Unloan

My advice is do not go with Unloan. Read the many other reviews first before signing up. They may entice you with a low interest rate when you first sign up but once you are a loyal customer don't expect the same.

Same dodgy tricks as the other big banks; they are part of CBA after all. Process is simple and fast but don't place any value on the loyaty discount - it is a ruse! They aren't loyal to you and you will end up subsidising new customers (i.e. they offer better rates to new customers even after loyalty discount). Very disappointed.

I have just tried to pay off my home loan using a money transfer, I used this method becuase of the size of the amount. Strangely Unloan does not accept this method. It seems a very common way to conduct this type of business. I believe they want to keep my loan opened for as long as possible. Very disappointing.

Great experience so far, very efficient sign up and no fees apart from government ones. Low interest rate and redraw transfers now works instantly. Very happy. Show reply

So happy that i changed from my regular lender to Unloan It was so easy to apply do the necessary paperwork all online at my own pace without having to go to appointments Having been with them for a few years now and getting my discount every year… Read more ·  1

makes a difference to the balance. I regularly check the market to make sure I'm not paying to much in fees and interest but have not been disappointed. Unloan have been very competitive and I have no need to change to another loan provider. Very happy as you can be with a loan

Easy application process and great customer service. Quick approval and fast settlement process. Highly recommend Unloan to anyone who wants to refinance or get a new mortgage. Show reply

I signed up based on the glowing reviews and quickly received conditional approval for a home loan online. So far, so good. Wanting to discuss my refinancing plans with an actual human, I jumped on the web chat and was assured that someone would call me within a couple of days. Instead, I received an email introducing my "dedicated contact… Read more

person."

What followed was a fascinating lesson in how little information can be packed into multiple emails. Every response felt like it had been carefully crafted to avoid answering the actual questions. I explained that I wanted to refinance my existing home loan and apply for a new one. The reply? A couple of vague lines offering no meaningful guidance and absolutely no indication of what to do next.

For a company operating in a market with over 4,000 credit providers, they certainly carry themselves as though they're the only option available. Customer service seems to consist of making promises, sending short emails, and hoping you'll figure out the rest yourself.

If I could give 0 stars, I would. Unfortunately, the review system is more generous than the service.

PROS - Great rates, especially considering no fees. - Online application is easy (and even auto-populated all debts), but if refinancing you do have to do one application for each loan you're bringing across. They called me within an hour of submitting the loan on a Saturday, and then the rest of the communication was via email. Approval was… Read more ·  1

within a day on the first app, and within hours for the second...incredible really. - The app is excellent. Easily manage your own payments, and switch between payment frequency (weekly, fortnightly, monthly) and pay extra as you like. - Very responsive on email. - Zero fees, but they do require quite low LVR. (just be aware if refinancing you will also have to pay state government fees around $300, plus any exit fees from your old bank). - No annoying transaction volume targets to hit, or no need to your salary deposited.

CONS -Don't offer fixed rates. -Not a full service bank, so no offset. Does have redraw which is essentially the same thing without a transaction account attached so didn't bother me. -Although they say everyone gets the same rate, it's not actually true in practice. If they drop the advertised rate, existing customers don't benefit. You can ask for a revision on your rate though and in my case they did honour it. (This was the one thing that annoyed me, because they don't say the website rates are 'honeymoon' or 'new customer' rates, and they expressly told me they don't negotiate on rates, so when I saw the rate had dropped within days of getting a loan, and it wasn't applied to my account automatically, it did strike me as unethical). -No loyalty for bringing multiple loans to them. But they do have the small 0.01% a year loyalty discount on all loans. - This is a minor thing, but the app doesn't display your projected term (taking into account redraw) - only your contracted loan term.

If you're after a variable loan, they are well worth checking out.

Honestly, I cannot speak highly enough of Unloan. I don’t usually get around to leaving reviews, but I just had to find the time to do this, because these guys deserve the praise. We’d had the most frustrating experience with our previous home loan lender NAB, who were an absolute nightmare to deal with, and caused so many stuff ups and delays.… Read more ·  2

Once NAB FINALLY got around to closing my business loan (which I’d paid out over a month earlier), and we could then proceed with our refinance, Jess and Benara from Unloan had our loan approved and settlement booked within days. I was speechless at how easy it was, and Jess and Benara were both so lovely to deal with, and super quick to respond to questions (even available after business hours). I think they felt sorry for us after the trauma NAB put us through! The loan itself was a great deal too. If you’re trying to decide which lender to go with for a home loan, I have no hesitation in recommending Unloan as the best option out of all the banks.

as someone already stated their rates are baits as any reasonable person would think your rate will move in line with the rate advertised. it does NOT. it moves in line with a secret internal rate they call "reference" rate. after 5 year and with 0.95%"loyalty" discount my rate is higher than the advertised. plain dishonest. a real SCAM. reporting them to AFCA and ASIC. hope they get a huge fine for misleading customers.

