UBank UHomeLoan

*update they have now made the .25% reduction over 2 weeks after the house became owner occupied. Not only do thry rip me off with interest rates, but also delaying the change to the reduced interest rate. Ubank have underhanded business practices.… Read more

I've had a Ubank home loan for several years as an owner occupier. Last year I rented my house out. Ubank put the interest rate up by .5% as it was now 'more risk to them.' They said a .5% increase is standard.

Note that my home loan amount is quite low compared to the value of my property - the land alone is worth more than the loan so there was no risk to them.

They still put the rate up.

I've now moved back into my home. I've contacted Ubank to change my loan back and expected my rate to decrease by .5%. But no, they're only decreasing it by .25%.

This is so sneaky, dodgy and underhanded.

No frills, meets my needs – Refinanced with UBank over 2 years ago and have been happy so far. Application process was straight forward and painless (I went direct, no broker). Very competitive interest rate (so far). No long waits in the few times I have had to call App is OK, does the job. Loan meets my needs - low interest, with redraw. I have recommended to family and friends. Show details ·  3

An Actual Online Home Loan – Application is done online, can communicate via email which I prefer. Was all done in good time, and also has a very good interest rate. Show details ·  1

Good experience – I’m surprised by the negative reviews here. I’ve had a good experience with a ubank mortgage and accounts over many years. Interest rate changes were handled well and in line with what they advertise for all customers (unlike other banks) as well as loan changes were handled well. I recently decided to refinance my mortgage to another bank due to the better interest rate and the experience hasn’t been great so I’m considering moving back. Show details ·  1

Terrible, long waiting queues, staff don't read the application properly resulting in errors – Unprofessional with staff that I need to explain over and over what I'm calling for. An easy investment loan application has had errors all the way through. We have found the property, sent through the info to the bank on Tuesday for formal approval, its Friday afternoon - no update. I've called for an update, caller said the line was long so… Read more

would call me back, my phone rung 3 times and then hung up... I'm now calling again for an update and have been in the queue for over 10 minutes. Whats the point of all call back if they only let the phone ring 3 times - completelty frusrating and usless. I am holding to expalin we have a cooling off period and need their approval BEFORE the cooling off period expires. I would recommend going to a branch where you can speak to someone, rather than a call centre/online loan centre.

Very bad application experience – It was a massive waste of my time. The online application process was very tedious and had a lot of follow up questions. I provided all information required and despite demonstrating very high income,low expenses and plenty of assets they could not offer me a reasonable loan amount. The amount offered does not even exceed my current savings. I… Read more

withdrew my application but they say they have to store my details for 7 years. Rate is quite good yes but no product in the end. Save your time and go to other banks

Not to be trusted regarding interest rate – They are not transparent and will put your home loan interest rate up to whatever they like. You sign up due to good interest rate, but they just change it. My interest rate is currently 6.59% higher than all their advertised rates and I am well ahead in my repayments. Looking elsewhere for next loan

Fantastic rates and the easiest and quickest refinance I've ever had. The online banking systems work flawlessly and the refinancing process was so easy. I did use a broker and I think the process from application to approval took 2 to 3 days. Couldn't recommend more highly! 5.84% and no fees! Thanks Ubank will recommend to others. Show details ·  1

Terrible – Clearly stated up front it was a construction loan, after 2 rescheduled call times, they tell me they do not do construction loans at all. What a waste of time. Be clear in the first place.

Opacity and rigidity on 'exit strategy' makes loan application a once-off lottery – I applied for a new home loan 4 March, and had on average one email per week exchanged with questions and requests for info that I answered and replied to. Now, over 3 weeks later, I was told in a phone call that the application was declined based on an unacceptable exit strategy. The 3-week period in itself makes it nearly impossible to start… Read more

another application, and Ubank's policy is that a written exit strategy cannot be changed. Thus, if you do not provide the 'right' strategy in writing first time, you are back to square one. Except that settlement is 3 weeks nearer and the contract is unconditional.

Now the real issue is that Ubank does not inform the aspirant borrower what exit strategies are acceptable, not even what they are, why it matters and what options are available. So to me it is a fully opaque process, with no provisions for a retry, a correction or amendment. Let alone not being any further in knowing what to provide at the next application. Remember, the contract is unconditional.

In comparision, if the loan amount is unacceptable, the lender would adjust it downward. If a credit card sits in the way, you may get the option to close it. If the property is at risk of flooding, you may get instructed to take out insurance.

