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ubank
Who We Are - Join Our Team
Careers Make your mark helping young Aussies do money better Our workplace A career at Ubank Ubank is the best of both worlds, combining an ambitious growth culture with the leadership and resources of an established business. Develop your career at a place that celebrates innovative ideas and gives you the resources to bring them to life. Contribute to products that impact people's day-to-day lives, in a supportive and diverse environment, and collaborate with top talent to make money easier for young people. At Ubank, individuality is our super power, and each person who walks through our doors has the chance to stamp their mark on our evolving story. Work with us Ubank staff perks Working at Ubank comes with a number of perks, including: Bonus Leave EntitlementsAn extra week of leave to promote work-life balance An extra week of leave to promote work-life balance Discounted Home LoanRate discounts on home loans and selected fee waivers Rate discounts on home loans and selected fee waivers Parental LeavePaid leave for both primary and secondary carers Paid leave for both primary and secondary carers Health and WellbeingHealth and fitness discounts, free confidential counselling, and annual flu vaccinations. Health and fitness discounts, free confidential counselling, and annual flu vaccinations. Search our open roles Can't find the perfect role? Our team The Ucrew Ubank is made up of over 700 people working to make a different kind of banking experience for young people in Australia. We work hard to give our customers the best, but we also take the time to celebrate our success, diversity and milestones.
ubank
Banking Code of Practice
At ubank we put our customers interests at the forefront of everything we do. We are committed to acting with ethical behaviour, to fair and responsible lending practices and to the protection of your privacy. The Banking Code of Practice (the Code) sets out standards that our customers can expect from us. The Code applies to both current and original ubank products and services. You can access further information on the Code, read or download a copy of the Code on the Australian Banking Association's website at https://www.ausbanking.org.au/banking-code/ As part of our commitment to the Code, we have the support of NAB's Customer Advocate to strive for fair customer outcomes that are aligned with community expectations. You can find out more here.
ubank
ASIC Reference Checking and Information Sharing Protocol
What you need to know about the ASIC Protocol Under the ASIC Reference Checking and Information Sharing Protocol, licensees must meet certain obligations. We explain more about this protocol's obligations and how they apply to licensees below. What is this protocol? The ASIC Protocol sets out obligations for licensees to undertake a reference check and share information on an individual seeking to be employed or authorised as a financial adviser or mortgage broker. For further information, refer to ASIC's media release. Who does this protocol apply to? Any Australian Financial Services Licensee (AFSL) or Australian Credit Licence (ACL) seeking to recruit into a role for either a Mortgage Broker or a Financial Adviser. How do I request a reference from ubank under this protocol? Email all ASIC reference check requests to asic.reference@ubank.com.au What information needs to be provided when requesting a reference? The ASIC reference template, including your AFSL or ACL licence number and a copy of the prospective representative's completed consent form.
ubank
Why ubank? About Us
About us We're ubank Your daily money companion. We're here to help you get ahead At ubank, we're on a mission to help you be more successful with money. Think of us as your daily money companion. One that gives you the ability to see your money in one place, with smart features and real-time insights designed to help you get ahead. You'll learn what it feels like to save more, see exactly where you're spending and own your home faster. When you're with ubank, we'll help you achieve real momentum with money. Our purpose and values What motivates us at ubank We're working towards empowering the digital generation to be more successful with money. You work hard for your money, so it should work hard for you! Here are the values that drive us: Delight the customerWe put our customers' interests at the forefront of everything we do. We put our customers' interests at the forefront of everything we do. Agile and braveWe're constantly collaborating in new ways to create something genuinely innovative. We're constantly collaborating in new ways to create something genuinely innovative. Show upWe bring passion, positivity and a sense of fun to work everyday. We bring passion, positivity and a sense of fun to work everyday. Value each otherWe respect everyone's contribution, embracing a common goal and championing individuality. We respect everyone's contribution, embracing a common goal and championing individuality. Frank and authenticWe're a high performing team who say what we mean and mean what we say. We're a high performing team who say what we mean and mean what we say. The ubank journey Our story so far Ubank has been helping everyday Australians get the most of their banking since 2008, when we entered the market as Australia's first homegrown digital bank. In 2022, we joined forces with 86 400 to leverage their smart banking platform so our customers can experience better technology and an award-winning range of products. Our name is staying the same, as well as our commitment to helping you get the most out of your money – after all, it's yours! We'll continue to improve and update our technology to give our customers complete and secure control of their banking. How we're different We're not like other banks Here at ubank, we believe that you should be able to get the full banking experience wherever you are. Unlike traditional banks, we don't have any physical branches which means fewer costs for us and great rates for you. You can still rely on the support of our Australian-based team when you need to talk things through. As your daily money companion, we use smart technology to bring you the most relevant information about your money. For example, we'll send you friendly nudges to help you earn bonus interest each month – it's all part of helping you get ahead. Safety and security Your money is safe with us We operate under NAB's banking licence which means your deposits are guaranteed up to a single total of $250K under the Australian Government's Financial Claims Scheme, whether you manage your money through ubank or NAB. Ubank is also 100% committed to protecting your security and privacy online. We use advanced encryption technology to safeguard your information and have security measures in place to keep your money secure. To find out more, head to our security page. Our team Meet our executive team Careers Want to join our team? We're a passionate and highly-skilled team here to help Australians get ahead with their money. Get our app and sign up today in minutes
