Refinance your home loan

The online application takes around 20 minutes. For assisted applications, the call can take up to an hour.

We typically have an up to 5 business days turnaround time for approval unless we need any additional info. From formal approval to settlement usually takes approximately 2 – 4 weeks. The exact time depends on which bank you’re refinancing from and when the discharge authority to the other bank is submitted.

First, we’ll review your application details. We’ll be in touch if we need anything more to support the application, such as a payslip or an account statement.

We can then hopefully approve your loan application and issue your loan documents. Your loan documents will then become available to sign digitally, and once signed we can refinance your loan.

We charge a $250 loan advance fee on all applications. Valuation fees are covered by ubank up to $360, then you will need to cover any difference. Standard government fees and charges will apply. You can find all our fees and charges here

We need to verify your identity, with an Australian passport and driver licence being the best combination. We also need a copy of your certificate of home insurance when your loan is approved to arrange settlement. Other than that, we’ll only need supporting documents in some cases, e.g., if we need to verify some of the information provided in your online application.

Once your loan is approved, we will help you start the discharge process with your current bank. Each bank is different, so depending on who you’re with, we’ll let you know the steps to complete at this point.

Rates are subject to change. The rates that are shown may not be the rates that apply to your loan. We have not taken into account any fees or charges.

Repayments are indicative only. When calculating repayments we have had to make a number of assumptions which may affect the accuracy of the amounts shown. They include:

Loan amount

• The loan amount and estimated property value is the amount entered by you. Ubank’s loans have a maximum loan to value ratio (LVR) of 85%. Therefore, the loan amount will be the lesser of your current loan balance entered or 85% of the estimated property value entered.

Interest rates

• Where you have selected both a ‘variable’ interest rate along with ‘A low interest rate and no ongoing fees’, we have applied the current interest rate for a ‘Neat home loan’. If you have selected both a ‘variable’ interest rate along with ‘Ability to reduce repayments with 100% interest offset’ we have applied the current interest rate for a ‘Flex home loan – variable’.
• Where you have selected a ‘fixed’ interest rate type, we have applied the current interest rate for ‘Flex home loan – fixed’.
• As rates are subject to change, the rate that is current today (both variable or fixed) may not be the rate that applies to your loan.
• That any variable interest rate displayed will not change during the term of your loan. We do this as we can’t predict what rates will do in the future.
• That at the end of any fixed rate period, a variable rate will apply.

Interest and repayment cycles

• That repayments are made monthly. If you have chosen to view your savings on an annual basis, we have taken the monthly amount and multiplied it by 12. As the figures displayed are to the nearest dollar, this may not be a precise conversion.
• That your annual interest charge is divided equally over 12 monthly payments. In reality, interest is typically calculated daily and charged at the same frequency and on the same day as repayments are made.
• That interest is charged to the loan account at the same frequency and on the same day as the repayments are made (this may not be the case for your loan).