Borrowing power is the amount you can borrow from a lender or bank. It is typically equivalent to your potential loan amount.

Learn more about what borrowing is here.

Everyone's borrowing power is different. You can use an online borrowing calculator (like ours!) to get an indication of how much you might be able to borrow.

Borrowing calculators estimate how much you are able to borrow while taking into consideration a number of factors:

• Are you borrowing by yourself or with someone else?
• What is your income?
• What debts, liabilities and expenses do you have?
• What are your loan terms? For eg: 30 years.

There are a number of factors that may affect your borrowing power including:

• Your income
• Your debts and expenses
• Your savings and deposit amount
• Your type and length of home loan
• The property you're looking to purchase.

For more information, click here.

The bigger your deposit, the lower your Loan to Value (LVR) will be. A bigger deposit shows lenders that you have good savings and are potentially a low risk borrower.

Learn more about how to increase your borrowing power here.

Yes, your employment type will impact your borrowing power. Your employment and job stability can help determine how likely you'll be able to make repayments on your loans.

Whether they're big or small, any existing debt or financial commitments you regularly put your income towards could impact your ability to make repayments on your loan.

These include credit cards, existing home loans or personal loans, HECS-HELP and more. Learn more about how your debt and expenses impacts your borrowing power here.

Higher interest rates typically mean your borrowing power will be reduced as your repayment costs will increase.
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Learn more about how interest rate changes impact your repayments here.

We’re a digital only lender built and backed by CommBank. We believe that home loans should be easy to get and even easier to live with. We undo all the confusion, hassle and stress associated with home loans that are seen in more traditional lending options. We keep it simple for our customers with one low rate that is discounted every year, up to 30 years. Our digital application experience allows customers to seamlessly complete their application in minutes.

We’re a fully owned division of CommBank. Unloan’s mission is to provide a simple, low-cost home loan that’s easier to get and more rewarding to live with.

As a digital-only home loan, Unloan is available exclusively via this website, and customer support is provided by Unloan’s dedicated lending team.

Unloan is not available from CommBank branches or call centres. Even though we’re close friends with CommBank, our home loan offerings aren’t available through CommBank. Unloan is a digital, unbundled home loan that is exclusively available via our website via our web application.

When you refinance your home loan, it’s often to get a lower home loan rate and save money in the short and long term. By undoing your home loan with Unloan, not only are you on one simple low rate, but you’ll receive an automatic annual discount that increases every year you stay with us, up to 30 years.

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We may be a good match for each other if:

   - You’re refinancing a residential property for up to 80% of its current value

   - You’re 18 and over and have an Australian Drivers Licence or Australian Passport

   - You earn a PAYG or self-employed income

Learn more about our eligibility criteria.

Our application process is completely digital and designed to make your home loan experience easier. You can apply in minutes.

We have a web-based application you can find at app.unloan.com.au, which can be accessed via mobile, desktop and tablet. You can also add this as a shortcut to the home page of your mobile, or as a bookmark to your desktop or tablet for ease of use.

Please be aware that this is not a native application that can be downloaded from the App Store or Google Play Store.

You can apply for Unloan in minutes. Learn more about the Unloan application process here.

We like to keep things radically simple, so you can apply in minutes. Once we receive the necessary documents, we’ll run all the standard checks. If you’re approved, we’ll formally request a transfer from your current lender. This is often when delays can occur. On average, from application to settlement, it has taken our existing customers five to six weeks to switch over.

When applying, you’ll need to verify your identity so have your ID handy. Check out our full checklist for all the documents you’ll need.

Sit back and let us handle the heavy lifting for you. Our team will work with your current home loan provider to switch your loan across, with only a few steps needed from your end, which includes completing a discharge form.

Once you’ve been approved with Unloan, you’ll need to contact your exisiting home loan provider for a discharge form. This varies from lender to lender. Feel free to contact us and we can help steer you in the right direction if you get stuck.

From $10,000 to $10,000,000.

Total borrowings per customer across all Unloan loans is limited to $10,000,000.

Learn more about our Loan Features.

You need to have at least 20% equity in your property (80% Loan-to-Value-Ratio). When you refinance your home with us, we’ll get an updated valuation of your property to make sure your LVR is 80% or less. Learn more about our eligibility requirements.

We take your loan amount, add the total estimated amount of interest we charge over the life of the loan (until the loan settlement date), apply the annual rate discount that increases every year (up to 30 years), and then divide that total up into a monthly amount, based on the length of your loan term.

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Please note that these calculations for home loans are based on our current advertised rate, and assume this rate continues for the life of the loan. Interest rates may change at any time.

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You’ll be able to see:

• An estimate of your minimum monthly principal and interest repayments by refinancing to Unloan
• What changes occur if you make additional repayments
• An estimate of how much interest you could save by refinancing to Unloan
• How our annual discount works over the life of your loan

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Choose what type of loan you’re looking at calculating the repayment amount and repayment frequency for, whether for a live-in (owner-occupied) loan or an investment loan. Enter the loan amount, loan term, and if you’re making any additional repayments. These factors will affect the minimum repayment amount.

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The visual graph will provide an estimate of what you could save on your loan balance every year when refinancing to Unloan.

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Please note that these calculations are an estimate provided as a guide only. They are calculated based on our current advertised rate and assume this rate continues for the life of the loan. Interest rates may change at any time.

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Choose what type of loan you’re looking at calculating the repayments for, whether for live-in (owner-occupied) loans or investment loans. Enter the loan amount, loan term, and the other rate you compare our rate to.

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The visual graph provides a comparison between the Unloan rate including the annual discount that increases every year (up to 30 years) and the other loan's interest rate. Underneath the graph, it will showcase an estimate of what you could save over the life of your loan when refinancing to Unloan.

