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  • UHomeLoan
    from 3.62% p.a.[01]
    for home loans over $700K

    1. Variable & comparison rate for new Owner Occupier Principal & Interest loans of $700,000 or more. Includes discount offer.

Getting started

Choosing to refinance your home loan can be confusing. We’re here to help.

We’ve put together key information to make your choice easier.

  

Navigate your way to refinancing with UBank

Things to consider

Your current situation

Refinancing gives you an opportunity to take stock of your current financial situation and determine if there’s a better loan available. 

Make sure you know:

  • Your current interest rate and repayments
  • If you’re paying any monthly fees
  • If your loan type, fixed or variable, works for you
  • If your repayment type - principal and interest or interest only, meets your requirements
  • If there are any other features that are important to you
  • Whether your current lender will charge you for leaving them

Why refinance?

Before you go ahead, you need to have a clear objective as to why you’re refinancing.

Do you want a better rate on your mortgage? Are you looking for better customer service? Or do you want to reduce or consolidate your monthly loan repayments?

At the end of the day, by refinancing, you may end up making your loan term longer or you may choose to borrow additional funds. Either way, you need to weigh up the pros and cons.

Compare the costs

When comparing loans, you need to take into account all the fees and costs that may be applicable. These may include exit fees, break fees, valuation fees, settlement fees and any government fees and charges.

Make sure you use the comparison rate to get a better idea of the total cost of the loan.

Ultimately, you need to weigh up the costs and benefits.

Home loan features

Make sure you check the product features of any new home loans before you make the switch.

If you find something in your current loan useful, such as redraw, you want to ensure your new loan offers that too.

Some home loan features have the ability to save you a lot of money over the life of your loan, so it’s important to weigh these up and apply them to your own goals.

Explore how the numbers add up

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Current loan

Rate
{{fields.interestRate | precision : 2}}%
Repayments
{{results.current.repayments[OPTIONS.REPAYMENT_FREQUENCIES[fields.repaymentFrequency].label] | currency : '$' : 0}} / {{OPTIONS.REPAYMENT_FREQUENCIES[fields.repaymentFrequency].short}}
Rate
{{VALUES.results.COMPARE.ubankRate | precision : 2}}%
Repayments
{{results.ubank.repayments[OPTIONS.REPAYMENT_FREQUENCIES[fields.repaymentFrequency].label] | currency : '$' : 0}} / {{OPTIONS.REPAYMENT_FREQUENCIES[fields.repaymentFrequency].short}}
You could be paying You are saving
{{VALUES.results.COMPARE[OPTIONS.REPAYMENT_FREQUENCIES[fields.repaymentFrequency].label] | absolute | currency : '$' : 0}} less per {{OPTIONS.REPAYMENT_FREQUENCIES[fields.repaymentFrequency].single}}
Over a {{DEFAULTS.LOAN_TERM}} yr term
Calculator information
Rates are indicative and subject to change. For more info, see the loan comparison calculator information above.
Important: Savings are a guide only. They reflect the difference between the estimated initial repayment amounts for each loan based on each loan having a new 30 year term. Note: The repayment amount shown for your current loan is unlikely to be the amount you are currently paying. To compare loans, and to remove the effect of different loan terms, we have recalculated an initial repayment amount for your current loan, using the rate and loan amount you have input, but based on a new 30 year term. The estimated repayments and savings amount are likely to change if (amongst other things) any of the following change: interest rates, repayment type, repayment frequency and loan balance. 

Compare calculator information

Repayments are indicative only. When calculating repayments we have had to make a number of assumptions which may affect the accuracy of the amounts shown. They include:

Loan amount

The loan amount is the amount entered / confirmed by you. 

Warning: if the loan amount shown is carried forward by the borrowing power calculator, be aware that any changes you make to the loan option selected (including interest rate, repayment type or loan purpose) is likely to affect whether that borrowing power amount remains relevant. For example, if you change the loan options so that a higher interest rate is used, your borrowing power is likely to be less. This calculator will not reassess the borrowing power amount for you.

