We’re also passing on the full rate cut to variable home loan customers.

UBank is reducing its three-year fixed home loan rates for owner occupier (principal and interest) by 0.19 per cent per annum and variable home loan rates by 0.15 per cent per annum, passing on the full RBA cash rate cut announced on Tuesday, 3 November.

This means we’re offering our lowest ever advertised fixed and variable rate, starting at just 1.95% p.a. (comparison rate 2.27% p.a.) for three-year fixed rate owner occupiers paying principal and interest.

All new and existing UBank customers with variable rate home loans, including those in the process of applying for or settling a new variable rate UHomeLoan, will benefit from the new reduced rates.

  • Effective 13 November, UHomeLoan 3-year Fixed Rate will reduce by 0.19% p.a. to 1.95% p.a. (comparison rate 2.27% p.a.) for Owner Occupier (principal and interest) and the Rate Lock Fee of $395 won’t apply for all new fixed rate loans that settle on or before 31 March 2021.
  • Effective 29 November, variable rates for owner occupier and investor (principal & interest and interest only) will reduce by 0.15% p.a. New owner occupier principal & interest variable rate customers will receive 2.34% p.a. (comparison rate 2.34% p.a.).

Savings Rate Changes

  • Effective 13 November, the base variable interest rate for USave will reduce by 0.15% p.a. for new and existing customers.

  • Effective 13 November, the base variable interest rate for USaver Reach will reduce by 0.20% p.a. for existing customers.

We regularly review our products and pricing to support our customers and respond to market changes. Recently, the RBA cash rate has been cut by 0.15% to 0.10% and the rates that UBank receives for deposits have also continued to decline due to market movements. We’ve adjusted our rates accordingly while still ensuring they are competitive for customers.

What are the changes to your home loan rates?

We’re passing on the full 0.15% p.a. RBA rate cut to all variable UHomeLoan customers, effective from 29 November 2020 and lowering 3-year fixed rates for owner occupier (paying principal and interest) by 0.19% p.a. from 13 November 2020.


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 29 November 2020.

What if my home loan settles on or after 29 November 2020?

If your loan settles on or after 29 November 2020, you’ll get the new reduced variable interest rate from your settlement date.

What if my home loan settles before 29 November 2020?

If your loan settles before 29 November 2020, the current variable interest rate for your home loan will apply up until 29 November 2020. From 29 November 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 0.15% p.a. rate reduction will apply from 29 November 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.


Info and key dates for savings customers

When are these savings rate changes effective?

Our savings rate changes will be effective, for new and existing customers, from 13 November 2020.

Why are the effective dates for savings and home loan rate changes different?

The difference in timing is due to the tailored nature of a home loan and the communication required to existing customers whose loan repayments may change. Fixed rate home loan changes can be made sooner as changes don’t impact existing customers. A savings account is a simpler proposition so we can implement changes more quickly. We’re committed to continuing to offer competitive rates in the market and balancing the needs of all our customers as we make those decisions.

What support is there for Home Loan customers impacted by COVID-19?

We have options available to support our home loan customers, including a Home Loan Repayment Pause for those customers who have been financially impacted by COVID-19. Click here for more info.



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 product terms and conditions at ubank.com.au and consider if UBank’s products are right for you. Savings products are issued by UBank, a division of National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.

Credit is provided by AFSH Nominees Pty Ltd Australian Credit Licence 391192. UBank is the mortgage manager for UHomeLoan products. Credit criteria, fees and charges and govt charges may apply. 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.

Consider if these products are right for you by reading the relevant product terms and conditions, available here, before deciding. The product issuer is UBank, a division of National Australia Bank Ltd ABN 12 004 044 937.