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Also known as UBank, U Bank
ubank is worth a look if you want a low-cost home loan from a major-bank-backed lender and are happy to do everything in an app. It is part of NAB, it sells two loans (Neat and Flex) and publishes a short fee list. It doesn't take part in the 5% Deposit Scheme, and there are no branches.
This review covers ubank's loans and fees, how it prices them, and whether NAB or ubank is the better choice for you.
By Better Rate Mate Editorial Team · Last reviewed · Checked against ubank's own website
| Feature | ubank |
|---|---|
| Loans | Neat Variable, Flex Variable, Flex Fixed |
| Redraw | Unlimited redraw |
| Loan advance fee | $250 |
| Valuation | First valuation covered up to $360 |
| Annual fee | $0 on Neat |
| Discharge fee | $300 per property |
| Rate lock (Flex Fixed) | $500, optional |
| Deposit | Advertises home loans with a 10% deposit |
| Ways to apply | Online in the app, or through a mortgage broker |
| 5% Deposit Scheme | Not a participating lender |
ubank is a digital bank that is part of National Australia Bank. Its products are issued by NAB under NAB's Australian credit licence, so ubank borrowers deal with the same regulated bank as NAB customers, through a different app and service model.
ubank sells the Neat home loan (variable) and the Flex home loan (variable or fixed), for owner-occupiers and investors. It also accepts applications through mortgage brokers via a broker portal, and it advertises 10% deposit home loans.
ubank's simpler variable loan, with no annual fee and unlimited redraw.
The variable version of ubank's more flexible loan.
A fixed-rate loan. ubank lists an optional $500 rate lock.
ubank prices by product, purpose and LVR. Its headline rates are quoted for owner-occupied principal and interest loans at the lowest LVR tier (60% or less), so a borrower with a smaller deposit should expect a higher rate than the one on the front page.
Check the rate for your own LVR and loan purpose on ubank's rates and fees page, and compare the comparison rate, which includes the $250 loan advance fee.
For a benchmark, the RBA's average rate on new owner-occupier variable loans across all lenders was 6.24% in July 2026, and 6.40% for investors (published 7 September 2026). The cash rate was 4.35% as at 28 September 2026, unchanged since 6 May 2026; the RBA's next decision is due on 29 September 2026.
Enter the rate for the ubank loan you're considering (from its rates page), your loan amount and term. The calculator uses the standard principal and interest formula lenders use, so for the same rate, amount and term it gives the same repayment as ubank's own calculator. It doesn't include fees or future rate changes. For the maths and assumptions, see our mortgage repayment calculator page, and test your buffer with the stress test calculator.
Estimate your repayments for any loan amount, rate and term.
Monthly Repayment
$2,997.75
| Loan Amount | $500,000.00 |
| Interest Rate | 6.00% p.a. |
| Loan Term | 30 years |
| Repayment Frequency | Monthly |
| Total Repayments | $1,079,190.95 |
| Total Interest Paid | $579,190.95 |
This calculator provides an estimate for principal and interest repayments only. It does not account for fees, redraw activity, rate changes, or other loan features. Verify with your lender before making financial decisions.
Same bank, different model. ubank keeps things simple and app-based; NAB adds branches, up to 10 offset accounts on its Tailored loan, LMI waivers for some professions and the 5% Deposit Scheme. If you are a first home buyer with a 5% deposit, NAB (or another scheme lender) is the option; if you are refinancing with a large equity buffer, ubank's lower-LVR pricing is aimed at you. See our NAB review.
Both are digital lenders owned by a major bank: ubank by NAB, Unloan by CommBank. Unloan charges no fees at all and adds a loyalty discount each year, but has no fixed rate. ubank has a fixed-rate option (Flex Fixed) but charges a loan advance fee and a discharge fee. Neither takes part in the 5% Deposit Scheme. See our Unloan review.
Check the rate for your LVR and purpose on ubank's site
Apply in the ubank app or through a mortgage broker
Upload income and identity documents; ubank arranges a valuation (first valuation covered up to $360)
Approval, then sign the loan documents digitally
Settlement with your conveyancer
Before you apply, ask for the key facts sheet for your loan amount. Every lender must provide one in the same format, which makes loans easy to compare side by side.
Yes. ubank is part of National Australia Bank, and its products are issued by NAB under NAB's Australian credit licence 230686.
ubank lists a $250 loan advance fee, the first valuation covered up to $360, no annual fee on Neat, a $300 discharge fee per property and an optional $500 rate lock on Flex Fixed.
No, ubank isn't on Housing Australia's participating lender list. NAB is.
Yes. ubank runs a broker portal, so brokers can submit ubank applications as well as you applying directly.
