I'd give them ZERO, If zero stars was allowed
APPLY AT YOUR OWN RISK!!! I never fill in these reviews, but after my experience, I felt it was important to share, so I signed up to ProductReview just to let everyone know they need to think twice about Ubank Home Loan. They work to their own timeline, and have zero interest in meeting your timelines. So don't risk it. Had I not taken my business to CBA whilst waiting for ubank to commence valuation on the property, I would have lost the place I was purchasing. I was told valuation would happen as soon as I uploaded the contract of sale - a c...omplete lie on their part. It's been several days and it's still in "waiting" status. Spare yourself the stress, and don't lose your dream property because of UBank. I walked into CBA branch and told them I needed approval immediately because I needed to exchange contracts - they got me approved in less than a day. It's been over a month since applying with Ubank, and I have no idea what they are still waiting for, because they never update you. There's no regular update from the "lending specialist" on how your application is tracking. It's impossible to contact them. You can't call the lending specialist directly because it's an outbound call centre/customer support person. They don't take inbound calls. You have to email them, and it's rare to get a response. Why does this bank waste people's time and have such disregard for the fact that people are dependent on them with tight timelines? Why don't they just reject you upfront, so that you can secure a loan elsewhere. Instead they leave you in limbo and keep dangling approval in front of you.
A bit hard to contact but good rates
Could be hard to contact Ubank but got it sorted in the end. The interest rates are good. The website is easy to follow and the application process reasonably easy.
The reviewer stated that an incentive was offered for this review
So far so good
Approving the loan & paperwork takes a bit longer and a bit tedious process. However good customer service & friendly from UBank. Their mortgage manage by different organisation which makes transfer of money & any changes to homeloan takes longer but they do provide the cheapest interest rates so that I cannot complain. So overall I would say it’s so far been good & hopefully be the same in future. There I would recommend this product to everyone!
Great product and great bank
I have been with Ubank for several years. I am happy with their competitive home loan rates, with the quality of their support and with the website. I have not had any issues with them.
The support team is easy to get in touch with by making a call or by using a chat option on their website.
I have recommended Ubank home loan to my friends, and I plan to stay with them until the end of my mortgage.
Think twice. Interest rate is good but you'll spend your time monitoring your accounts and chasing your money.
Customer service is reasonable. Feel sorry for the customer service people who have to deal with the ridiculousness of their products
Interest rate is good.
However, I expected that I would just be signing up with a bank that operated like any other bank. No. Their savings and loan accounts are on different platforms so you can't see everything from the app or even on the net via your phone. I need to log on my computer to get a fair look at all the transactions on my accounts, and even then I can't see everything I want. I thought it woul...
Simple mortgage product, but internet banking experience clunky
Refinanced from ING to UBank. The application process was similar to ING and we had no significant issues. However, the internet banking is bad - it is run by Advantedge, a separate company. You log into the UBank website, and then have to access a separate login page to log in to your "mortgage". This is annoying.
I was hoping that in this age of NPP/Osko/PayID that I would be able to redraw from my mortgage to my transaction account (with a different bank) quickly, however you have to wait until the next day.
I am also interested in new Fin...tech tools that look at your transactions and analyse your cashflow, however although these tools state they are compatible with UBank, they only refer to UBank's savings and transaction accounts, NOT their home loans. At least after a year or so with UBank, my interest rate has not deviated from the advertised rate - this happened to me with ING which is why I changed banks. They only offer 30 year terms, which is annoying - we were about 3.5 years into a 30 year mortgage with ING, and although you can increase your monthly repayment with UBank in order to pay off your mortgage sooner, you have to go to the effort of tracking this yourself. Surely whether it's 30 years, or 25 or 35, it's just a number they punch into the computer, I don't see why it needs to be fixed at 30, it seems to be just another way of lulling people into having longer mortgages (through inaction and confusion) in order for the bank to make more money out of interest.
It's been a month since I had the first phone call
The phone call went smoothly enough. The person who interviewed me was helpful and friendly. I sent in my ID documents the next day and was hoping to hear from her soon as I was told that there isn't any issues with my application. Then I didn't hear from her for two weeks. I emailed her but there was no reply. I emailed her one week later and I got an email apology saying that she was on leave and hadn't lodge my application yet! It's been over a month since the phone call. Now that I've read other reviews on this site, I see that there are many others who had the same issue.
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!
Worst customer service- don't bother
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.
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.
Good overall experience refinancing
Like Dmitri’s review below, I’m surprised there are so many bad reviews on here....
We refinanced a loan from Bank of QLD (who I had worked for and banked with for over 10yrs, never missed a payment) as UBank provided is a rate a full 1% lower than BOQ ‘staff rate’ and a better LVR against our unit, 20% lower with BOQ, no fees.
The online app process Once lodged was quite slow and back and fro a lot with loan originator, so I can understand that if you were purchasing a property and had strict time lines, these guys could come unstuck.
As...we were not in a rush Refinancing , it all went smoothly at settlement and the ongoing maintenance has been pain free. It helps knowing the banking processes however overall for an online only bank. Overall, I’m happy to use again when I refinance the rest of my loans this year.
Don't bother wasting your time
Don't bother wasting your time with them atm. Got through stage 1, then stage 2, then stage 3, then off to creditors who only offered us half of what loan specialist said we could borrow.
Loan specialist made many errors and was slow at responding and poor communication.
Loan specialist claimed they don't do pre approval however there step by step process as indicated on the website states customers are given 'approval in principle' which occurs after 30-45 min phone assessment with loan specialist.
Go through a mortgage broker who is help...ing is now and said we will have no issues as they find the right lenders to meet our needs. Also, loan specialist never phoned me at time I booked phone appt for. I had to phone ubank to find out where specialist was. they had to make new appt as they clearly stuffed the first on up.
Loan Process A Total Farce
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.
Terrible Customer Service - Borderline Threatening
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.
Very happy with Ubank
I currently have 3 loans with Ubank - 1 for my residence, and 2 for investment properties.
I don't quite understand why there are so many bad reviews. I personally did not have any problem with them.
When I was buying the second investment property it was required to use equity from the other property, and also the time frame was tight - 45 days till settlement, and it went smoothly.
- Competitive rates
- No fees
- Redraw facility
- Friendly and competent staff
- Website is quite basic, works OK however...
- Verified customer
Waste of time for a home loan
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.
Competitive interest rate and no fees
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.
5 times contacted over a period of 1 month. No call back. Useless
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.
Could not find an more incompetent bank.
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.
Questions & Answers
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?
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.
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.
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.
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 !!
Why my variable Uhomeloan rate increased to 4.51% when current variable rate is only 3.99% ? (16/09/15)
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