Avoid LMI at ubank
What is LMI and why won’t I pay it with ubank?
Lenders Mortgage Insurance (otherwise known as LMI) is a one-off insurance payment that is added to your loan based on the size of your deposit and how much you want to borrow. LMI is usually charged on loans with over 80% LVR, meaning you would need a deposit or equity that’s at least 20% of your property value to avoid paying LMI.
With ubank, you can apply for an owner occupied home loan repaying principal and interest (P&I) without paying LMI even if you have a deposit or equity as low as 15%.
Depending on the size of your loan, not having to pay LMI could save you thousands.
Interest rates with 85% LVR
Here’s all our interest rates for loans up to 85% LVR
VariablePrincipal and interest (P&I)
| Home loan | Interest rate p.a. | Comparison rate p.a. from1 |
|---|---|---|
Neat variable | 6.64% | 6.66% |
Flex variable | 6.64% | 6.88% |
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Compare our home loan options
Home loans, like homes, aren’t one-size fits all
Neat variable Take it back to basics with no annual fee and low variable rates | Flex variable Link your ubank accounts and pay off your home loan faster with 100% interest offset | Flex fixed Lock in your rate for up to 5 years and budget with confidence | |
|---|---|---|---|
Redraw Take back any additional payments at no extra cost | up to $20K during fixed term | ||
Additional payments Pay back more than your minimum repayments for free | up to $20K during fixed term | ||
Split option You can split your loan with a fixed rate and a variable rate | |||
Offset account(s) Reduce the amount of interest you pay each month with multiple offset accounts | |||
Annual fee To manage accounts and any changes across up to 5 Flex split loans | $0 | $250 p.a. | $250 p.a. |
Compare all our interest rates and fees
FAQs
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