Unloan

Unloan’s “loyalty discount” is misleading. Existing customers can end up paying a higher interest rate than new customers, even after years of loyalty. In practice, there’s no real loyalty benefit.

Unloan’s “loyalty discount” makes for great marketing. Our experience makes us question its actual value. We’ve had interest rate increases above the corresponding RBA increases, and now pay 5.96% after four years of loyalty discounts, while Unloan advertises 5.89% with just a 0.01% discount. What’s the reward for loyalty if you still end up… Read more

paying more than new customers? An increasing discount looks impressive in an ad, but means little if increases to the underlying rate swallow the benefit. From our experience, the loyalty promise feels more like a marketing hook than a meaningful reward. We’ve asked Unloan to explain the discrepancy and review our rate.

We found unloan to be the best bank so far for mortgages, easy going, full support with emails, phone calls and even txt messages to help at each stage of the mortgage application, we were very impressed, our previous broker was just keep asking for… Read more ·  1

documents and on and on with same questions, lately we were quite exhausted of him as he wouldn’t listen neither understand that cost of living changed and people are saving more on expenses, so his questions like: the national average for entertainment expenses is more of what you put, etc etc” . Unloan was super good with our application, they gave all the calculators as well online and they even give you a valuation of your property by typing the address, we did all by ourselves and the outcome was positive and very fast. Very recommended

No frills, no fuss, just excellent platform with all you need to do one daunting task… paying /managing your mortgage! Show reply

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.

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.

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!

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

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

After applying for a top waited over a week and denied for a reason they couldn't give me. The information was there it shouldn't take that long . Either you qualify or you don't and if there is a grey area an explanation would be appreciated.

I have just had the worst experience with them. Customer service is terrible. There is no consistency. If you don't want to pay monthly either they do not calculate the repayments properly (ie fortnightly repayments are monthly split in 2, not a whole year divided by 26). Do not recommend at all

Unloan has had technical issues for over a week and still can’t process my loan application. Even their own room temperature IQ devs can't fix it. For a supposedly digital lender, this is embarrassing. No proper resolution, no timeframe given.

I noticed that unloan was offering new clients a lower interest rate than existing clients. When I asked unloan to review my rates and to match what they are offering to new clients, they subsequently replied their borrowing costs were higher when I took out my mortgage with them. I doubt their official response. More greed because they dont take… Read more

me seriously or cherish my business. Im working on refinancing my loan portfolio away from them. For new customers, beware, Unloan shows no loyalty and borrowers should likewise do the same

Unloans advertised rate today 5.89 vs my rate "the interest rate which will apply to your loan is 5.96%" with a 3yr discount of 0.03%. I started off with the advised rate but over time I didn't receive the same changes as the advised rate. So at this rate with the "Loyalty Bonus" of 0.01% off per year I might match your advertised "New Customer"… Read more

rate in another 7 years a total of 10 years just to match with a new customer at day one!!! Not much of a difference but it sure is irritating. Please don't reply saying funding costs blah blah blah...... Why is it that funding costs are never in the customers favour???

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.

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 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