Commonwealth Bank launches Unloan

Wednesday 18 May 2022 14:16 CET | News

Australia’s Commonwealth Bank (CBA) has launched Unloan, Australia’s first digital home loan with a discount that increases every year for up to 30 years, according to the official press release.

Unloan leverages modern technology and has been developed through the support and infrastructure of CBA’s venture scaler, x15ventures, offering Unloan greater speed and access to tools and experience.

Unloan offers owner occupiers one low variable rate, priced at 2.14% p.a. (2.06% p.a. comparison rate), including a loyalty discount that grows by 0.01% p.a. every year, up to 30 years. For investors, Unloan also offers one low variable rate of 2.44% p.a. (2.34% p.a. comparison rate) and the same loyalty discount that grows by 0.01% p.a. every year, up to 30 years.

Built on modern technology foundations, Unloan tries to remove many of the complexities seen in more traditional lending options, with a digital customer experience that allows applications to be completed in as little as 10 minutes. Unloan is accepting applications to refinance home loans up to AUD 3 million dollars and up to 80% of the property’s value.

In the coming months of 2022, Unloan plans to expand into new home loans, and also enable Open Banking-powered assessments for an even faster application experience.

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Keywords: lending, product launch, Open Banking
Categories: Banking & Fintech
Companies: CommBank
Countries: Australia
This article is part of category

Banking & Fintech


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