This is in contrast with the exit strategy. Once unacceptable, then there is no second chance, no hint for a subsequent attempt elsewhere, no explanation, nothing. Just 'sorry for the 3 weeks delay'. Why is specifically this step so opaque ? I am inclined to believe this goes fully against the concept of responsible lending, as I am brought at risk of losing my deposit by the very means a bank uses to decline a loan without revealing what would make an acceptable application. Ultimately I have to find a lender that is willing to reveal what exit strategy is acceptable, upfront as part of the application process. If such lender does not exist, people over 50 are in practice failed by the system. If such lender does exist - update on this post later - I cannot see what makes Ubank unwilling to be informative here. I have my savings at Ubank and had a loan earler. But after this experience I will look and move elsewhere first.

Perfect service experience & great App – I just refinanced from ANZ to Ubank to get the 4K cash back offer & the lower interest rate. After reading all the bad reviews I was little concerned however my experience was excellent. It’s all done on line & I dealt with one person who was great, helpful & called him a few times for assistance ( always available or get a call back the next… Read more ·  1

day). They ask a lot of details just like any other bank. Be patient & give them what they need. My refinance went through nicely, I have a .25% lower rate than ANZ & received my re-finance cash back of 4K after 2weeks. The app is excellent also & pretty much like the other banks.

Colossal waste of time – Yes their rates and offers are attractive but you will go mad with frustration dealing with them. Excessive email communication delays, no acknowledgement of submissions or requests, zero feedback that your application is progressing, the inevitable email requesting a resend of information previously supplied or expressing surprise at some new… Read more

fact uncovered (which of course was already communicated). Clearly there is a major systemic issue because the level of dysfunction from the customer perspective is remarkable. One of the strangest things is the way their emails are signed off with 'Team Ubank' but are otherwise overly personal and informal. Its confusing to say the least and as if the ambiguity is by design; am I dealing with the same person as before? or someone else? Probably best to not even mention the ridiculous online banking password replay system they encourage you to use to report your financial position. I recommend you avoid that and this organisation in general at all costs.

A literal joke, with a waste-of-time bonus – We completed the application several months ago and have not heard a peep since. Sure they offer a competitive rate and nice cash bonus, but if you actually cannot get a loan (because they don't respond), it doesn't really matter what they're offering. Their phone service is non-existent, massive wait times. Our application was simple and… Read more

air-tight, yet here we are, no loan, no comms. We have now completed application with Unloan, hoping they will do better. Don't waste your time with Ubank.

No response – I applied for a loan 2 months ago and shared all the requested documents and there has been no response despite emailing the loan officer. This is unacceptable as I have been a long term UBank customer.

60% Deposit and NO Loan – My daughter has banked with UBank for three years she has an account that only deposits are made to, NO WITHDRAWALS, has 60% of her loan, a full time professional job, no debts. They said her credit check showed a credit card (that she hasn’t used for 5 years) she will miss an auction tonight because she can’t get pre approval. Absolutely… Read more

disgusting behaviour to a young first home buyer. Yes UBank single females can buy property, just not with you clearly.

No update or movement in over 2 months - USE AT YOUR OWN RISK – Paperwork submitted and re-submitted multiple times as the system to lodge paperwork was less than user friendly. I've had loan applications sitting there for 2 months with no updates. The pre-approval for a new property dropped off without explanation, noting also I had a clause in my new purchase that the contract was pending finance, thank God… Read more

someone else offered more than I did and I didn't need to rely on UBank to give me a further run around.

I've since gone with another bank where the loan documentation and approval have been submitted and approved in the space of a week where the relationship managers were open with comms and following up.

UBank are likely to waste your time – Before applying for a home loan with UBank, be aware that they are known for only advancing a small proportion of applications. My experience was fairly straightforward and I didn't have any customer service issues, but I still ended up being rejected after going through all that effort for a laughable reason that seemed spurious. UBank want to… Read more

suck lots of applications in with low rate mortgages and then pick and choose only the ultra low risk applicants to be accepted. I wouldn't mind this business model if they were upfront about it, but I don't appreciate being drawn in by easily meeting their published criteria only to have my time wasted.

If you apply for UHomeLoan, be prepared for: -The normal application + documentation process for mortgages. -A lengthy (30+ mins) phone call to discuss your income and expenses -A visit to the post office to prove your I.D. -A stupidly low (online) valuation on your property -Even if you pass all of the above and have more than a 20% deposit despite the low valuation, still getting rejected.

I'd only recommend this product for people who have something like a 50% deposit or have lots of free time to burn.

Excellent online bank for people with good credit – Pretty harsh reviews here given my own experience. Been with them four years and they have consistently had very competitive rates which has allowed me to pay off half my home in record time. Used redraw multiple times without any problems. Helpful service on multiple occasions, nearly no fees and readily matching advertised rates for existing… Read more ·  1

customers (do have to ask). At my request have offered a free break of my fixed term if I require it. Leaves me feeling some loyalty when I'm shopping around for better rates. Cheers!

