UBank UHomeLoan Questions

Bear8y

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?

hsk8787 8y

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 8y

Was the solicitors fees situation clarified?

Curious Customer10y

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.

TrevorPetrie 10y

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 10y

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 8y

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 !!

Brendan 8y

Dave11y

Why my variable Uhomeloan rate increased to 4.51% when current variable rate is only 3.99% ? (16/09/15)

TAK 11y

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?

Ishaan12y

I recently submitted a Loan discharge form to move from Ubank to another bank. I am told that it is going to take 15 working days. I understand that you have to meet some requirements and have a process. I need to refinance my loan urgently otherwise I will incur financial penalties. Is there any way the discharge process can be expedited?

Jo 12y

Yes the discharge form says it will be actioned within 15 business days. I recently sold a property with a ubank mortgage so also had to discharge the loan. I emailed the form to them on 5 September and by 15 September I was able to book in settlement. The process was quick and no drama but my settlement was on 1 October. If you submit less than 15 days before I would make sure to call or email them in addition to just emailing the form so they know your timeframe.

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Miklysha12y

Reading all the horror stories, I guess the question is, is the trouble worth a discount of nearly half percent of what you get in big banks? On a million bucks that accounts to 5K per year..

AB 12y

Hi Miklysha, It would be worth it if there were no other cheap providers around. Check out the canstar website to see who is offering cheap loans. My partner went with loans.com.au and they have been fantastic and their online banking is easy to use. I've continued to have a terrible experience with ubank since posting my review so cannot recommend them despite their rate.

Min 12y

Hi Miklysha, this would depend on what rate you are on at the moment and what other services you may need, I was prior on a rate of about 5.5 so it was well worth is. They are an online bank, everything is done online, if you call customer service, all they do is read from scripts and are not very helpful, they don't even let you speak to the approvals, or settlement teams, however they do offer one of the lowest rates with no added surcharges and the settlement pack/contract pack is very easy to understand, I myself am quite tech savvy and can understand why people have struggled with the upload of documentation to their website, if you do decide to apply, you would give yourself at least 3 months for settlement because they are slow, I applied on the the 1 Jan, and was settled on the 20 March, and also when providing documentation, you should upload way more then necessary, as in the beginning I forgot one document(bank statement), and if this happens you pretty much need to start from the begging again, as you need to supply all correct documentation within a 30 days period, if you don't, they ask for the documents again plus an updated statement,

Now that I have settled, the rate is great and the website login is very basic and simple to use, the site does go down every now and then, and their have been issues where due to the flash or html5 or what ever they use, their was a period where I could not login using IE, but Chrome worked fine, I think people need to understand is that with a low rate they need to cut back on other services, such as website functionality, customer service, etc,

I just hope I dont need to contact them much in the future!