We’re making changes to our fixed home loans and savings rates following the October RBA rate cut.
We regularly review our interest rates to make sure we’re always offering highly competitive rates to both our home loans and savings customers. It’s important we strike the right balance between delivering great value to our customers, responding to changing marketing conditions and managing our business sustainably.
UHomeLoan Fixed Rate Changes
We are reducing our home loan fixed rates between 0.25-0.30% p.a. from Friday 11 October, with our 3-year fixed rate for owner-occupiers paying Principal & Interest sitting at a new low rate of 2.69% p.a. (comparison rate 3.37% p.a.)*.
All UBank customers applying for or switching to a fixed rate home loan, including any customers who rate locked the old higher rate but haven’t settled, will get the new reduced fixed rate.
Check out our new UHomeLoan fixed rates here.
When are these new fixed rates available?
These new lower fixed rates are available from Friday 11 October 2019.
What if I’ve chosen a fixed interest rate but haven’t settled yet?
If you’ve chosen a fixed rate home loan but haven’t settled, you’ll be eligible for our new, lower fixed interest rate!
What if I’ve just settled a fixed rate home loan?
If you’ve already settled your fixed rate home loan (before 11 October 2019), when your fixed interest period ends, your home loan will switch to the variable interest rate applicable at that time, or you may choose to switch to a new fixed rate available at that time.
Savings & Deposits Rate Changes
We’re reducing the base variable interest rate for USave, USaver Reach and USaver SMSF by 0.31% p.a. for new and existing customers from Friday 11 October 2019. Take a look at our new rates for savings and deposits here.
Why did UBank reduce its rates by more than 0.25% p.a. (the RBA cash rate change)?
After the July RBA rate cut of 0.25% p.a., UBank previously only passed on a reduction of 0.19% p.a. to customers. The extra 0.06% p.a. helped our customers save an additional $900,000 since that time. We’re now adjusting our rates in response to the RBA, market movements and to balance our rates for our home loans and savings customers.
Have you reduced the USave Savings Bonus interest rate?
The USave Savings Bonus variable rate remains at 1.06% p.a. for eligible customers who link their account to a USpend transaction account and meet the bonus criteria. However, given the reduction in the base variable rate for USave, the total interest rate for eligible customers will reduce to 2.10% p.a. You can find out more about our bonus rate here.
Information and rates are correct as at 11 October 2019 and are subject to change.
Applications for credit are subject to UBank’s credit approval criteria. Any advice is general in nature only and does not take into account your objectives, financial situation or needs. Please read the relevant product Terms and Conditions available at ubank.com.au and consider if our products are right for you. Fees and charges are payable for our home loan products. Home loan and savings products are issued by UBank, a division of National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.
* 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 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.