??!
1 photo
UBank UHomeLoan

UBank UHomeLoan

2.1 from 203 reviews

Reviews

(35)
(12)
(6)
(26)
(124)
  • Transparency
    1.8 (26)
  • Customer Service
    1.8 (30)
  • Loan TypeVariable Rate (16) · Fixed Rate (6) · Split (2)
  • Application Process
    2.0 (27)
  • Timeliness
    1.6 (26)
  • Loan used for:
    • Refinancing (10)
    • First Home (5)
    • Second Home (2)
    • Investment Property (1)
  • Loan Term30 years (2)
  • Online Tools
    2.7 (7)


Kunal

KunalPerth, WA

  • 5 reviews

Lisa Nguyen (02) 9254 7295 never contacts back. 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 Nick 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
See all answers

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 for:Refinancing
See all answers
Leon

LeonSydney, NSW

  • 11 reviews

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 for:First Home
See all answers
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
See all answers

Simmos

SimmosMetropolitan Adelaide, SA

  • 2 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?


Unhappy

UnhappySydney, NSW

Very poor customer service

published
Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
See all answers

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
See all answers

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
See all answers

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 for:Refinancing
See all answers
Nate

NatePerth, WA

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 for:First Home
See all answers

Benny B

Benny BSydney, NSW

Hopeless Product from NAB! Dont waste your time!

published

Just Hopeless NAB, dont advertise a product you cannot service or offer! A month and half waiting for formal approval, then after making an offer on a property, im still waiting till today for an answer, thats after cooling period has ended, managed to get this in 5 days through other banks. BTW just ask the other banks to match their interest rates or come close, which they did.

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

Awful service, slow and incompetent

published

Applied for a home loan. Our "loan specialist" told us from the outset that it will take longer than usual due to increased demand. Was then knocked back as we had too many transactions over $1000. Apparently this flags the system. We were told to review the problem transactions, which turned out to be internal transactions to our savings account!! Further transactions that sparked concern were to a trust account, our rent! Yes we have to live somewhere while we are waiting to buy a home. Our home loan "specialist" was not able to tell the difference between internal transfer, rent and general expenses.

Have 3 years of excellent savings history and a 30% deposit but couldn't secure finance with Ubank. Ridiculous. Would not recommend.

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

Andy

AndySydney, NSW

Very Poor electronic process for mortgage.

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

Anne B

Anne B

  • 2 reviews

Make sure you negotiate a long cooling off period !!!

published

Their product is great, but their loan processes are not. Having provided them with all documents, on day 6 of my 5 day cooling off period there are still questions about my finances that are apparently in the way of me receiving formal approval. I'm not sure what the pre-approval stage is all about? I've been pre-approved for 5 weeks but now there are questions holding up the loan? I would not recommend them for a home loan. They only told me on the last day of my cooling off period that it wouldn't be ready - and told me not to worry - I could just extend it. Which of course only works if the vendor agrees to it!!!!!!!!!! So I had to pay the deposit anyway.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeFixed Rate
Loan used for:Second Home
See all answers
2 comments
Anne B
Anne B
Anne B
Anne B
Ilukasue

Ilukasue

  • 4 reviews

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

  • 18 reviews
  • 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

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

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?


Get an answer from our members and UBank representatives

ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.