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Please note that these calculations are an estimate provided as a guide only. They are calculated based on our current advertised rate and assume this rate continues for the life of the loan. Interest rates may change at any time.

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The calculations on our refinance home loan calculator and mortgage interest calculator are an estimate provided as a guide only. They are calculated based on our current advertised interest rate and assume this rate continues for the life of the loan until the loan settlement date is reached. Interest rates may change at any time.

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Calculations are not home loan approvals. Applications are subject to credit approval, satisfactory security, and minimum deposit requirements. Full terms and conditions will be set out in our loan offer, if an offer is made.

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As the refinance home loan calculator has been provided without considering your objectives, financial situation or needs, you should consider the appropriateness of any outcomes to your circumstances, and seek independent advice as required. Take note that our calculations do not consider product features or grants.

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Unloan offers a great variable rate, an increasing discount, no Unloan fees and redraw. Learn more about the Unloan Home Loan.

Unloan only offers home loans online and direct-to-customer, meaning we don’t need to factor broker commissions or branch costs into our rates. We’ve also designed our home loans and systems to be as simple as possible, so they’re easier for us to look after.

We dislike fees as much as you do! That’s why we don’t charge any application fees, ongoing account fees, or exit fees.

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Whether you're buying a home or refinancing to Unloan, the only fees you'll see are the mandatory government fees*. Learn more about government fees here.

*Other third party fees may apply.

For every year your home loan is active, we’ll increase the discount by another 0.01% p.a.^ No negotiation, no follow ups. You just get an increased discount every year. Automatically.

It’s our way of saying thanks for staying with us.

We understand our responsibility to safeguard your privacy, and apply strict security and privacy controls in how we handle your information. To find out how we manage your personal information, please read our Privacy Policy.

Apart from our great variable home loan offer that comes with full-access, fee-free redraw transactions, Unloan does not offer other financial products. We are a home loan specialist focused on delivering the best possible home loan experience for our customers.

We do not participate in the Home Guarantee Scheme, Victorian Homebuyer Fund, or other government home-buyer assistance schemes. If you are eligible for the First Home Buyer Grant, these funds can't contribute to your 20% deposit. Please speak to your conveyancer on how best to approach this.

We do not currently offer fixed rate home loans, but this may change in the future.

We don't offer conditional approvals or purchase home loans yet, but they are coming soon.

We do not currently offer interest-only payments, but this may change in the future.

Unloan does not offer offset accounts.

Both traditional offset accounts and redraw reduce the interest charged on the home loan by “offsetting” the outstanding balance by the amount stored in the account.

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The main difference is that an offset account is a separate account with its own stand-alone BSB and account number. Redraw is part of the customer’s home loan account, meaning that it does not have a separate, stand-alone account number.

Yes, but they will have to be individual applications. You can have several loans with Unloan, however the value of all loans can’t exceed $10,000,000.

Unloan offers an unlimited redraw facility that lets you access extra repayments you’ve made on your home loan, above your minimum scheduled repayments.

For now, we’re only offering refinancing, however, we hope to offer loans to new borrowers very soon.

A Target Market Determination (TMD) explains which people particular financial products may be suitable for. See Unloan's Target Market Determination.

Although the cash rate set by the Reserve Bank of Australia (RBA) isn’t directly linked to home loan rates, it does have a substantial impact on the cost of funding that is used for home loans, so changes are usually similar. Other factors can also influence our rates, but we always intend to offer a great rate for our customers.

Just transfer the funds to your home loan account using the BSB and account number – just like a bank transfer. If you want to set up regular direct debits, Unloan offer Autopay.

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To find out what the BSB and account number for your loan are, log in to our web-based application at app.unloan.com.au. You can find details of your home loan including BSB and account number under ‘Settings’. This can be found under the cog icon when you click into your home loan from the Home screen.

Open our web-based application (app.unloan.com.au), click on the redraw display and select ‘Send Money’. If there’s a co-borrower involved, it will be pending until they confirm too.

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The minimum amount you can redraw is $1. You will be initially set up with a default maximum ($20,000 per day limit), you can increase this limit up to $100,000 per day.

If you're using Safari as your browser:

• Visit app.unloan.com.au
• Click on 'Bookmarks' and 'Add Bookmark;
• You can choose to add this as a Bookmark on your Favourites bar.

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If you're using Chrome as your browser:

• Visit app.unloan.com.au
• Click on the star located on the right side of the search tab.
• Label the name of your bookmark and click Done.

iOS:

• Launch Safari on your iOS device.
• Visit app.unloan.com.au
• Tap the Share icon located on the bottom of your screen in the middle.
• Select Add to Home screen.
• Label the name of website and tap add to make a Home Screen shortcut.

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Android:

• Launch Chrome on your Android device.
• Visit app.unloan.com.au
• Tap the three-dot icon located at the top right-hand corner of the screen.
• Select Add to Home screen.
• Label the name of website and tap to make a Home Screen shortcut.

We’re available to chat between 8am–8pm (AEDT) on weekdays and 10am–6pm on weekends. Just look for the bubble icon located on the bottom right of your screen to start chatting with our team.

You can also email us at [email protected].

You may also want to check out our FAQs for more answers to common questions.

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Email: [email protected]
Phone: 1300 630 000

See also our Complaints Guide which details the process we go through should you have any issues with us.

We’re always looking out for top talent to add to our star-studded team here at Unloan. We’re passionate about changing the landscape of home loans to one that is customer centric. If that excites you, check out our careers page.

While we don't have a minimum LVR, the lowest loan amount you can borrow is $10,000. Learn more about our Home Loan here.