First 500 applications get a $500 gift card.
Considering UBank have pretty much the cheapest rate around they are pretty much paying you to save money.
$500 Gift Card for Switching Mortgage to Ubank
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how much did it costed you to switch from other bank? Is it worth while making a switch?
I don't remember the cost but it was not alot as I was outside the lock-in period. Ubank interest (5%) was way lower than my old loan interest rate (5.5%). So I definitely save more $$$ switching with them.
Anyway, for those who are interested in Ubank.. Just remember that there is no offset account and also you can only refinance to assess your equity (for investment property) only after 1 year with them.
Thanks!
Hi trump3, I work for UBank and read your post. I'm really sorry to hear that you haven't received your $500 gift card yet and would like to follow up on this for you with the team. Would it be possible to send through your contact details in a message so that we can get in touch directly? Thanks
Personally I had a lot of trouble trying to change over to Ubank
I gave up in the end
They have real bad communication, I found they asked the same questions every time I rang
The progress of my loan on the website was NEVER up to dateI gave up and went elsewhere
i remember mine, i uploaded 8 documents at 10pm one day and the next day 11am, all has been approved.
maybe more customer decrease their responses. typical.
Loans.com.au has a rate of 4.75%. We switched to them 3 months ago. Very happy with them.
That rate is for new purchases only, so won't help people with existing loans.
I'm looking at them for a new loan. =)
i got the last year promo $500 giftcard from them, very quick and easy.
from my experience and also people in whirlpool, only go with ubank if your mortgage is "healthy" and "simple"
so means, low leverage (we talking 70-75% left) and not complicated.Yep I switched to ubank and would agree with that assessment, it's easy if your circumstances are straightforward but can be quite complicated if not.
…and you have a lot of patience, with emails and posting docs back and forth. Seems some people have it easy and some there is some pain to get the gain.
My rate with ING Direct and Aussie home loans are both less then Ubank so i would be losing $500 to switch
are you comparing fix and fix?
cant see ing and aussie beat ubank fix 4.68%variable and even after the Upfront Discount Offer of 0.25% p.a with ubank its still a higher rate lol
sorry could you enlighten us here, is yours a special unadvertised deal rate or some conditions attached something like that?
on ing website their variable is 5.41% ubank 5.12%?
also same with aussiehomeloan
Be careful with deals like this once you factor in discounts you can get from the Big 4 they are probably cheaper.
No, I couldn't find anything from the Big4 that come close to the low rate providers.
Like anything financial, be careful, do your sums. UBank was a pain to sign up to but the pain was worth it with the low rates.
Upfront Discount Offer of 0.25% p.a and my current loans with aussie and ing are still cheaper then Ubank and i save more then $500
Do your sums indeed! :) i'm on 5.42% Variable with Aussie signed up before CBA took them over and the money comes from Perpetual. not CBA as it does now.
5.47% with ING!
sorry vid_ghost but I'm having trouble understanding how 5.42% (the rate you say you're on) is a better rate than 4.87% (ubank). Can you please elaborate as you seem quite proud of your endeavours in the mortgage game
ah not only me that confused.
is this some crazy reverse ozbargain logic where
5.42% is less than 4.87%?Some quick crappy maths says that on a hypothetical 25 year $200k loan
- your magical Aussie loan is $1218/mth and about $165k interest
- the 'unbargain' of uBank is $1154/mth and about $145k interest..thats a -$20k bargain right there
I'm confused too. 4.87% with UBank is way less than 5.42% with Aussie…. vid_ghost you might want to look at your sums again!
There's absolutely no way you can save money on a standard variable loan package on an interest rate of 5.42% compared to UBank's standard variable loan pacakge on an interest rate of 4.87%.
This is assuming they are both comprable packages (i.e. not offset accounts).
If you're truly saving money then you are somehow magically breaking the laws of mathematics. In which case, can you next turn your attention to gravity, those laws need to be broken too :D
The Big 4 are called big, because they make BIG profits at their customer's expenses. BIG ripoffs, that's what they should be called.
agree. big 4 are never able to beat online banks. they are just too greedy.
BUT
someone told me if you have millions of mortgage big 4 might be cheaper
THe big 4 are a joke~ only good reason to go with them is if your having issues with other cheaper lenders I think. Never go with a broker as they get commissions every year~ always best to get the best deal urself and even call up the bank ~ try to look at at least 0.1-.5% cheaper when u do it urself~ I think that's the rough estimate I reached half a year ago . if I am wrong point it out :)
Also I think if I was to aim for a home loan I prob wouldn't feel comfortable accepting any more then 5%
Good luck getting a bank to match the rates they give to brokers, I doubt you'll be successful unless you are friends with a bank manager.
Think of it like a union: the broker functions the same as the union rep. Because they control a lot of home loans, they can command better rates from the banks.
You, as the purchaser of a single loan, have as much chance as if you were a single employee asking big business for a pay rise.
I'm not saying this is a good system, but it is the current system. Working outside "the system" is rarely successful.
I wouldn't recommend to go with UBank unless you apply for interest only.
Why is that?
Because you will never know how they calculate those numbers.
Rate is low, service is cheap, headache is round the corner.
Good luck with that if you really want to go ahead with them.
I was with HomePath before UBank and except for minor hassles doing everything without a shop front, its been smooth sailing!
You're not a Mortgage broker are you? Brokers don't get any kick backs from these guys hence they never recommend them…
Im have a normal PPOR mortgage with UBank and have 0 complaints…
apart from the problem that I now have more spare $ (or am paying my mortgage off much faster) than I was previously
Who's got minimum amount of $300,000 to refinance? Also…
• For a fully variable rate UHomeloan, submitted online at ubank.com.au between 12 July
2013 and 18 August 2013;
• For a minimum amount of $300,000;
• Supported by you providing UBank with all the required documentation within five (5)
calendar days of submitting the application;
• A new application – eligible customers must not have applied for a UHomeLoan in the three
(3) months prior to the offer start date of 12 July 2013;
• Unconditionally approved within six (6) weeks from the date of the online application (your
application is unconditionally approved when you receive an email from us that states it has
been approved);
• One of the first 500 eligible applications received; and
• Settled by 30 September 2013 or within six (6) weeks from the date of application, whichever
occurs first.Peoples experience with UBank would suggest getting unconditionally approved within 6 weeks could be pretty hit and miss even if you do everything right at your end!
Not only that, but it's only for the first 500. No guarantee you will get the card.
They have the same promotion last December. I switched to them, BUT I still have not received my $500 gift card. 7 months have passed with emails/calls every month, and I still have not receive my gift card.
Ubank is blaming their card provider but I don't really believe them. Go figure.