Good rates but little more effort is required on customers part
Currently going through the process of a loan refinance.
The process is probably taking a little longer than expected.
Communication could be improved, some departments don't answer your email when responding to them however follow up phone call and/or replying to all CC'd departments can get you answers.
Probably one of the best interest rates out there which is why you can expect putting in a little more effort through the process compared to more expensive lenders.
- Verified customer
Great rates but a bit patience is needed
We had been a UBank home loan client until we sold the property earlier this month. We are now refinancing our current home loan to UBank again. I have found UBank to be really great with their loan interest rates and so generous passing on the full rate cut each time unlike the big 4 or many other lenders. The last time when we refinanced to UBank it did take a couple of months for the process to complete. This time around, however, I have found UBank to be rather responsive to be honest, especially given the current rush time for loan applica...tions due to record low rates available. It took a week for their specialist to call, but then notification emails followed merely a couple of days later with request of a list of documents to be uploaded. In my opinion, UBank's home loan products are super competitive and suitable for applicants who are not pressed for time. Perhaps a refinance to UBank would be a better choice rather than for a purchase. I have never dealt with UBank for day to day banking so cannot comment on their services in other departments.
Had no problems at all
I had a home loan with this bank for over 5 years and honestly cant understand all the negative feedback on here! The interest rate was great and most of the time they passed on the banks interest cuts in full.
We found transferring to Ubank from our previous lender a breeze.
Small negative was that some, not all, customer service agents were a bit lacking in their knowledge.
The only reason we have recently left them is because we needed a construction loan and they don't do them.
They did take 4 weeks to settle but it was painless and 2 weeks later they sent us money that we had overpaid.
If they did construction loans we would still be with UBank.
Awsome Rate.....but Terrible Customer Service.
Worst customer service experienced in the last 5 years......
Good rates, but if you have any problems, you are gone!
You would be lucky if you could get thru the Cutomer Care number which is 133080!
Have our online login locked out, done all id checks, and promised to sort everything very shortly,
but after 1 month, no response....Cannot login to our bank.
Though rate is good, will have to think seriously before take any offers from UBank.
I hope APRA will take some consideration on customer feedbacks!
I am perfectly happy with UBank...except for the reliance on an Australian mobile phone
I just wanted to say that I refinanced my mortgage with Ubank last year and opened a saving account and a debit account (Ultra Every Day). I had zero issues getting that sorted, Ubank's online chat has never let me down, and I find them really easy to work with. I read that someone couldn't cash a cheque - I received a cheque, and on asking Ubank (through LiveChat) what I do with it, I was told that whilst they typically don't accept cheques, to mail it to a Sydney address and they would process it. Not long after, the money was in my account. ...No hassle at all. My only gripe with Ubank is the reliance on a mobile phone - travelling for personal reasons overseas, I cannot do much with my own money because I can't receive the security codes. This was problematic when trying to purchase a flight recently whilst not in Australia and not having the money in my Ultra Every Day (assuming, incorrectly, that it always sweeps across from the Saver on an as-needed basis). Turns out it will only do this (and avoid the need to use a security code) if you 1. use your BSB and account details for payment 2. if you are in-store using your card and select 'savings', or 3. you use Bpay. Otherwise, for any other method of payment, such as using your card details on a website like I tried to do for my flight, you need to ensure you have funds in the Ultra Every Day account. Messy. Also - be mindful that increasing available funds in the Ultra Every Day means less money earning interest in the Saver account, as the Ultra Every Day earns 0 interest. But really, I've never had a problem with customer service. The person helping me through the issue outlined above was fantastic.
So far So good
Hello fellow bank customers,
The pollies have been telling us for years about how we should shop around with our home loan to get the best deal. They make it seem easy and you are just lazy and deserve everything you get if you don't. They lied.
It's really really hard. The requirements for all your paperwork and life to be in order is vast and danting. Hence I have always been with one big bank, which bank? Yes that bank, and they have ripped me off mighty in interest rates. So when I was invited by Mr Google to "apply online with an online...broker" I thought what do I have to lose. The answer is a lot of time, say goodbye to anything in your life except work and home loan refinancing. Be warned. But the deals on offer saved me around $650 a month in repayments on a P&I loan so I persisted. The final offer from the said online broker was not as good as they led me to think it would be, so now with all my paperwork done, I thought why not give another organisation a go, and I choose UBank. Why? Cheapest interest rates no fees one I could find.
website much improved, cheapest rates around
Decided it was time to amend my review. Leaving the old review below this for comparison
They have updated their website. In general most of the website gripes, point 2, have been fixed others are still as they are.
Advantage: Best home loan rates, free banking
Disadvantages: Online to cut costs, can't deposit cash anywhere.
Cash deposits are obviously not a problem most of the time. But imagine you are at the ATM and you want to take out $200 but hit an extra zero. Sorry you cannot put the $1800 back into the machine. You have to deposit it at another bank and transfer it over.
Ok old review below
Very mixed emotions on this one. It's the best rate around for home loans. Everything is done on-line. ...
Questions & Answers
Dear UBank, you sell yourselves as the only bank you will ever need. Yet basic features that are standard with ur competitors simply aren’t available and there seems to be no indication when they will be available.
Pls provide an update as to when Osko and PayID will be implemented
Do the managers at uBank live on the same planet as us their customers?
It would appear they are not aware of how apathetic their customer service is.
I need to take my money and I sended all the papers that you told me from Australian post office and still I cant have access to my money I want my money back I need for an emergency and I cant take any money , I want to shut down my account with this bank and send my money to my nab account the worse bank , never put your money there.
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