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UBank UHomeLoan

UBank UHomeLoan

2.1 from 213 reviews

Reviews

2.1

213 reviews
5
(37)
4
(14)
3
(6)
2
(26)
1
(130)
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Stay away

published

Completely waste of time. We tried to refinance with them and it took them more than a month to conclude that we are not eligible. They could have told us to start with.

In terms of documents, it went back and forth for 5 rounds for them to say exactly what they need. The guidance on their website is more like a decoration.

Living expense is calculated without clarity. Case manager is very unresponsive and unprofessional and refuses to take calls.

The low rate comes with all pain!

Transparency
Customer Service
Application Process
Timeliness
Loan TypeSplit
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1 comment
UBank
UBankUBank
Steve H

Steve H

  • 2 reviews

Worst customer service- don't bother

published

Don't bother with these guys they clearly aren't interested. We filled in the online home loan form and scheduled a call to discuss the application. They didn't call at the appointed time and we had to use the online chat to communicate. The customer service was extremely poor on the chat, even initially indicating that we were mistaken in believing we had a call arranged for that time. Eventually after an hour on chat we were offered a call the next day with a notional apology.

The next day: no call at the appointed time. Not too sure what they are playing at but don't waste your time on an unprofessional company who would do well to do a basic course on customer service and frankly general common etiquette.

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1 comment
UBank
UBankUBank

Hi Steve, we're very sorry to hear you've had this experience. Would you mind private messaging your full name so we can look into this further? This is definitely not the customer service we pride ourselves on.

Blake W.

Blake W.Greater Melbourne (Metropolitan), VIC

Perfect process

published

I recently got a new investment loan and UBank did a great job meeting my timeframes including the subject to finance date. The case manager was always available and guided me through the process. As long as you’re quick at getting your documentation ready, the UBank team are quick at getting the loan approved and contract generated.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateJune 2020
Loan used forInvestment Property
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1 comment
UBank
UBankUBank

Thanks for taking the time to review us, Blake!

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Good overall experience refinancing

published
Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan used forRefinancing
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1 comment
UBank
UBankUBank

Thank you for your review, Shane! We've noted your feedback on the app and are always looking for ways to improve our customer experience.

Travis W.

Travis W.

  • 2 reviews

Don't bother wasting your time

published
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Loan Process A Total Farce

published

Antiquated ID verification. The loan assessment part is not just extremely lengthy and uncertain, it’s more like psychological torture. I think they have a small money pool, hence the strict criteria. Stay away from UBank if you want keep your sanity or after loan approval.

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Customer Service
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Loan TypeVariable Rate
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Terrible Customer Service - Borderline Threatening

published

I just had the worst customer service experience with UBank. Whilst going through the application over the phone, the home loan 'specialist' was very rude and tried to intimidate me into not submitting my application. I tried to explain my situation, but she cut me off and made snark comments. I'll take this as a sign to avoid such a dodgy and incapable loan provider.

Customer Service
Application Process
Loan TypeVariable Rate
Dmytry

DmytryGreater Melbourne (Outer), VIC

  • 6 reviews
  • 2 likes

Very happy with Ubank

published
Transparency
Customer Service
Loan TypeVariable Rate
Nyssa

NyssaGreater Melbourne (Outer), VIC

  • 3 reviews
  • 1 like
  • Verified customer

Waste of time for a home loan

published

Applying for an investment loan. Applied on Feb 5th and its now Feb 26th- Still have not had a response on if they'll even give me the loan or not. Apparently it is in 'queue' and will take 5-7 business days. Even though I told them I need to know by March 2nd. Looks like I'll be taking my business elsewhere.
Additional information- I asked if the house valuation was done or scheduled as I hadn't heard anything back. Was informed that yes it was done and I'll get an email that afternoon to confirm.... 2 days later I sent another email asking for an update as I did not get the email they said they would send.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan used forInvestment Property
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MelJ8

MelJ8

  • 3 reviews

Competitive interest rate and no fees

published

I’ve had a UHomeLoan for about a year now and am stoked that in that time UBank have passed on the full RBA interest cuts to customers (albeit with some delay). There’s also no fees. These factors make my home loan pretty stress free so I’m very happy with UBank and would highly recommend to others.
There was some delay getting the home loan approval in the first place, which caused some stress early on. After approval, I haven’t needed to contact UBank for any reason so haven’t really put their customer service to the test, but I’m happy not to have to.
The app is shockingly bad though for an online bank. It useable, but only just. To do anything other than see your current balance you need to leave the app and log in to the webpage.

Transparency
Customer Service
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Loan TypeVariable Rate
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Kunal

KunalPerth, WA

  • 5 reviews
  • 2 likes

5 times contacted over a period of 1 month. No call back. Useless

published

No call back from anyone from Ubank after one initial call for home loan.
Never sent any correspondence. Never answered questions and terrible customer service.
I called 2 times and spoke to [Name Removed] from Ubank and he was very apologetic and good to talk to and assured Lisa will call back. No call backs after a month.
I am not going to contact you guys anymore.

You aren't professional.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
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Stephen A.

Stephen A.Canberra 2600, ACT

Could not find an more incompetent bank.

published

We have been waiting to top up our mortgage for two months now and still do not have the money.
This has been the most agonising and frustrating process and full of incompetence, bad systems, bad service, appalling communication and a complete lack of any sense that their customer is important to them.
Coupled with the incompetence of MSA National, Ubanks 'settlement partner' we have finally given up having zero faith in this bank or their product.
What you save in low interest rates, you pay for in time and effort.