Interest rates

  • That the interest rate displayed will be the rate that applies to your loan. As rates are subject to change (even if you choose a fixed rate, the rate that is current today may not be the rate that applies to your loan), and different rates may apply depending on the home loan options selected, this may not be the case.
  • That any variable interest rate displayed will not change during the term of your loan (up to 30 years). We do this as we can’t predict what rates will do in the future.
  • That at the end of any fixed rate period, a variable rate will apply.

Interest and repayment cycles

  • That repayments are made monthly. If you have chosen to view a weekly or fortnightly repayment amount, we have taken the monthly amount, multiplied it by 12 and then divided it by 26 (for a fortnightly amount) or 52 (for a weekly amount). As there are not exactly 26 fortnights, or 52 weeks, in a year, this is not a precise conversion.
  • That your annual interest charge is divided equally over 12 monthly payments (in reality, interest is calculated daily and charged monthly which can lead to your interest charge varying between months).
  • That interest is charged to the loan account at the same frequency and on the same day as the repayments are made (this may not be the case for your loan).

Other

  • At the end of any interest only period, principal and interest repayments will be required.
  • We have not taken into account any fees or charges.
  • We have rounded some amounts to the nearest cent when calculating your indicative repayments.

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Last name is required

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Contact number must be 10 digit numbers

Contact number contains invalid characters

Email address is required

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First name is required

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Contact number must be 10 digit numbers

Contact number must be 10 digit numbers

Contact number contains invalid characters

Sorry your request could not be actioned. Please give us a call on 13 13 80 to discuss you home loan enquiry.

Your repayments:

Initially paying interest only principal & interest of

{{results.ubank.phases[0].repayment | currency : '$' : 0}} per Based on an initial rate of {{results.ubank.phases[0].rate * 100 | precision : 2}}% p.a.
Loan term is {{fields.loanTerm}} years.

Estimated total loan repayments:

{{results.ubank.summary.total_paid | currency : '$' : 0}}

Estimated total interest payable:

{{results.ubank.summary.total_interest | currency : '$' : 0}}

Loan amount:

The loan to value ratio is more than 80%. You may be liable to pay LMI
{{fields.loanAmount | currency : '$' : 0}}
{{fields.loanAmount | currency : '$' : 0}}

{{(limitedLVR > 80 && !(limitedLVR > 100)) ? limitedLVR : 80}}%

Property price

{{fields.propertyPrice | currency : '$' : 0}}

Loan breakdown:

Loan year Years {{results.ubank.phases[0].yearsFrom}}-{{results.ubank.phases[0].yearsTo}} Years {{results.ubank.phases[1].yearsFrom}}-{{results.ubank.phases[1].yearsTo}}
{{OPTIONS.REPAYMENT_FREQUENCIES[fields.repaymentFrequency].label}} repayments {{results.ubank.phases[0].repayment | currency : '$' : 0}} {{results.ubank.phases[1].repayment | currency : '$' : 0}}
Interest rate {{results.ubank.phases[0].rate * 100 | precision : 2}}% {{results.ubank.phases[1].rate * 100 | precision : 2}}%
Rate type {{results.ubank.phases[0].type}} {{results.ubank.phases[1].type}}
Calculator information
Rates, repayments and interest charges are indicative only and subject to change.

A Key Facts Sheet can help you compare Home Loans with Principal and Interest Repayments. To generate a Key Facts Sheet for a UHomeLoan simply fill in this repayment calculator and click on the link above.

Please note: UBank variable rate will be applied in these calculations for the remaining term of the interest only or fixed term period and may not reflect the true comparison of your current loan or interest rate that you have input.

Repayments calculator information

Repayments are indicative only. When calculating repayments we have had to make a number of assumptions which may affect the accuracy of the amounts shown. They include:

Loan amount

The loan amount is the amount entered / confirmed by you. 

Warning: if the loan amount shown is carried forward by the borrowing power calculator, be aware that any changes you make to the loan option selected (including interest rate, repayment type or loan purpose) is likely to affect whether that borrowing power amount remains relevant. For example, if you change the loan options so that a higher interest rate is used, your borrowing power is likely to be less. This calculator will not reassess the borrowing power amount for you.

