stage of the application process should take less than 30 minutes. You’ll receive an instant response with estimated repayments based on your requested loan.
Once you submit the form, one of our dedicated home loan specialists will contact you to discuss your application and let you know if you’re approved to proceed to the next stage.
Approval in principle to settlement
When we’re assessing your application, we’ll ask you (both applicants if it’s a joint application) to supply us with a few documents to verify the information you provided in your application. You’ll upload these documents quickly and easily online via our Application tracker.
The documentation you will need to provide differs depending on whether you’re refinancing, borrowing for a new purchase or investing in property.
In general, you will need:
- Proof of salary (pay slips) and other income (e.g. Government payments, rental income)
- Home loan statements (if you’re refinancing)
- Statements for any other home loans that you aren’t refinancing to verify limit, loan redraw, balance and interest rate
- A copy of your council rates notice
- A copy of your driver’s licence or passport
Follow the steps in our UHomeLoan document checklist that helps to make this stage of the process as simple and quick as possible.
After formal approval, you’ll receive a Contract Pack within 2 business days. We need you to review and sign the Contract Pack documents, and return it to us within 21 days.
Need more information?
Or ready to apply?
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UHomeLoan info: Credit is provided by AFSH Nominees Pty Ltd Australian Credit Licence 391192. UBank is the mortgage manager for UHomeLoan products. Govt charges may apply. The comparison rate is based on a secured loan of $150,000 over the term of 25 years. ^WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.