Who can apply for UBank home loan refinancing?
UBank home loan refinancing is available to Australian or New Zealand citizens and permanent residents of Australia aged 18 and over who currently live in the country. Applicants must be employed on a permanent, casual, or contract basis. There is, however, one important point to note: self-employed individuals are not eligible.
Applications can be made individually or jointly, but only with a spouse or de facto partner who currently lives – or intends to live – at the same property after settlement. All applicants must be listed on the property title and have a good credit history.
Documentation required during the process
The refinancing process is 100% online and the eligibility assessment takes only 20 minutes to complete. For identity verification, the best combination is an Australian passport and driver’s licence.
Once approved, you will need to provide your home insurance certificate to arrange settlement. In some cases, additional documents may be requested to verify information provided online – such as payslips or bank statements.
UBank manages the discharge process with your current lender following approval.
What fees apply?
The loan advance fee for UBank home loan refinancing is $250, charged at settlement. The first property valuation is free if the cost is under $360 — UBank covers the first $360, with any amount above that being the applicant’s responsibility.
The Flex Home Loan carries an annual fee of $250. There is also a discharge fee of $300 per property when closing the loan.
Tips from our team!
Before applying for UBank home loan refinancing, use the savings calculator on the website to estimate how much you could save compared to your current contract. Check your LVR (loan-to-value ratio): UBank accepts up to 85% for owner-occupied properties (P&I) and up to 80% for investment loans.
If you choose the Flex Home Loan on a fixed rate, be mindful of break costs, which can be significant if you repay the loan early.
Step by step to get started
Applying for UBank home loan refinancing is straightforward: visit the official website, check your eligibility, complete the online form in around 20 minutes, and wait for a decision within up to 5 business days.
From formal approval to settlement, the process takes approximately 2 to 4 weeks. The application is made directly with UBank. Click below and take the first step!
Utua is not a financial institution and does not grant loans. Our role is to analyse credit products available in the Australian market to help you make a more informed and confident decision. Any application is made directly with the financial institution of your choice.
