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UBank UHomeLoan

UBank UHomeLoan

2.1 from 195 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
25
1 star
118

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
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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

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
  • 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

  • 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

M. Tiemens

M. TiemensSydney

  • 8 reviews
  • 3 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

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

Page 1 of 10

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

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