Transparency
Customer Service
Application Process
Timeliness
Loan used forRefinancing
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Leon

LeonSydney, NSW

  • 12 reviews
  • 11 likes

Waste of time

published

I spent plenty of time filling out all my details online only to be told after 15 min of the follow-up call that they don't lend for off-the-plan properties. Since this is pretty rare for a lender, surely it should've been the first thing they asked during the application process?

Transparency
Customer Service
Application Process
Loan used forFirst Home
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Maree

MareeSouth East Queensland, QLD

  • 5 reviews

If you are an online banking you should have good online!

published

Interest rate is terrific. If you just want a loan that you can set & forget, this is perfect BUT if you want a transaction account - STAY AWAY! As an online bank I expected very limited client support but I also expected a solid online platform. Didn't happen. Zero support and a VERY inadequate system through either the site OR the app. Nothing but issues. Very disappointed. When our loan term expires we will go elsewhere.

Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
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Simmos

SimmosMetropolitan Adelaide, SA

  • 4 reviews

Investment Loan turn around time.

published

Steer clear if you are seeking a fast turn around time for Investment Loan.
I was originally advised it will take 7-10 days then when I phoned the Loans Department confirming appointment time to provide them with detailed information, I was informed application period was 6 weeks?

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Unhappy

UnhappySydney, NSW

Very poor customer service

published
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Application Process
Timeliness
Loan TypeVariable Rate
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good but Internet banking poor

published

Positives: Very competitive Home loan rate, application process straightforward
Negatives: internet banking access to HL very painful. I can view HL balance via app but anything else it will open up a web browser which requires another login to manage or view details about your loan. Most smaller banks / credit unions have this ability! Ubank is a digital bank but is lacking the digital part! Fix the app and I will give UBank 5 stars

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
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teis.daniel

teis.danielSouth East Queensland, QLD

Simply impossible to contact when you need them.

published
Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
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Terrible service and waste of time

published

Very bad customer service, dont know what they are doing. Was refinancing with them and told the valuation of my home is good and waiting for my credit check. Waited a month no updates and told they are still working on it. Later they told the valuation is wrong and cant do refinancing. Totally disappointing service and wasted two month. Wouldnt recommend this bank to anyone with my experience.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forRefinancing
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Nate

NatePerth, WA

  • 2 reviews

Poor customer service, especially for First Home Buyers

published

Ubank home loan specialist made several mistakes with my loan details and communicated by email with many typos and mistakes.
After loan was approved, they directed me to MSA national, who was relatively good and responsive.
However, on Ubank's side, my case was being handled by [Name Removed], who was rude, unresponsive and unclean about many things.
Ubank also does not help First Home buyers with lodging for this grant or even explaining anything about it, which according to my solicitor, is pretty rare and poor customer service

Transparency
Customer Service
Application Process
Timeliness
Loan TypeSplit
Loan used forFirst Home
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Page 1 of 11

Questions & Answers

Bear

Bearasked

I got a contract from them saying that I had to pay their solicitors fees for attending settlement. Same if I leave them. They did not give a value for this fee. Did anyone else have this clause in their contract? If so how much did it cost? It seems they lie in their advertisement because they said no settlement or discharge fees but here we are. I don't want to sign a document that has an undisclosed fee associated with it. Does anyone have experience with this?

2 answers
hsk8787
hsk8787

I cant recall as mine was done 3 years ago, but thst doenst sound right. How can they not know what the solicitor fees will be? I’ve had issues with ubanks inconsistency in what they say and i’ve moved my business because i got fed up with it.

Jake Elwood
Jake Elwood

Was the solicitors fees situation clarified?

Curious Customer

Curious Customerasked

I'm wondering if anyone, who has had a bad experience with Ubank, has taken their complaint to the Banking Ombudsman?

I was considering refinancing with Ubank but then read all the negative reviews on this page. I'm doing my research as to who to refinance with and the above reviews are mostly negative - so it leaves me feeling less than confident that moving to Ubank would be a good idea.

4 answers
TrevorPetrie
TrevorPetrie

In our case, we were already moving to another institution anyway because we wanted to be able to visit a branch. We had no problems before we tried to leave and didn't see much value in pursuing the matter further, it only would have cause us further unnecessary stress. If we were currently looking to refinance to a similar product, we'd definitely be looking for a bank or similar with at least a handful of branches.

productfind
productfind

That was going to be my next step if U Bank did not sort out the problems in time, I found out the the mix up was mainly to do with Advantage who are the lenders; as it has all been sorted I have no need to report to the Banking Ombudsman, but there is clearly an issue with "time" and documents not turning up, I think if anyone has had issues that were not resolved they should report it.

Brendan
Brendan

good question curious customer - we are encountering extraordinary obfuscation in an otherwise simple re-finance (with about 80% equity) - CBA have come close to matching their best price & I'm not proud to say it but I'm keeping the process bubbling along for a bit of sport to see how **cked they are !!

Dave

Daveasked

Why my variable Uhomeloan rate increased to 4.51% when current variable rate is only 3.99% ? (16/09/15)

1 answer
TAK
TAK

I saw they are offering a discount on their regular rate taking rate to as low as 3.99%. May be you have got the loan settled before the discount offer was in effect. Normally new offers don't apply to previously settled loans. Or may you can call them and negotiate?

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