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UBank UHomeLoan

UBank UHomeLoan

2.1 from 189 reviews

See the Best Home Loans in 2019 as rated by Australians on ProductReview.com.au.

Reviews

Review distribution

5 star
35
4 star
11
3 star
6
2 star
24
1 star
113

Ilukasue

Ilukasue

  • 4 reviews
  • 2 likes

Waiting, waiting, waiting.

published

The loan process is very dis-organised. The documents you are asked to upload are not a complete list of what is required. I am applying to refinance (40%) value of property (a no-brainer!). I am being questioned about a $1000 credit card that was closed over 12 months ago and being treated like I am a liar! Probably not worth the hassle to refinance to save a few dollars a month.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan used for:Refinancing
See all answers

Joe

JoeSouth East Queensland, QLD

Go for a different Bank if you need your loan approved within a month

published

Things just go back and forth. Instructions are vague.
Always asking for additional paperwork.
ID check took one week at least.
Then After submitting all the documents they asked, they advise the loan has been sent for assessment and we should get a decision within a week.
Another week later they ask for additional documents and then they will conduct a full credit assessment.
Still waiting for a reply after 4 weeks.

Customer Service
Loan TypeSplit
Loan used for:First Home
Disappointed

DisappointedPerth, WA

Cannot apply for loan due to no second mobile phone number or email address

published

We just tried to re-mortgage two loans and borrow to purchase a third. Our application was blocked due to my husband not having a mobile phone number or separate email address. Speaking only to an agent whom advised that you must have these in order to progress. When did customers have to bend over backwards? Not everyone like technology. Taking our business elsewhere.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
See all answers
1 comment
Disappointed
Disappointed

In fact, we were asked to provide a family member's mobile phone number. No way! How dare they ask that we give away personal details for a family member?

Praxad

PraxadSydney

  • 19 reviews
  • 23 likes
  • Verified customer

Very dissatisfied, never returning

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeFixed Rate
Loan used for:Refinancing
See all answers

Grant E.

Grant E.Perth, WA

Never answer the phone

published

I must admit that they offer a great home loan rate . Just be aware that if you ever need to contact them by phone (never lose or forget your pin number for online banking), you will be treated as a second class citizen as they already have your business. This is the third day I have been unable to contact them. For two of those days I have been kept on hold for 45 minutes plus, before hanging up out of frustration.

Customer Service
Loan TypeVariable Rate

John

JohnGreater Melbourne (Inner), VIC

  • 6 reviews
  • 8 likes

Most incompetent buffoons I have ever tried to give my business to.

published
Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used for:Refinancing
See all answers

M. Tiemens

M. TiemensSydney

  • 8 reviews
  • 2 likes

Everything you need and nothing you don't type loan / bank - overall good

published
Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used for:Refinancing
See all answers

bennettk

bennettkmorwell

  • 4 reviews
  • 4 likes

so unprofessional

published

told me everything was ok ,then my wife told them about a credit cad she had , they then phone her to say it was her fault we did not get the loan ,she was so upset ,Amateurs all off them

Transparency
Customer Service
Asdf M.

Asdf M.Sydney, NSW

Cheapest but get what you pay for

published

They were the cheapest but pretty incompetent. Took ages to get my loan. I was a first homeowner so inexperienced, not sure what they’re excuse was. Really inexperienced and did not understand the concept of how long we had until settlement. In the end we persevered as it would have taken too long to start again elsewhere. Would not recommend unless vanilla loan.

Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
See all answers

Outsourced, poorly trained, unavailable, unclear and inaccurate.

published

The last thing that is needed in a loan application is the service that UBank and its outsourced loan application provider AdvantageEdge, provides. Bad UBank tech which is full of bugs and unclear doesn't help, but their poor training and inability to handle the situation impacted my loan application.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
See all answers

Lioninzion

LioninzionMelbourne

  • 5 reviews
  • 3 likes

Hopeless

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan used for:Second Home
See all answers

What an incompetent team!

published

Nothing but technical issues when I tried to do anything with my account. Multiple phone calls didn't resolve anything. They never called me back even when they were supposed to. Empty promises. Decidedly unhelpful.

Transparency
Customer Service
Application Process
Timeliness
See all answers

Josh

JoshGreater Melbourne (Inner), VIC

  • 7 reviews
  • 6 likes

Excellent service don’t listen to the reviews

published

I have just signed my loan contract today and have been very pleased so far with their service. Excited to move in thanks to UBank. Communication is great and they walk through everything you need to do. Just make sure you have your paperwork ready.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateMarch 2019
Loan used for:First Home
See all answers

Highlands

HighlandsSydney, NSW

  • 5 reviews
  • 6 likes

Good rates. Slow application and settlement.

published

Slow application process. Took ages for them to make call to me do ID check. Maybe 3 weeks? Online document signing is good, as is portal for uploading the documents. There was a couple of instances of asking for additional information which was frustrating as this delayed application process. Good rates and as a low cost provider I expect that to remain the case.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateNovember 2018
See all answers

Misleading loan application, don't waste your time

published

I was attracted by the low interest rate to refinance and top up my loan. I went through the loan application online which is quite comprehensive and took me close to an hour to finish. At the end I get the graph showing that I can easily afford the loan with over $1200 a month surplus, which is what I expected anyway. After talking to the loan officer he said they qualify people on 7.5%, not 3.59% and as a result I can't afford the loan. The funny thing is that I already have an approval from CBA at 4.08%.
So if you are on the edge, don't even bother going through the length application process and waste your time. Also note that they don't have an offset account or credit cards.

Transparency
Application Process
Timeliness
Loan TypeVariable Rate
Loan used for:Refinancing
See all answers

Ubank is fantastic!

published

I recently refinanced with UBank after ANZ increased their interest rate. The process was easy, staff were friendly, helpful and easy to understand. No long waiting on the phone and emails were responded to within 24 hours. Even MSA - their settlement agents were fantastic and kept me up to date every step of the way. I was hesitant at first to go with Ubank as I read some bad reviews but very happy I decided to give them a chance. If you are prepared when applying and upload everything straight away you will be fine! The Ubank app/website is also very easy to use!

Highly recommend.

Customer Service
Application Process
Loan TypeVariable Rate
Loan Start DateJanuary 2019
Loan used for:Refinancing
See all answers

Wamjet

WamjetAustralian Capital Territory

  • 2 reviews
  • 1 like

Hopeless customer service and confusing application process

published
Transparency
Customer Service
Application Process
Timeliness
See all answers

JWW

JWWBrisbane

  • 5 reviews

Long long, inefficient loan process

published

After nearly two months of going to JPs and post office for approval, we gave up after they approved our loan application. Over and over again, they wanted more and more documents. We sent everything only to be told that we needed to make another trip to a JP after just going to one for the loan. It is an extremely time consuming and lengthy process. The last request for more documents just prior to settlement was the last straw. Very inefficient and delayed customer service; it was like being a mouse going through a maze to find that golden block of cheese that ends up being outdated and mouldy.

Timeliness
Loan used for:Refinancing

Ankit

AnkitGreater Melbourne (Metropolitan), VIC

Inept and incompetent

published
Transparency
Customer Service

Bad Lux

Bad LuxPerth

  • 2 reviews
  • 2 likes

Excellent service.

published

Recently made the switch as we were getting ripped off by St George bank.

Whole process was faultless and they were fantastic to deal with. As long as you can use a PC you should have no problems uploading docs etc. 3.59% variable with no fees is near impossible to beat I imagine.


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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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