ubank HomeLoans' past Experience, Rate Creep

salehiam on 20/04/2023 - 21:50

Hi,
I need to refinance 1.5m loan.
I am looking at my options, a vendor who also offers cross-collateral lending.
Apparently, UBank does it. For my day-to-day banking, I am not planning to use UBank, only home loans.

I want to know what has been your experience with UBank home loan. Do you see rate creep happening where you are higher than the standard advertised price? did you try to reduce their advertised variable rate based on the loan amount? Any other lenders to consider?

Thanks,
Ali

Financial Home Loan

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Comments

  • Shadowsfury on 21/04/2023 - 08:31
    +3

    I noticed rate creep only once - a simple call to them and they were were happy to bring it back to the advertised rate.

  • Tobias on 21/04/2023 - 10:17
    +1

    Once the mortgage "offer" you signed up on isn't the current offer that's when a variance in interest rates can occur. I noticed it a few times and the lovely staff adjusted it after a quick phone.
    Always double check a week later, once a typo resulted in no decimal point ! - ha ha ha ha.

  • MadgeH on 21/04/2023 - 17:16

    Hi Op

    I am biased here, but why not engage a good broker? Most brokers have access to uBank as well as other lenders to compare?

    Some lenders are a lot better than others at offering "new customer rates" to existing customers

    • miwahni on 22/04/2023 - 00:37

      Unless things have changed very recently, Ubank does not deal with brokers. It's purely an online play.

      • MadgeH on 22/04/2023 - 07:26

        I'm a broker myself and deal with uBank. Unsure when the change came through but they definitely work with brokers

        • miwahni on 29/04/2023 - 01:36

          Okay I stand corrected!

      • jjjaar on 22/04/2023 - 08:52

        Was talking with a broker this week and they had ubank available.

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