From 17 July 2020, we’re reducing our variable home loan interest rates by 0.10%-0.15% p.a.

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 benefit from the new reduced rates.

  • Variable rates for owner occupier (principal & interest and interest only) and investor (principal and interest) home loans lowered by 0.10% p.a.
  • Variable rates for investor (interest only) home loans lowered by 0.15% p.a.
  • Effective from 8 July 2020, UHomeLoan 1 and 3-year Fixed Rates reduced by 0.15% p.a. and we’re waiving the Rate Lock Fee of $395 for all new fixed rate loans that settle on or before 30 September 2020.

With some of our lowest ever advertised variable and fixed home loan rates we’re proud to be helping you stay in control of your money in these uncertain times.

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 variable rate from Friday 17 July 2020.

What if my home loan settles on or after 17 July 2020?
If your loan settles on or after 17 July 2020, you’ll get the new reduced variable interest rate from your settlement date.

What if my home loan settles before 17 July 2020?
If your loan settles before 17 July 2020, the current variable interest rate for your home loan will apply up until 17 July 2020. From 17 July 2020, the new reduced variable rate will apply.

Here’s some info and key dates for existing home loan customers:

When will the variable home loan interest rate change happen?
The 0.10-0.15% p.a. rate reduction will apply from Friday 17 July 2020.

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.

Keep a look out for a letter that will be sent to you, which will outline more information on your new repayment details.

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.

Important information

Any advice has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice, you should consider whether it is appropriate for your circumstances. We recommend that you read the UHomeLoan Terms and Conditions at and consider if our home loan products are right for you. Credit criteria and fees & charges apply. UBank’s home loan products are issued by UBank, a division of National Australia Bank Limited ABN 12 004 044 937 Australian Credit Licence 230686.

The comparison rate is based on a secured loan of $150,000 over a 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.