hey everyone, just wondering if anyone has considered / know about this current offer from Ubank ?
the current rate of 6.59% is rather tempting , though the trade-off is the purely online interaction.
Browse Forums Home Finance Re: Ubank 6.59% atm 2May 23, 2011 2:15 pm I'd do it if my land was registered in time. Apparently the offer is until 30th June. At the moment i've got an approval in principle with NAB... so at least they dont lose out. Building with Jandson Homes - Eclipse 18. http://adgnetworks.blogspot.com/ Re: Ubank 6.59% atm 3May 23, 2011 4:29 pm online isn't an issue (or hasn't been for Me) I've had a loan with ING direct and its online only (except they have phone support for documentation) only 80% of total value though, so a lot of FHB may not be able to qualify. Definitely a good option to look at for re financing though. Why couldn't this be in 12 months time Re: Ubank 6.59% atm 5May 24, 2011 2:08 pm Oh yeah, for those looking to refinance and at 80% lvr - We are certainly giving it consideration atm .. dollar saved is a dollar earnt. Though i guess the other big banks , may introduce something similar yet again if the concept takes off. ie , anz with one direct . etc etc cba with homepath. etc etc. Re: Ubank 6.59% atm 6Aug 09, 2011 6:37 pm Has anyone got a home loan with UBank? Their product looks so good - low rate, no fees - I'm just wondering if there's something I'm missing... Sadly they're only offering 6.79% now, but still better than the 7.2% I'm paying with ANZ... Re: Ubank 6.59% atm 7Aug 09, 2011 7:24 pm There is a price war going on with the banks at present. One of our lenders is offering a 1.03% discount at $250,000 if you borrow less than 80% of the property value. To be quite frank that is just insane considering it is fully functional home loan. The fixed rates coming out look good too. Just a word of warning many online lenders have a good rate and then introduce a new product at the same rate that is only available to new customers, put up the rate for existing customers and by that time most people don't care / don't think to switch lenders. We've seen it time and time again with online home loans. Buying online is a low cost business model for many types of products however for home loans they are so complicated to set up that there always needs to be someone managing the process so online doesn't save that much money at all. Advertising online for home loans is also very expensive, roughly $5 to $10 per click on an ad! The good news is that with no exit fees anymore it is much easier to switch when a lender plays games with your rate. Re: Ubank 6.59% atm 8Aug 09, 2011 8:35 pm Just to prove how dynamic the market is, there was a news story tonight about how some of the major banks are dropping their fixed rates to below the variable rates....proves which way they think interest rates will now go in the short and medium term. Is it really worth chasing some obscure lender now when rates will fall across the board anyway? Geoff - Decophile. Re: Ubank 6.59% atm 9Aug 09, 2011 8:58 pm This is from OzBargain (also reported by The Age / Sydney Morning Herald) http://www.ozbargain.com.au/node/50505 http://www.theage.com.au/money/borrowing/cba-cuts-fixed-mortgage-rate-20110809-1ijv4.html Quote: Commonwealth Bank slashes fixed rate home loans by up to 60bps, leads market 9 August 2010: The Commonwealth Bank now leads the market for a suite of fixed rate home loan products following a decision to slice up to 60bps (0.60%) off its fixed rate home loan products. Fixed rates for 1 to 5 year products will range from 6.59% to 6.99% and will be the lowest rates for the 1 to 5 year products across all banks. Ross McEwan, Group Executive Retail Banking Services at Commonwealth Bank said: “Many customers want certainty with their home loan repayments and we are pleased to take a lead and offer customers that peace of mind.” These new rates will be effective Friday 12 August, 2011. 1 Year 2 years 3 years 4 years 5 years CBA (current) 6.84% 6.94% 6.99% 7.54% 7.59% CBA (new) 6.59% 6.59% 6.59% 6.99% 6.99% Change - 0.25% -0.35% -0.40% -0.55% -0.60% For more information contact: Steve Batten Commonwealth Bank Ph: (02) 9117 7050 Re: Ubank 6.59% atm 10Oct 28, 2011 5:14 pm jb_money Just a word of warning many online lenders have a good rate and then introduce a new product at the same rate that is only available to new customers, put up the rate for existing customers and by that time most people don't care / don't think to switch lenders. We've seen it time and time again with online home loans. Have just refi'd my house with loans.com.au (yes I realise it's a stupid name) at 6.69% standard variable (6.70% comp). Full featured, 80% LVR, 100% offset redraw, Visa Debit card, over the counter service at Westpac branches etc etc. 2 yr fixed rate of 6.29% as well. One nice thing is that the variable rate is linked to the RBA cash rate for the first 3 years. So they could introduce a cheaper product for new customers, but at least knowing that my rate won't be going up (beyond RBA rises anyway) for a few years is peace of mind. Here's hoping for some massive RBA cash rate cuts (would love to see 4.99%!!!) Re: Ubank 6.59% atm 11Oct 29, 2011 4:12 pm Also re-financing, with MyRate, 6.85% interest rate, 90% loan, and doing construction |