UBank declines COVID 4 month payment pause extension in pandemic – After being a UBank homeloan customer for over 10 years, UBank declined to extend the COVID 4 month payment pause extension. Shame on you UBank. There’s a pandemic on. Your CEO pledges to help customers during the pandemic but you failed. Worst customer experience ever. I will never bank with UBank again, nor will anyone in my network. Minus 1 star.

very painful application process – I applied for a UBANK homeloan recently and it took them 20 days to assess and deny it, and they denied it one day prior to the finance deadline. I understand they are busy, but they left my case untouched for 10 days (documents and ID verification were completed beforehand) before starting to look at my purchase contract. I emailed them more… Read more

than 100 times, most of them received no or very late response. They do not answer phone calls or voice message. In the end, just few days before the finance deadline, they asked me to provide various documents, some repeatedly as they apparently forgot what I had already supplied, some strange, but only to tell me my application was unsuccessful, which left me in a desperate situation. Luckily the sellers granted me a 7-day extension, and I successfully received loan approval from another lender within 3 days. UBANK nearly destroyed my contract, please avoid them if you are purchasing new properties. The only positive thing about UBANK is their rate and fees, so if you are refinancing, don't mind waiting and waiting and you have lots of time gathering documents to meet their requirements, you may go with them. Also to be fair, their loan specialist sounds friendly during talks on the phone, but that is useless if they are irresponsible and inconsiderate to their customers.

Zero Stars - Appalling service – The initial consult was ok. Then it went down hill from there. We had all the documentation together pretty quickly but then couldn't upload it to the tracker on their website. Then we couldn't get hold of our specialist assigned to us. After sending multiple emails to him, calling his number that was on his email signature (which didn't work) we… Read more

then had to call the direct line twice to find out where our specialist was. He hadn't even assigned his name to our case. Once we got in contact with him again we kept being told our ID is missing or something is wrong with our ID even after we followed his orders. Eventually I called and asked for a different specialist as we were getting no where. They lost my husbands ID and made us do the process all over again. 4 trips to Aus post later and 3 months into the home loan process we still got no further, and our ID never even finished getting verified. I called our second specialist and left emails, again no response. I called back the main line asking for our home loan application to be cancelled and asked for the manager to call me as I had already put in a complaint and wished to take things further. I was promised twice that a manager would call. I am still waiting for that phone call or even an email. Our process started on 23rd April 2021 and to this day have not heard from anyone. We went elsewhere and had our homeloan fixed with no issues in less than an hour on the phone!

Website fail! – The website fails after completing the application form and hit submit. You have to restart the application process again, and then to be presented with an website error when I hit submit button. The cycle repeats. Finally, I gave up. No one is available to talk on phone. No one will call you. They don't even capture a lead and follow up. Don't bother!

I wish there was a Zero star option – Rates looked attractive, so applied for refinance. Took them 1 MONTH for a phone appointment and they didn't call on the day. Got a call a few days later for a reschedule, they even didn't bother saying why they didn't call and no apologies. Apparantly staff are very demotivated and often incompetent. I made the mistake of progressing my… Read more

application for a few weeks, but decided to stop. They are nonresponsive and act like robots. I think NAB has set Ubank up to show everyone what a low rate loan experience will look like. Welldone NAB, mission accomplished. And finally a message to the Ubank bot who is going to ask for my details to get in touch... don't bother.

Zero stars - Horrendous service and incompetent staff – Home loan specialist was unbelievably incompetent and absent during what is obviously an urgent and stressful process for the customer. Hotline consultants were useless in providing further assistance and addressing formal complaints. Management was equally indifferent and non-responsive in dealing with the issue, so no wonder their staff are the… Read more

absolute worst. Just proves the business has no accountability and does not value customers at all. Do not use this bank, unless you want to end up punching a wall. Never mind the low interest rate promise, everything else about them is a joke. Beyond pathetic.

Ridiculous servicing and affordability assessment – Thought I might refinance a current investment loan. Had to wait weeks for an assessment call. That call and subsequent follow up were appalling. No real understanding of anything other than a straight forward situation, just fill in a spreadsheet and say NO. No capacity to explain the spreadsheet. Deducted 100% of household costs from my own… Read more

income,....why when I have a highly remunerated partner who bears their share of costs ?? Complete waste of time. I know I can afford the loan many times over, I am not fooling myself as I am an accountant.. The review by a more senior person was just as woeful. I actually asked them whether they made any loans, but I guess they must. I would suggest you avoid UBank for a loan .

Can't get any worse... oh yes it can – I lost my job so trying to reduce rates. Trying to update a phone number to an existing loan, filled in the form, waiting the 7 days required but no... wait.... there's more. The form wasn't the right one. No one can help. UBank is the worst of the worst of the worst. Show details

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… Read more

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 complete 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.