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Tips & guides
Fresh new ways to invest the refund from your tax return
End of financial year (aka EOFY) is finally here so now's the perfect time to start thinking about how you might use the money you get back. We've made a list of some ideas on how to make the most of your little windfall. Use your tax refund to smash your money goals If you want to smash some serious goals this coming financial year, we've got some helpful suggestions. You could: Put the money you get back from your tax return into a high interest savings account like our Save account. At ubank, you can earn bonus interest on balances up to $250K per customer across your eligible Save accounts by simply having a Spend account and depositing at least $500 per month (not including internal transfers) into any of your Spend, Bills or Save accounts. Start or replenish your emergency fund and breathe a little easier knowing you've set a little something aside for a rainy day. Sneak in a few additional payments on your eligible home loans to own your home faster and reduce monthly interest charges. Pay off outstanding debts like student loans, personal loans or credit cards. Top up your super (subject to contribution caps) for a more comfortable retirement. Additional money now could boost the overall amount you'll have when you reach retirement. Add value to your home by renovating or putting the funds towards finishing those DIY jobs you've been ignoring all year. Been eyeing off some major equipment like tools or a new laptop? You've worked hard for a year, so why not treat yourself? And if they're work-related purchases, you could get a bigger return next year. Make sure to check with your tax agent on what you can claim back. Don't forget to treat yourself Maybe you've already hit your savings goals and want to focus on celebrating the year that was by spending on experiences that make you happy. Here's some inspiration for you: Europe, Maldives or the USA? Set a holiday goal and use a savings target to help you get there. You can open up to 10 Save accounts and set savings targets on any of them. All you have to do is tell us how much you need and by when, and we'll give you a plan to help you reach that goal. And when you're away, we don't charge for overseas ATM withdrawals and payments through our Spend account (although you should check whether the ATM operator or merchant charges an ATM or foreign exchange fee on their end). Invest in yourself by taking that course you've been eyeing off. Coding courses, website design or even ceramics – pick your passion and sign up! Giving something back to your community by donating. It'll make you feel good, help those in need, plus could be tax deductible for next year's return. Make sure to check when you can claim for gifts or donations you make to deductible gift recipients and the records you need. A classic shopping spree. You've worked hard all year, so if you want to splurge on something that makes you happy, go for it! You've earned it. Whether you're looking to improve the health of your finances or celebrate 12 months of hard work with a healthy-sized reward, our tips and tricks will have you thinking outside the box this EOFY.
Tips & guides
What you need to do before refinancing
You're in the market to refinance and you've done your initial research. There are many reasons you might consider refinancing. Maybe you've had a look online and realised your current interest rate is not quite measuring up to other loans out there or there's been a change in your situation. You could be trying to tap into your equity to free up some cash for a major purchase or simply not be not happy with your current lender anymore. Whatever your reason for refinancing, there's a few things you could sort out before getting started. Pay off those personal loans This sounds like a no-brainer but tackling that personal loan you took out all those years back will help your refinancing plans more than you think. This is because of your debt-to-income ratio. Although you qualified for your home loan 5 years ago, you might not necessarily be granted a refinancing loan, especially if you've acquired other streams of debt during that time. Take a look at your personal debt repayments and disposable income side-by-side to see where you can make the space to opt for higher repayment amounts. Making small sacrifices to your everyday spending behaviours in the short term is worth it if the end result means you could unlock a boost in future funds after refinancing. Same goes for any outstanding car loans and student loans. If you're feeling comfortable with your current financial situation, see if you can even strike them out with a one-off payment. Get rid of your credit card debt Credit card debt is one of the most common obstacles to refinancing. If you've got credit card debt, it's time to face it and get rid of it. This will allow your financial position to appear far stronger for a refinancing application. Make sure you cancel any credit cards you no longer need as this could increase your potential borrowing power. Prepare for the refinancing process Refinancing could save you a sizeable sum in the long run with that lower interest rate, but you need to up your game when it comes to the ins and outs of fees that can be associated with refinancing. Here are some numbers to keep your eye on: Cancellation costs if you close a loan with your existing lender A low interest rate that suddenly goes up once your honeymoon period has ended Comparison rates which will include certain fees that go hand in hand with the interest rate of your new loan. Increase your home's value Another thing to consider is to increase the current value of your home as much as possible. Do you still have that half-done bathroom reno staring at you every time you take a shower? What about that pesky DIY paint job you've been avoiding for the past three months? It's time to don the overalls, roll up your sleeves and get stuck in. You'll be thanking your future self when the valuer pops by to inspect your home. If the interiors are already looking great and there's not much to change, why not add a bit of greenery outside? Planting some shrubbery or flowers and adding some low-maintenance landscaping can add extra value to your home. Once you tick off all of the above, you'll be putting yourself in the best possible position to nail that refinance application and more importantly, put those freed up funds towards the things that matter most.
