The variable rate for new Owner Occupiers paying Principal and Interest reduces by 0.15 per cent per annum today
UBank is today lowering its variable home loan rate for new Owner Occupier customers paying Principal and Interest by 0.15 per cent per annum.
Effective, Wednesday 6 October for new applications or those in the process of applying:
- UHomeLoan variable rate for Owner Occupiers (P&I) up to 80% LVR will decrease by 0.15% p.a. to 2.19% p.a. (comparison rate 2.19% p.a.*)
- UHomeLoan variable rate for Owner Occupiers (P&I) up to 85% LVR will decrease by 0.15% p.a. to 2.34% p.a. (comparison rate 2.34% p.a.*) with no requirement for Lender’s Mortgage Insurance.
In August this year, UBank also lowered its variable interest rate for new investors paying principal and interest by 0.19 per cent per annum (LVR up to 80%).
Who will get the new rates?
These changes will apply to new owner occupier P&I customers who are applying for a variable home loan, or switching to one, on or after Wednesday 6 October, 2021. This includes applicants who settle from this date onward.
UBank was launched in 2008 as an Australian fintech providing simpler, better and smarter banking for its customers online and over the phone. In 2021, UBank announced it will join with neobank 86 400 to deliver smart, digital banking solutions that help more Australians take control of their money. UBank is a division of NAB and currently offers a range of products including competitive home loans, online savings and transaction accounts.
© 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 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.