I am so impressed with Unloan! I applied for a mortgage refinance and 10k in extra funds on Tuesday night, had my approval by 11pm, and the 10k redraw in my account by 3pm this afternoon! The staff are friendly, helpful and responsive, I’ve had to send next to no documents and I am so impressed with how quick and easy this has been from the get… Read more ·  1

go! Last time I refinanced my mortgage to borrow some extra funds it took weeks to go through. As an added bonus my interest rate is .5% lower than my current interest rate. Highly recommend Unloan!

Fantastic service and excellent interest rate. Refinance was approved in days and settled a couple of days later..Always kept informed and process was very essy and stress free. Show reply

I have refinanced two home loans with Unloan. On both occasions, they were very quick to turn it around. For the 2nd refinance, I applied on Wednesday and settlement was the following Tuesday - so quick and efficient! I'm very happy that my home loan with Unloan has one of the lowest interest rates on the market. Show reply

Friendly, responsive and knowledgable staff. Quick loan approval which gave us confidence with a short settlement timeframe. Good web portal through which everything is done (no more paperwork). Overall we are very happy with unloan and happy to recommend them to anyone. Show reply

This is our first time applying for the Unloan through the Commonwealth Bank. The whole process was very professional. When we were speaking to (Louise from W.A.) she explained the process clearly and kindly. I feel we have been looked after well. I would definitely recommend this product. Show reply

This is a basic loan, and it is perfect ! Service was impeccable, applied and within 24hours I had pre-approval, fastest turnaround I have ever had with a Mortgage Application and Settlement. 100% recommend, and I have to friends and they are now with Unloan, saving thousands on their mortgage compared to the big 4 banks. Well done Unloan ✔️ Show reply

Extremely easy process to refinance to Unloan. Even though Unloan is online-only, both employess I dealt with via email were great communicators and at no stage did I regret changing from a 'Bricks-and-Mortar' Bank to an online lender. Their settlement person was exceptional, frequently providing updates. I would highly recommend refinancing to… Read more ·  1

Unloan. I also appreciate the loyalty discount they apply to their rates annually. I was with my previous bank for 22years and discovered they were offering a substantially lower home loan rate to new borrowers rather than loyal customers. (hence the change)

I like the services offered by Unloan. Staff are accessible and responsive and can be reached anytime. Interest rate offered by Unloan is one of the best in the market, offering you the best value for loan. Show reply

Unload = Absolute waste of time. After a considerable amount of time completing an application and clearly stating my sources of income I receive a call and they casually mention oh we do not accept government backed pensions and income from a SMSF as income. Unload = Absolute waste of time.

After using them for several months, I’ve started to notice a number of small but inconvenient issues. On the positive side, the initial setup and switching process were handled efficiently. However, contacting them can be challenging. There’s no direct phone line, and the in-app chat is the only practical way to communicate though it often… Read more

requires considerable effort. I personally dislike having to type lengthy explanations, only to receive generic, scripted responses. I suppose this inconvenience is offset somewhat by their competitive rates, so it hasn’t been a major concern until now.

I have a linked account set up to automatically cover the monthly principal and interest repayments. For the first couple of months, the payments were debited correctly. But last month, the funds remained untouched in the linked account on the due date. I later discovered that the repayment was taken from the loan’s redraw facility instead. This was unexpected and resulted in additional interest being charged.

When I contacted the helpdesk through the in-app chat to ensure the issue would be corrected and future payments taken from the linked account, the consultant was unfortunately unable to resolve the problem and offered no effective assistance.

It honestly baffles me that a company like Unloan is not leading the mortgage market. They offer what is, clearly, the lowest interest rate in Australia, with no fees whatsoever, and their support is excellent throughout. From start to finish, my experience with Unloan was nothing short of impeccable. The service, the explanations, and the… Read more ·  1

guidance at each step were consistently professional and clear. I received pre-approval within minutes. Then, once we submitted the details of the property we had made an offer on, everything moved incredibly quickly. From that point, it took less than 36 hours for the mortgage to be finalised and fully approved. I genuinely could not have asked for more. The entire process felt streamlined, easy to navigate, and well-supported. If you are looking for a no-fuss mortgage with a great rate and a genuinely smooth application experience, I would recommend Unloan without hesitation.

Applied on Saturday, spoke with a representative on Sunday, and had our loan approved by Monday afternoon. Settlement occurred in under two weeks, with friendly, professional updates provided every step of the way. Show reply

From my first enquiry, Unloan took over behind the scenes and coordinated the easiest approach for me to take to refinance. Do not be discouraged by an online bank. It's Unloan, and it has cred! I am enjoying an interest rate reduction each year just for being an Unloan customer. I can log in and easily see transactions, and I can transfer funds… Read more ·  1

from the equity in my mortgage into my savings account in a seamless process. I cannot tell you how good it feels to be with Unloan.