- We’re offering a 1.75% p.a. fixed 1-year owner-occupier (P&I) home loan rate (comparison rate 2.31% p.a.) until June 30.
- Our 1-year Investor home loan rates have also been lowered.
Sydney, Australia, 1 June 2021: UBank, has today announced the lowering of its one-year fixed home loan rate for owner-occupiers paying principal and interest to 1.75% p.a. (comparison rate 2.31% p.a.) on an LVR up to 80% p.a., until June 30. This represents the bank’s lowest ever one-year fixed home loan rate.
UBank has also reduced investor one-year fixed rates and its variable rate for investors paying interest-only on an LVR of up to 80% p.a.
Effective Tuesday, 1 June 2021:
- UHomeLoan 1-year fixed rate for Owner-Occupiers paying principal and interest will reduce by 0.24% p.a. to 1.75% p.a. (comparison rate 2.31% p.a.).*
- UHomeLoan 1-year fixed rate for Investors paying principal and interest will reduce by 0.15% p.a. to 1.99% p.a. (comparison rate 2.70% p.a.).*
- UHomeLoan 1-year fixed rate for Investors paying interest only will reduce by 0.20% p.a. to 2.09% p.a. (comparison rate 2.71% p.a.).*
- UHomeLoan Variable rate for Investor paying interest only will reduce by 0.54% p.a. to 2.60% p.a. (comparison rate 2.65% p.a.) This rate will remain in market after June 30.
* Fixed rate offers will apply only if an application is made between Tuesday 1st June and Wednesday 30th June 2021 on 80% LVR.
UBank CEO, Philippa Watson said: “While rates are at records lows, it’s important customers can still find the right home loan for their needs today and tomorrow. We believe a really sharp one-year fixed rate provides the right mix of certainty and flexibility that people are looking for.
“There’s currently a lot of discussion around fixed versus variable rates and which one is best. This very low offer gives customers one of the lowest rates in market, giving them more money back in their pocket and stability after a period of uncertainty,” she said.
Since May 2019, UBank has more than halved its one-year fixed interest rate on Owner-Occupier (Principal and Interest) (LVR up to 80%) loans, from 3.59% p.a. to 1.75% p.a. This decrease has the potential to save customers $731 per month in interest payments or $8,781 over the one-year fixed term, on a $480,000 loan over a 30-year term.
New UBank one-year fixed rate home loan customers with the above loan conditions, including those in the process of applying for or settling a new fixed rate UHomeLoan will benefit from the reduced rates.
UBank was launched in 2008 and was developed and is supported by NAB. UBank is a digital bank that provides simpler, better, smarter banking for its customers online and over the phone. UBank is a division of NAB and currently offers a range of products including competitive home loans, online savings and transaction accounts, and Term Deposits.
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 or examples 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.
Terms and conditions, fees and charges, credit criteria apply to all UBank’s home loan products and are available on application.
Credit is provided by AFSH Nominees Pty Ltd Australian Credit Licence 391192. UBank is the mortgage manager for UHomeLoan products.
UBank is a division of National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.
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