Tips & guides
What living longer means for your super
We're living longer and staying healthier than ever. But an increased life expectancy means a longer retirement, and it's important to think about what that means for your super and savings. The Australian Institute of Health and Welfare tells us that boys and girls born between 2018 to 2020 can expect to live around 30 years longer than their counterparts in 1891 to 1900. Advancements in fields of health, wellness, medicine and technology are significant and it's great to think we will have longer lives, but it's important to think about what impact that could have on the longevity of your retirement fund. This is where a ‘future fit' superannuation strategy comes in handy. Beyond the basics, it's important to really consider your life and longevity as part of your personal saving strategy. Set yourself up for success Thanks to the power of compound interest, the way you save in your 20s and 30s may snowball into what eventually becomes your retirement fund. The more you put in earlier, the more you may get out later. And while you might think retirement is tomorrow's problem, we think there's never a better time to plan for when you're older than right now. Estimate how much you'll need Consider the type of retirement and lifestyle you want, read financial guides on how much that will cost, and figure out your life expectancy. Look at the life expectancy of your current age group instead of the life expectancy of someone born at the same time as you, as your life expectancy increases as you age. Use tools and ask a pro Moneysmart's Super Calculator can help you figure out how much super you should have when you retire and how much your super fund fees will affect your final amount, and if you don't love the outcome, a financial advisor could help get you on track. We've also put together this superannuation table so you can easily check to see where you're at with your super balance. Consolidate your super accounts If you've worked a couple of casual jobs over the years or opted into your workplace's default super fund each time you changed jobs, you might have multiple super accounts floating around that you're paying different sets of fees on. Compare fees between your super providers and once you've decided which super fund you want to keep, you can either contact them to consolidate your other funds or head to myGov if your myGov account is linked to the ATO. Ways to increase your super savings Once you've sorted out your super fund, it's time to start thinking about how your savings could work even harder. The earlier you start, the bigger the impact and the more prepared you'll be for whatever age you find yourself at retirement. Switch up your super strategy Being young has financial advantages – you could look into different investment options and super strategies. Talk to a financial advisor to find out what's right for you. Make additional super contributions You could contribute more of your pre or post-tax income to boost your fund over and above the standard contribution for your wage (subject to contribution caps). The more you contribute, the more it may grow down the line. The government may also make contributions on your behalf if you fall under a certain income level. Review your retirement plan often Your retirement plan should be tailored to you and your circumstances as they change over the course of your life. Check in on your retirement fund and strategy every few years, and discuss it with a financial advisor accordingly. They say the best way to predict the future is to create it for yourself. While no one can predict what the next few decades will hold for you, small financial decisions made early in life could point you in the right direction for a comfortable retirement. After all, you've earned it.
Tips & guides
What is stamp duty, and why do I need to pay it?
