How Much Equity Do I Need To Refinance with Unloan?

We explain how much equity we'll need to determine if we're the best fit for you.

Before you begin your application with Unloan, here are some things to consider to help determine if we’re the best fit for you.

How much equity do I need?

The all important question! Unloan accepts properties with at least 20% equity – this means you have less than 80% loan to value ratio (LVR).  

To calculate your loan to value ratio, a property valuation is required. If possible, we will use existing loan to determine the value, or arrange a physical valuation of your property. If you have completed your own valuation, or have a copy of a valuation, we won’t be able to use these.  

What if I don’t have 20% equity?

We do not offer lower equity loans with Lenders Mortgage Insurance (LMI) or guarantors as part of our home loan application.

What kind of properties do you finance?

Your property with Unloan must meet a certain criteria including:  

  • Must not be located on Norfolk Island  
  • Must be in liveable condition, not under construction
  • Must not be a commercial property
  • Must not be a registered second mortgage over residential property  
  • Must not be five or more dwellings within one development per application  
  • Must not be Cash deposit

These types of properties include freehold and leasehold estates, vacant land, a security interest in shares in an acceptable company title unit and properties under National Rental Affordability Scheme (NRAS).

What is the purpose of the property?

The property must be categorised as either owner-occupied or an investment.  

What is an owner-occupied property?

  • Occupied by at least one of the borrowers on a permanent or periodic basis.
  • Not have any associated rental income or tax offsets listed in the application.

What about the title structure?  

Unloan must be able to be the first registered mortgage holder, and there can be a maximum of two owners on the title. All listed owners on the title need to be an Unloan borrower.  Where there are two Unloan borrowers, but only one on the title, we can proceed, providing we can confirm the person who is not listed on the title is benefitting from the loan.

If your property is held by a Trust or Company, we are unable to accept your application.  

Limited titles are acceptable as long as there are no caveats on the title.  

Learn more about Unloan and applying with Unloan here.

This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.‍

Unloan is a division of Commonwealth Bank of Australia.

Applications are subject to credit approval; satisfactory security and you must have a minimum 20% equity in the property. Minimum loan amount $10,000, maximum loan amount $10,000,000. 

Unloan offers a 0.01% per annum discount on the Unloan Live-In rate or Unloan Invest rate upon settlement. On each anniversary of your loan’s settlement date (or the day prior to the anniversary of your loan’s settlement date if your loan settled on 29th February and it is a leap year) the margin discount will increase by a further 0.01% per annum up to a maximum discount of 0.30% per annum. Unloan may withdraw this discount at any time. The discount is applied for each loan you have with Unloan.

There are no fees from Unloan. However, there are some mandatory Government costs depending on your state when switching your home loan. For convenience, Unloan adds this amount to the loan balance on settlement.

* Other third-party fees may apply. Government charges may apply. Your other lender may charge an exit fee when refinancing.

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