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UBANK (Backed by NAB) Interest Only Investment Home Loan Fixed 3.99% 3 Years

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UBANK (Backed by NAB) Interest Only Investment Home Loan Fixed 3.99% 3 Years
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islandgirl123 on 16/08/2018 - 19:28 ubank.com.au (316 clicks)
Last edited 16/08/2018 - 19:28

UBank (backed by NAB) have a fixed three year investment loan rate of 3.99% for both P & I and Interest only loans. No fees for application or valuation, just rate lock of $395. Online application so easy and one of the best online home loan application websites I’ve ever seen! Call centres appear to be based in Australia and so far the wait times calling have been very minimal/non-existent. Also didn’t have to jump through too many hoops to get my loans approved as has been the case with other lenders recently. They also did a computer valuation of the properties which meant my tenants weren’t bothered by a valuer!

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  • kronicmacstigator on 16/08/2018 - 19:50
    +3

    Devil's advocate… I'm wondering if rates are going to head lower to try and stop the house of cards collapsing.

    • islandgirl123 on 16/08/2018 - 20:23

      I was worried about fixing again as I made that mistake 10 years ago and paid the price, but I just can’t see the rates dropping much below 3.99% for investment interest only loans especially since they haven’t gone much lower and the RBA rate is still at an all time low! They’re predicting rates will rise but I’m not banking on it. My previous lender was charging me 4.29% so I’m already saving! Fingers crossed! :)

      • kronicmacstigator on 16/08/2018 - 23:18
        +1

        Just saying that I wonder if the banks are thinking that if interest rates do go up, that foreclosures might start happening and the artificial bubble bursts.

        Either way, it's a damn low rate and I'd be fixing if I owned a house!

  • cocomelon on 16/08/2018 - 19:52
    +1

    What a heck of a rate. That is the lowest interest only rate i ever see. Im at 4.09% has 2 yr fixed.

  • No on 16/08/2018 - 19:55
    +3

    I just settled with ubank. 3.74% for 3 years on a owner occupied.

    The process was quite annoying in that they wanted a complete work up of every dollar I spend and the valuation was shockingly low. Bankwest valued my house about 10% higher 3 years ago, I suspect this may be the case with most lenders now.

    Still I think its worthwhile for the rate.

    • islandgirl123 on 16/08/2018 - 20:26

      Thanks for the input. They did ask some obscure questions about expenses but then didn’t ask for any proof of these expenses, nor bank statements or credit card statements which I found interesting. I recently applied through Reduce home loans and literally withdrew just as they were about to settle because they lifted the rates. Compared to Reduce, UBank was an absolute dream and asked for much less documentation. I’m guessing they’re all going to keep getting harder and harder though :/

      Ubank valued my properties all at the same rate as the valuer id paid for with Reduce, but I think you’re right valuations could go downhill pretty quickly in this market!

  • Pidim on 16/08/2018 - 19:57

    Just a warning about UBank. Mostly okay but they would not lend for off the plan or completed brand new developments. I found Macquarie bank could be convinced of similar rates without the catch. Apart from that, UBank have always been at the pointy end when it comes to rates.

    • dcep on 16/08/2018 - 20:12

      macq only does 70% lvr

  • T-man on 16/08/2018 - 19:58

    I remember that UBank doesn't do business with self-employed borrowers, has this changed yet? Any self-employed refinanced to UBank recently?

  • Mentem on 16/08/2018 - 20:02

    Just bought with Ubank, they dont lend to self employed.

  • ozshaz on 16/08/2018 - 20:07
    +1

    Thanks OP. Looks like a good rate. Am I reading correctly that the comparison rate is 4.44% ?

    • No on 16/08/2018 - 20:19
      +1

      This is because the comparison rate is based of a 25 year loan or something. So if you kept this loan for the full 25 years after the 3 years you end up on a different rate which brings the comparison rate up. If you keep it for 3 years only it will be much closer to 4% or something given the $395 fee.

    • islandgirl123 on 16/08/2018 - 20:31

      Yep exactly what No said. After the three years it reverts to their standard rate of 4.66% -.10% loyalty discount. So it would be 4.56% after this. I never stick around after the intro rates are finished, so I will bail out at the end of the three years. This approach has always paid off for me so far! I’m also taking my owner occupied over at 3.59% variable. Not the best rate out there but still pretty damn good.

  • [Deactivated] on 16/08/2018 - 20:07
    +1

    Starve these thieving banks. Borrow elsewhere.

  • tunzafun001 on 16/08/2018 - 23:52

    Anyone know the minimum term you need to be with them on their variable products? I need a port out loan!

    Loans are becoming like sim cards, its starting to pay to moved around. For example, Westpac offer 200k FF points, the others offer $1000 - $2000 to come across (with half of that in fees, its worth it).

    • Disclaimer - This guy ports!
  • kley78 on 17/08/2018 - 10:12

    No offset though

    • islandgirl123 on 17/08/2018 - 12:29

      It’s a fixed rate loan so offset rate would be pittance anyway. I prefer to keep surplus funds in my owner occupied loan for tax purposes, though of course not everyone’s the same :)

  • islandgirl123 on 31/08/2018 - 18:36

    This deal now looking better than ever post rate-rise!

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