??!
1 photo
UBank UHomeLoan

UBank UHomeLoan

2.1 from 183 reviews

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


so unprofessional

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

Cheapest but get what you pay for

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

Outsourced, poorly trained, unavailable, unclear and inaccurate.

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

Hopeless

Terrible experience. I applied for a home loan, provided all documents and received notice that it was approved on 21 May 2019. The online tracker told me to "Celebrate! Your application has been approved! Your Contract Pack has been approved. We'll let you know when it has been sent". I made a few phone calls and sent an email to my home loan specialist after I had heard nothing. Then on 27 May 2019, I get a call from someone else to say the home loan had actually been rejected. Wow, thanks. UBank are unaware of the difference between 'company title' on a unit and 'strata title'. I was told it had gone all the way to the top, but never mind, UBank are willing to waive the fees. I pointed out rather firmly that the property wasn't on company title - just look at the property title - and asked for the decision to be reconsidered. I didn't mention legal concepts like 'estoppel' - if you make a promise and the other side relies on it, and then you break a promise, you might have to pay. Several calls later and there is no answer, although the online tracker still tells me the application has been approved and I should celebrate. The customer service isn't great, and the legal team need some basic legal education on how to read a property title.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan used for:Second Home

What an incompetent team!

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

Excellent service don’t listen to the reviews

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

Incompetent, overworked, not paid enough to think, disengaged staff

1) Initial Online Process worked like a charm , refinance application for cheap interest.
2) Phone Interview (1 hour) verbal approval for a home loan where I already have 80% equity and just need to borrow the remaining 20% (no brainer to approve that!)
3) Online document upload - system kept hanging and saying literally "oops something went wrong" getting worried
4) 3 weeks later I am advised that my Vic license and Australian issued passport supplied could not be verified (ie they must be fakes even though I use them for 5 other homeloans including 3 at NAB!!!!) hence my identification to 100 points has failed so my loan was rejected. So apparently I can fly around the world on this passport, and drive on my license, and provide it for legal ID and stat decks, but some poor ignorant clown with no brain or analytical intelligence gets their jollies rejecting legal documents instead of getting a life!!! No request for deeper inspection or associated alternates was had (ie citizenship certificate, actual copy of home loan contract). The level of motivation or inspection was so poor I swear someone is trying to sabotage the loans process for this originally good idea of a platform.
5) So: if you wish to waste time and be insulted - try these guys - they will disappoint you in ways you never thought imaginable.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan used for:Refinancing

Good rates. Slow application and settlement.

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

Misleading loan application, don't waste your time

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

Ubank is fantastic!

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

Hopeless customer service and confusing application process

Our UBank experience started with a sinking feeling, after their consultant attempted to call us on the wrong number and then we were required to wait another week before they were able to contact us again (what business responds to their own error by putting the customer back to the end of the queue?).

We sought an investment loan from UBank, and on the second call, and after outlining our circumstances, we were advised that we met all of the criteria. The loan ‘specialist’ then entered into a long series of vague questions regarding how much the rates and utilities costs of the investment property would be, something that UBank didn’t ask us to be across prior to the call, and without which we couldn’t proceed further. Further, the staff member explained that UBank needed to know the final value of a property before they could process the loan application: so in short we needed to have made and had accepted an offer on a property before UBank would process the loan application. This is an idiotic requirement as, clearly, we couldn’t even make an offer on a property without having finance in place. It was an absurd catch-22 situation which the consultant felt was totally sensible. At that point we politely ended the call.

Do yourself a favour and look elsewhere for your investment loan or mortgage. UBank is incredibly disorganised and inefficient, and their processes are counterintuitive and utterly impractical.

March 26th 2019 Update: Terrible customer service undermines their competitiveness.

Easily the poorest customer service from the four lenders we’ve dealt with over the years.

We were scheduled for a phone interview for an investment loan and never received a call. After waiting an hour, then calling UBank back and waiting another 20 minutes on hold, we were put through to an offshore call centre staff member who we could barely communicate with due to the poor line quality. They put us on hold for another 15 minutes before we spoke with an Australian staff member, who checked up on things and advised that the loan specialist apparently called the wrong number, and that consequently we’d need to schedule a new appointment a week after the agreed interview time.

Moving prospective customers to the back of the line as a result of your own error is appalling customer service and, despite their competitive interest rates, their dispassionate attitude to customers is a significant disincentive to do business with them.

Transparency
Customer Service
Application Process
Timeliness

Long long, inefficient loan process

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

Inept and incompetent

I could not access my account wither through their website or through their phone app so I contacted them in late october. After going through a few different probable solutions (none of which actually worked) they said they will get their IT staff to look into it. I waited for a week but got no response so called them again, again went through all the questions and tests and again got assurance that their IT staff will look into it. This cycle of not being able to resolve the issue then giving an assurance only to forget about it continued right till February - That is more than 4 months BTW!!!!! For four months the bank could not solve an issue which limited their customer's ability to access his own account. Finally sensing that they will not be able to resolve this, I asked them to close my account. Astounding level of incompetence!!

