Frequently Asked Questions
We’re a new digital-only lender built and backed by the Commonwealth Bank. We believe that home loans should be easy to get and even easier to live with, and we are committed to helping Australians own their own homes sooner.
We’re undoing the way refinancing has always been done. We’re unveiling what the future of home loans looks like… today. We’re unlocking the pathway to financial freedom… sooner. We’re untangling and removing the unnecessary complexities that exist in this space. We’re unleashing the most seamless way of taking back control over your most important asset.
Unloan is unlike any other lender in the market, and we are here to stay.
We do not currently offer interest-only payments, but this may change in the future.
As well as one of the lowest variable rates in the market, Unloan customers get a 0.01% p.a. discount each year they are with us, up to a maximum discount of 0.30% per annum. To see how much you could save check out our savings calculator.
Applying for Unloan takes minutes. Learn more about the Unloan application process.
Because the Unloan home loan is a variable rate loan, the interest rate will vary over the life of the loan. You will still receive the increasing discount each year you are with us, up to a maximum of 0.30% per annum.
Unloan's increasing discount home loan gives you a 0.01% p.a. discount for each year that you are with us, up to a maximum discount of 0.30% p.a.
We do not currently offer fixed rate home loans, but this may change in the future.
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 don't offer conditional approvals or purchase home loans yet, but they are coming soon.
Unloan does not offer offset accounts.
Both traditional offset accounts and redraw reduce the interest charged on the the home loan by “offsetting” the outstanding balance by the amount stored in the account.
The main difference is that a 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.
Our maximum loan size is $3M. (minimum refinance amount $10,000) Learn more about our Loan Features.
For now, we’re only offering refinancing, however, we hope to offer loans to new borrowers very soon.
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.
Unloan doesn't charge application, account-keeping, or exit fees. Our No Fee Policy
To find out if you are eligible for Unloan see our Eligibility Guide.
That's right, there are no fees from Unloan. We dislike fees as much as you do! However, there are some mandatory Government costs (approximately $260-$440 depending on your State) when switching your home loan. For your convenience, we add this amount to your loan balance on settlement.
Most customers only need paperwork to verify their income. Usually everything else in the application can be done digitally. Acceptable Documents
Unloan's home loans can only be managed via the Unloan app. Unloan home loans are not available in the CommBank app, branches or call centres.
A Target Market Determination (TMD) explains which people particular financial products may be suitable for. See Unloan's Target Market Determination.