Interest rates

  • That the interest rate displayed will be the rate that applies to your loan. As rates are subject to change (even if you choose a fixed rate, the rate that is current today may not be the rate that applies to your loan), and different rates may apply depending on the home loan options selected, this may not be the case.
  • That any variable interest rate displayed will not change during the term of your loan (up to 30 years). We do this as we can’t predict what rates will do in the future.
  • That at the end of any fixed rate period, a variable rate will apply.

Interest and repayment cycles

  • That repayments are made monthly. If you have chosen to view a weekly or fortnightly repayment amount, we have taken the monthly amount, multiplied it by 12 and then divided it by 26 (for a fortnightly amount) or 52 (for a weekly amount). As there are not exactly 26 fortnights, or 52 weeks, in a year, this is not a precise conversion.
  • That your annual interest charge is divided equally over 12 monthly payments (in reality, interest is calculated daily and charged monthly which can lead to your interest charge varying between months).
  • That interest is charged to the loan account at the same frequency and on the same day as the repayments are made (this may not be the case for your loan).

Other

  • At the end of any interest only period, principal and interest repayments will be required.
  • We have not taken into account any fees or charges.

We have rounded some amounts to the nearest cent when calculating your indicative repayments.

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Mandatory fields*

First name is required

First name is too short

First name contains invalid characters

Last name is required

Last name is too short

Last name contains invalid characters

Contact number is required

Contact number must be 10 digit numbers

Contact number must be 10 digit numbers

Contact number contains invalid characters

Email address is required

Email address is invalid

Email address is too short

The preferred time field is required.
Sorry your request could not be actioned. Please give us a call on 13 13 80 to discuss you home loan enquiry.

Email me my calculations

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Mandatory fields*

First name is required

First name is too short

First name contains invalid characters

Last name is required

Last name is too short

Last name contains invalid characters

Email address is required

Email address is invalid

Email address is too short

Contact number is required

Contact number must be 10 digit numbers

Contact number must be 10 digit numbers

Contact number contains invalid characters

Sorry your request could not be actioned. Please give us a call on 13 13 80 to discuss you home loan enquiry.

What is your income?

Applicant 1 Income

Applicant 2 Income

Combined

What are your expenses?

What are your combined expenses?

Note: please consider if this figure reflects your situation. The more accurate you are, the more accurate we can be.
Minimum potential credit card repayments: {{fields.totalCreditCardLimits * DEFAULTS.CREDIT_CARD_MINIMUM_FACTOR | currency : '$' : 0}}

You could potentially borrow up to:

{{results.borrowAmount | currency : '$' : 0}}

With repayments of:

{{results.repayments[OPTIONS.REPAYMENT_FREQUENCIES[fields.repaymentFrequency].single] | currency : '$' : 0}} per
And a variable rate (with discount) at {{variableRate}}% p.a.
Loan term is {{DEFAULTS.LOAN_TERM}} years.

Affordability

Borrowing power amount is a guide only. It is based on a Variable Rate UHomeLoan (Owner Occupier) with Principal and Interest Repayments, and doesn't take into account your individual circumstances and/or the specific property being refinanced. Rates and repayments are indicative only and subject to change. If you proceed with a home loan application we’ll ask you to provide further details of your living expenses.

Borrowing power calculator information

The maximum loan amount is an estimate only, based on the income and expenses entered.

It doesn’t take into account loan eligibility criteria or your complete financial position.

We have also made a number of assumptions when calculating your borrowing power. Those assumptions affect how reliable the borrowing power amount is. Our main assumptions are set out below.

Your income

  • We use a monthly income amount in our calculations. Any amounts which are not entered as a monthly figure are converted into a monthly amount on the assumption that there are exactly 52 weeks, or 26 fortnights, in a year. This may slightly overstate your income.
  • We use a net income amount in our calculations. To convert a before tax (gross) amount into an approximate after tax (net) amount, we use the online calculators provided by the Australian Tax Office. These do not take into account all levies (such as the Medicare levy), or any deductions or tax strategies you have.
  • At our discretion, we may not take all of your income into account when calculating your borrowing power. This may occur, for example, with income like overtime which may not be consistently earned.