Transparency
Customer Service

Excellent service.

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.

Cheap and Nasty

This is a cheap and nasty no frills online banking. I went to transfer money to an external bank account from my usaver bank account and a week later I received a notification the transfer failed. apparently I was only allowed to make a bank transfer from my Ultra saver account. Would have been nice had they let me know before making the transaction with just a simple pop up screen that said use other account. The delays cost my 8000 in a lost investment opportunity due to the delay. Switching to another Bank today and putting this nightmare behind me.

How much do you spend on underwear? What the ....,

Does UBank sell your information for marketing purposes? Their questions are an invasion of privacy, asking how much we spend on every type of clothing, how much we spend on presents for people, how much Panadol do we buy, do we donate to charities, how much do we spend on personal grooming... What the ??? I’ve never had such ridiculous inappropriate questions for any type of finance in my life. They tell you it is to know that we are able to service the loan with our income but then ask how much super each of us have?? Super is not going to help the month to month servicing of our loan UBank! Sorry we don’t trust what you are doing with our very private information, most of which the details are NONE of your business! Try categorising your questions into general questions .. not very personal purchases which by the way can change from week to week! Needless to say we WON’T be going with UBank.


Substandard service, arrogant, slow processes

We are an everyday family that has a decent paying job, no debts and considerable savings on top of a 20 per cent deposit.

Was rejected for a home loan 3 weeks from settlement. Luckily we read reviews of Ubank and had alternative plans in place with one of the Big Four.

Pre-approval was given, then formal rejected, took a week from submitting all information by the case manager on top of three weeks of back and forth.


Increased interest rate on loan offer

We applied to refinance our investment property with UBank. Their advertised rates on line were very competitive and as we have dealt with them before I though this will be easy and quick process. I was wrong – it took 6 weeks to move to the next step despite the fact that we loaded all documents within 24hr from requesting. However, they kept on coming back with more and more requests and questions , many unrelated to this application. They were drilling into our daily banking and even questions when I transferred $40 to my daughters account if it was regular occurrence and how much will I be transferring as pocket money monthly – it felt like interrogation not loan application!. Loan ‘specialist” was inexperienced, slow with replying and only cared about boxes that needed to be ticked, no common sense nor logic in her approach. She was not able to determine if my husband was a permanent full time employee just by looking at his payslips – and this was the person deciding on our financial future.
I felt like we were treated with a lot of distrust and this whole experience was unpleasant an frustrating. Half way through we wanted to pull out as the whole process was so cumbersome, but we notice that they did imprint on our credit files and we were somehow stuck with them and forced to push to the end. So finally we received loan offer only to find out that interest rate offered was 0.31% higher than quoted in our loan tracker. When I question this with the bank I was told that lower rate was simply a mistake at their end and final and best rate they can offer was the one in the paperwork.
So in the end, with higher interest rate, we are no better off with U Bank and this whole effort was for nothing plus we ended up with reduced credit score!! I really thing U Bank does not care about customer satisfaction nor they take responsibility for their own mistakes. It’s time to move away from on line banks and go back to old fashioned way and visit the local branch.


Easy and effective. No worries.

Had good customer service every time I’ve called them (5 to 10 mins on hold)

No hidden costs, I did inquire as why my offset was deducted some money and it was explained to me that ‘they’ cash up the last day of the month and as my 1st repayment hadn’t been yet - the money was used from the off set to cover the 1st payment. Fair enough.
You can see every day how much you interest has gone up by.

I’m very happy with the interest rate and will stay with UBank for the foreseeable.

The whole process to switch took about a month with all the paper work and validation and discharge from previous lender. But once the contract was signed and sent in, it was just sit back and relax.

This was the 1st time I had remortgaged in Australia - I have done this before in the uk and found it much more cumbersome and frustrating, so was pleasantly surprised how easy it was here.


Worst customer service I have ever experienced, don’t waste your time.

I am not one to write reviews, however I felt it is important to warn others not to waste their time refinancing with U bank.

Like others I was attracted to U banks low home rates.

The entire process has taken over 3 months now and we are still awaiting our settlement date. Not once has U bank contacted us to inform us where our application is up to. I have made over 25 phone calls asking for updates on our application.

Our application was formally accepted over 6 weeks ago and we are still awaiting for their solicitors to advise of a settlement date.

Please do not waste your time dealing with this completely incompetent and unprofessional bank.
.


Page 1 of 10

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?
2 answers
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.Was the solicitors fees situation clarified?

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
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)
1 answer
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?

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.