We’re reducing all our variable home loan interest rates by 0.25% p.a. from 29 October 2019.
All new and existing UBank customers with variable rate home loans, including anyone in the process of applying for or settling a new variable rate UHomeLoan, will get the new reduced rate.
This is the third RBA rate cut in 2019 that we’re passing on to our home loan customers in full. That’s a reduction of 0.75% p.a. for our customers with variable rate home loans who have been with UBank since rates began falling in June. It’s awesome to be able to help save our customers money with a UBank home loan.
Here’s some info and key dates for customers with applications already in progress:
What if my variable interest home loan hasn’t settled yet?
All new customers currently applying for a variable interest rate UBank home loan will get the new reduced rate from 29 October 2019.
What if my home loan settles on or after 29 October 2019?
If your loan settles on or after 29 October 2019, you’ll get the new reduced interest rate from your settlement date.
What if my home loan settles before 29 October 2019?
If your loan settles before 29 October 2019, the current variable interest rate will apply up until 29 October 2019. From 29 October 2019, the new reduced rate will apply.
Here’s some info and key dates for existing home loans customers:
When will the variable home loan interest rate change happen?
The 0.25% p.a. rate reduction will apply from 29 October 2019.
Will my repayments reduce automatically?
Depending on how your repayments have been set up, they may reduce when the new lower interest rate takes effect. If there’s a change to your repayment, we’ll send you a letter to let you know what your new repayment will be. If you want to increase your repayment, you can do this in Internet Banking.
I am already on a fixed interest rate, will I receive the discount?
Once your fixed interest period ends, your home loan will switch to the variable interest rate applicable at that time.