Australia's UBank drops home loan rate

Tuesday 14 July 2020 13:40 CET | News

Australia-based UBank has announced a 0.10% to 0.15% per annum out-of-cycle reduction to its variable home loan rates.

New owner occupier home loan customers paying principal and interest will now pay a 2.49% p.a. variable rate. According to UBank, the rate changes are effective for both new and existing customers from July 17, 2020 and could save customers around USD 400 in the first year on a USD 400.000 owner occupier home loan paying principal and interest.

UBank has also announced a reduction to its UHomeLoan one-year and three-year fixed rates by 0.15% p.a. and will waive the rate lock fee of USD 395 for all new fixed rate loans that settle on or before September 30, 2020. For owner occupier home loans paying principal and interest, the new three-year fixed rate is 2.14% p.a. The new fixed rates were effective from July 8, 2020.

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Keywords: digital, banks, digital bank, loans, Australia, uBank, rates
Categories: Banking & Fintech
Countries: Australia
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