Your expenses

  • If you have elected to use “Basic Australian Annual Expenses”, that you are satisfied that this figure is indicative of your actual expenses.
  • Note: Basic Australian Annual Expenses is sourced from the Melbourne Institute (see www.melbourneinstitute.com). It does not allow much for discretionary spending (the ‘nice to haves’). Many people have expenses higher than this basic amount. Understating your expenses will generally result in your borrowing power amount being overstated.
  • We will also include a repayment buffer in relation to any repayments you make in relation to any existing loan/s you have. This allows us to factor in, to some degree, the effect of those repayments going up if interest rates increase.

Interest rates

  • We have used our current interest rate for a Variable Rate UHomeLoan Owner Occupier with Principal and Interest Repayments, inclusive of any currently available discount offer. For more info about our current rates and discount offers, see ubank.com.au. Rates and offers are subject to change. Note: This may not be the rate that is relevant to you or the loan you want. If a different rate applies to you, this is likely to affect your borrowing power.
  • We may also include interest rate buffers in our calculations. This allows us to factor in, to a degree, the effect of interest rate increases when working out how much you may be able to afford.

Repayments

Repayments are indicative only. When calculating repayments we have had to make a number of assumptions which may affect the accuracy of the amounts shown. They include:

  • That you will make principal and interest repayments over a 30 year loan term.
  • That the interest rate displayed will not change and will apply for the full 30 year loan term. We do this as we can’t predict what rates will do in the future. You should, however, remember that variable rates can change at any time, that any fixed rate shown is today’s rate may not be the fixed rate that applies to your loan and that fixed rates only apply for a limited period (after which a variable rate applies).
  • That repayments are made monthly (even though you may choose to make repayments more frequently);
  • That your annual interest charge is divided equally over 12 monthly payments (in reality, interest is calculated daily and charged monthly which can lead to your interest charge varying between months).
  • That interest is charged to the loan account at the same frequency and on the same day as the repayments are made (this may not be the case for your loan).
  • We have rounded some amounts to the nearest cent when calculating your indicative repayments.

Fees and Charges

We have not taken into account any fees or charges.

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Mandatory fields*

First name is required

First name is too short

First name contains invalid characters

Last name is required

Last name is too short

Last name contains invalid characters

Contact number is required

Contact number must be 10 digit numbers

Contact number must be 10 digit numbers

Contact number contains invalid characters

Email address is required

Email address is invalid

Email address is too short

The preferred time field is required.

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Mandatory fields*

First name is required

First name is too short

First name contains invalid characters

Last name is required

Last name is too short

Last name contains invalid characters

Email address is required

Email address is invalid

Email address is too short

Contact number is required

Contact number must be 10 digit numbers

Contact number must be 10 digit numbers

Contact number contains invalid characters

Your estimated upfront costs:

{{results.costs.total | currency : '$' : 0}}
{{results.costs.stampDuty | currency : '$' : 0}}
{{results.costs.transferFee | currency : '$' : 0}}
{{results.costs.mortgageRegistrationFee | currency : '$' : 0}}
Calculator information

This is an estimate of the upfront government fees and charges that may apply. It does not include any concessions or additional duty / surcharges that may apply given your individual circumstances. You should confirm the amount payable with the relevant government body. Please also note that if you take out a Fixed Rate UHomeLoan, an upfront fee of $395 is payable to lock in the rate.

For more information, please contact your local State or Territorial Revenue Office:

ACT (02) 6207 0028 | QLD 1300 300 734 | NSW (02) 9689 6200 | TAS (03) 6166 4400 | NT (02) 8999 7406 | VIC 132 161 | SA (08) 8226 3750 | WA (08) 9262 1400

Upfront costs calculator information

The purpose of this calculator is to assist you in estimating the upfront costs associated with your loan. It should be used solely for the purpose of providing you with an indication of the upfront costs you may incur, so you can include an estimate for these amounts into your savings plan.

We have made a number of assumptions when producing the calculations. Our main assumptions are set out below:

Estimated results: The stamp duty, mortgage registration fee and transfer fee costs are government costs and are calculated in accordance with the Revenue Office requirements of the State or Territory you specified for residential properties, taking into account the information you have provided in this calculator and based on the rates / fees current on the day the upfront costs calculation is made. The amount payable may change from time to time.

