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UBank Neat Home Loan: Owner Occupied Principal & Interest Variable 1.89% p.a. up to 60% LVR (1.90% Comparison Rate)

90

Was logging into UBank the other day after they jacked up my 1.99% to 2.24% and found the following new loan. (UBank merged with "86400") and they have added new loans.

the neat home loan is 1.89% with up to 60% LVR.
they also have offset with a 2.14% rate for LVR of up to 60%

I have an existing loan, I called them and they matched it. I was a little hesitant to post this as they said they would be lifting it on the phone in the next few weeks and adding the 0.25% rate hike onto it. (which would bring it up to 2.14 - which is still good i guess.)

Loan to value ratio (LVR) Interest rate p.a. Comparison rate p.a.1
Up to 60% 1.89% 1.90%
Up to 70% 1.99% 2.00%
Up to 80% 2.09% 2.10%
Up to 85% 2.54% 2.55%
Neat standard variable rate
Standard base rate referenced in our loan contracts 3.75% 3.77%

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Comments

  • +9

    Existing 86400 customer here - their rate penalty for offset account is rubbish. I did some meth back then & you need to deposit least 50k or more in the offset to break even with higher rate attached to it.

    • +49

      probably shouldn't do meth, it costs a lot more than the deposit

    • +4

      Better call saul

    • +1

      Should probably avoid the meth, put those dental costs to the loan instead

    • And even then, it's not worth it for many people as you can just have the excess cash on the loan and redraw if you need to.

      My understanding is there are some tax benefits to having an offset for some people though.

      • Yes - if you are an investor offset is potentially more tax effective than redraw. Redraw reduces your balance whereas offset does not.

  • +3

    1.89% + 0.25% = 2.14%

    • +3

      Looks like, like the above post, I meth good.

      Thanks, updated.

  • No one guarantee the same rate for both new and existing customers like Athena… Who knows, Ubank can increase rate after 5 days after you join and still give this promo rate to new customers.

    • +2

      They don't do automatic matching but make no fuss about matching if you ask them in the chat. Speaking from experience

      • did you need to speak to the loan retention team?

        • +1

          Nope, just the standard support chat, took 2 minutes.

    • What make Athena better than others?

  • Need to apply pre approve loan. Thinking to apply through Ubank but read many negative review about it. Any existing loaner here can share some light?

    • Also interested

      • +1

        They are OK, decent bank. Not a massive fan of their Web sites, or how long it takes to put money in and out of the home loan.

        Other than that, ok.

    • I’m currently with ubank. No complaints really… the app & website is pretty basic, but they are soon to merge the old 86400 & ubank accounts; so the app & website will get better soon.

  • they seemed to match mine automatically for below 70% LVR, i was at 2.09 last month, its now 1.99 though incoming +0.25%

  • Great mate. I applied for rate match as well.

  • Do they have offset accounts?

    • +1

      Please read op. Yes they do though the interest rate is much higher.

  • I applied to be transferred to the Neat rate. I have done it in the past and on the phone normally confirm it is all good to be transferred to a lower rate, yet this time, they have told me to wait up to 8 days to be advised if they will honour it.

    • interesting they changed my rate with no issues. I think its because there will be a rate rise in the near future. (it's still currently the old 1.99 rate though.)

  • Even as a saver they are a useful bank.

  • +1

    When I tried to sign up, they asked me for my login to my current bank via their website.
    And when I called them, they said it's the only way to proceed, and it allows another company (Illion) to categorise my income and expenses for the application.
    This seems like a security risk, is this normal?
    Are there any other low rate providers without having to give away my banking logins and passwords?

    • Try another bank or apply through a broker.

    • Yeah that's not right, id report this.

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