If you're buying your first home or an investment property, stamp duty could be one of the bulkiest upfront costs you pay. That's why it's crucial to know what stamp duty is, how much you'll need to pay, and when you need to pay it so you can adjust your loan budget accordingly. In this article, we will check out what this cost is. What is Stamp Duty? Stamp duty is a state tax on the sale of property from one owner to the next. This tax applies to a personal home, investment property, or vacant land. It can also apply to purchases like vehicles, but for the sake of this article, we'll stick to home buying. How Does Stamp Duty Differ from State to State? Stamp duty is a state tax, meaning it changes depending on which state you purchase in, so the amount you pay and when you need to pay it can vary. Some of the factors that will affect how much stamp duty you have to pay include: Purchase price and location: The stamp duty amount is a percentage of the property purchase price, but this changes depending on the state or territory you purchase in. Type of property: Are you buying an existing residential home, an off-the-plan investment property, commercial property, or vacant land? Stamp duty is often calculated differently on each. Intended use: Will you live in the property or rent it out? Are you a first-home buyer or a seasoned investor? If you want a rough estimate of what stamp duty looks like in your state for a first-home buyer, we've calculated the estimated amount on a $500K residential existing home. Source nab.com.au Can I Add Stamp Duty to My Home Loan? Unfortunately, stamp duty is an upfront cost you can't add to your home loan balance. You might be able to use part of your deposit to pay for it, provided you still have enough remaining funds for your chosen property. How Can I Reduce My Stamp Duty? Stamp duty is one of the key sources of government tax revenue, so discounts can be hard to come by. However, there are a few exceptions to the rule which we outline below: First Home Buyers Most state and territory governments offer concessions for first-home buyers. Eligibility criteria and the type of concession will depend on which state you are purchasing in. For example, for purchases made after 1 July 2023, eligible first-home buyers in NSW may enjoy a complete stamp duty exemption for properties under $800K, with a concession on properties up to $ 1 million, as long as you live in the property for 12 continuous months, commencing no later than 12 months from settlement. Eligible first-home buyers in Victoria may receive an exemption on properties up to $600K, and a concession on properties up to $750K, as long as they live in the property for at least 12 months commencing no later than 12 months from settlement. (correct as of August 2023). Off-the-Plan Properties In NSW, first-home buyers going off the plan to purchase their residence can defer their stamp duty to 12 months after the contract exchange or the settlement date, whichever comes first. Investors must pay within the standard NSW time frame. In Victoria, stamp duty is usually calculated from the value of the land only and not the value of the building itself. How do I calculate my stamp duty? If you're looking to buy a home or investment property, you can easily calculate your stamp duty costs with an online stamp duty calculator and factor it into your overall loan amount.
Tips & guides
What is Lenders Mortgage Insurance? And why we don't charge it
Buying a home is super exciting, but there are a few extra costs other than your property price. One is Lender's Mortgage Insurance, but not all banks charge it. We explain more about Lender's Mortgage Insurance and why some banks don't charge it below. What is Lenders Mortgage Insurance? Lenders Mortgage Insurance, otherwise known as LMI, is a type of insurance that protects banks if a customer can't make their home loan repayments. How does LMI work and why do banks need it? LMI is offered to banks by insurance companies like QBE and Genworth, who are Aussie LMI providers. Banks take care of the paperwork and then pass this cost on to their customers. Some banks need LMI because loaning someone more than 80% of the price of the property value comes with obvious risks. If a homeowner is unable to pay their home loan repayments, the property may need to be sold to pay back the bank. But if the value of the property has gone down since they bought it, and the sale of their property doesn't pay off the loan, the insurance company will jump in to make up the difference, and the insurer may then seek to recover this shortfall from the homeowner. Is LMI added to the loan or already included? LMI isn't included with your loan. It's usually added to the total loan amount. Some lenders may allow you to pay this upfront using your own funds. How to avoid LMI (and the perks that come with avoiding) The best way to dodge LMI is by saving a deposit of 15-20%, although the required deposit will ultimately depend on the lender. While a smaller deposit might get you into the market quicker, having at least 15-20% means: You'll borrow less, You might not have to pay as much interest, as you are borrowing less against the property value, You'll save not having to pay LMI, meaning you could top up your emergency fund or save some money for everyday life. Why we don't charge LMI At ubank, we're all about helping our customers get on the property ladder with repayments they can afford. In line with this, our loans require a deposit or equity that is at least 20% of your property amount or 15% for owner occupied principal & interest loans. Contributing more of your own funds upfront means you borrow less and could save some cash for your expenses. Ubank offers owner-occupier P&I home loans to customers with up to 85% Loan to Value Ratio (LVR) without charging LMI. The LMI premium on an average loan size of $580K at an LVR of 85% is approximately $5,466. Something else to consider is that if you want to refinance while your LVR is still over 80%, you might have to pay LMI twice. This could be another reason to avoid paying LMI in the first place by having a deposit of at least 15-20%. How much is LMI? If you do end up paying LMI, the final cost depends on a few things: How much you've borrowed The size of your deposit If you bought an investment property or a home to live in. To work out how much LMI you might pay, the calculator here on Helia.com can work it out for you based on the property value, deposit amount, if you're a first home buyer, loan term, and occupancy type. Boost your home loan deposit, by scoring bonus interest with ubank's Save account. All you have to do is have a Spend account and deposit $500 or more per month into any of your Spend, Bills or Save accounts (not including internal transfers). Then you'll get bonus interest on combined balances up to $250K per customer across all your Save accounts (including Shared Save accounts). Now that you've got the lowdown on LMI, figure out the best course of action for you. If you can wait it out and grow your deposit, you could save in the long run. Don't forget to check out our ubank home loans for great rates on a loan to buy your dream home.
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