First Home Buyers: If you have stated that you are a first home buyer, we have assumed you are eligible for any duty concessions or exemptions available in the State or Territory you specified, taking into account the property information specified. You should refer to the relevant Revenue Office for further information and qualification requirements for any discounts. We have not taken into account any first home owner grants you may be eligible for.

Your personal circumstances: We have assumed that you are not eligible for any other concessions, discounts or exemptions based on your personal circumstances. We have also assumed that you are not liable to pay a surcharge (or similar) given your personal circumstances (for example, because of your residency status).

What you have told us: We have assumed that the information you have specified in this calculator is correct. We have not taken into account any other information about you or the property.

Set up costs:

  • The calculations only include government registration costs and stamp duty on the transfer of land for the purchase price you specify and on one real property mortgage. 
  • The calculations don't include the registration costs for discharges of mortgage or for additional mortgages.
  • We have not been able to include all the possible set up costs that you may have to pay such as lenders mortgage insurance, lender's fees, every government fee, conveyancing costs and moving costs as these change based on individual circumstances. However, we have provided space for you to add extra costs where you are aware of them.
  • Be aware that you may have additional costs based on your home buying scenario but this calculator should allow you to calculate the main government charges. You should also estimate an amount for lenders mortgage insurance and add this to your budget if you believe it will apply to you.

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Mandatory fields*

First name is required

First name is too short

First name contains invalid characters

Last name is required

Last name is too short

Last name contains invalid characters

Contact number is required

Contact number must be 10 digit numbers

Contact number must be 10 digit numbers

Contact number contains invalid characters

Email address is required

Email address is invalid

Email address is too short

The preferred time field is required.
Sorry your request could not be actioned. Please give us a call on 13 13 80 to discuss you home loan enquiry.

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Mandatory fields*

First name is required

First name is too short

First name contains invalid characters

Last name is required

Last name is too short

Last name contains invalid characters

Email address is required

Email address is invalid

Email address is too short

Contact number is required

Contact number must be 10 digit numbers

Contact number must be 10 digit numbers

Contact number contains invalid characters

Sorry your request could not be actioned. Please give us a call on 13 13 80 to discuss you home loan enquiry.
Variable rate home loan

Owner Occupier

 3.62% p.a.

variable rate

 3.62% p.a.

comparison rate

Variable & comparison rate for new Owner Occupier Principal & Interest loans of $700,000 or more. Includes discount offer.

Investor rate home loan

Investor

 3.99% p.a.

variable rate

 3.99% p.a.

comparison rate

Rates are for new Investor Principal & Interest loans. Includes discount offer.

Fixed rate home loan

Fixed from

 3.99% p.a.

3 year fixed

 4.08% p.a.

comparison rate

3-year fixed rates are for new Owner Occupier Principal & Interest, or Interest Only, loans.

  

Features

We have some great features that should put us top of your list when thinking about refinancing.

No ongoing fees

Did you know some lenders application fees can be over $1,000 and some home loans have annual fees of over $350?

If you refinance your mortgage with us, you’d have no monthly account fee, no annual fee and no ongoing costs (except your regular loan repayment). The only fee we charge is a rate lock fee if you choose a fixed rate loan.

Redraw

On a variable rate loan, you have an unlimited number of redraws so you can easily access extra cash if you’re already ahead of your scheduled repayments.

Banking at your fingertips

Our online banking is flexible and convenient and includes an online application tracker to keep you updated with everything you need to know from submitting your refinance application to approval.

Great customer service

Our Australian-based customer service team is ready to help 7 days a week.

About the application process
  • Apply

    Kick off your application in as little as 4 minutes. A home loan specialist will call you by the next business day.

  • Documents & Valuation

    We’ll need some documents to verify your situation and we’ll also do a valuation on your property.

  • Loan Approval

    Before a loan is approved, we need to assess your application.

  • Loan Contract

    We’ll send you a Contract Pack that contains all the legal documents we’ll need to settle your loan.

  • Settlement

    After you’ve returned all relevant documents, our settlement agent will arrange settlement with your current loan provider.

Ready to get started?

Don’t worry – we won’t do a credit check until we’ve had a chat.