ubank home loan review
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
General information only. It doesn't take into account your objectives, financial situation or needs. Check the lender's key facts sheet, credit guide and TMD before you apply. We don't compare every lender, and we may earn a commission if you apply through our links.
ubank home loans at a glance
| 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 |
General information only. It doesn't take into account your objectives, financial situation or needs. Check the lender's key facts sheet, credit guide and TMD before you apply. We don't compare every lender, and we may earn a commission if you apply through our links.
ubank mortgage and home loan repayment calculator
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. If you're buying, you can also estimate your stamp dutyand work out how much you can borrow.
Mortgage repayment calculator
Repayments and total interest, with optional extra repayments, an offset account or an interest-only period.
Monthly repayment
$2,997.75
| Loan amount | $500,000 |
|---|---|
| Interest rate | 6.00% a year |
| Time to repay | 30 years |
| Total repayments | $1,079,191 |
| Total interest paid | $579,191 |
Year-by-year balance
| Year | Interest | Principal repaid | Balance |
|---|---|---|---|
| 1 | $29,833 | $6,140 | $493,860 |
| 2 | $29,454 | $6,519 | $487,341 |
| 3 | $29,052 | $6,921 | $480,420 |
| 4 | $28,625 | $7,348 | $473,073 |
| 5 | $28,172 | $7,801 | $465,272 |
| 6 | $27,691 | $8,282 | $456,990 |
| 7 | $27,180 | $8,793 | $448,197 |
| 8 | $26,638 | $9,335 | $438,862 |
| 9 | $26,062 | $9,911 | $428,951 |
| 10 | $25,451 | $10,522 | $418,429 |
| 11 | $24,802 | $11,171 | $407,257 |
| 12 | $24,113 | $11,860 | $395,397 |
| 13 | $23,381 | $12,592 | $382,805 |
| 14 | $22,605 | $13,368 | $369,437 |
| 15 | $21,780 | $14,193 | $355,244 |
| 16 | $20,905 | $15,068 | $340,176 |
| 17 | $19,975 | $15,998 | $324,178 |
| 18 | $18,989 | $16,984 | $307,194 |
| 19 | $17,941 | $18,032 | $289,162 |
| 20 | $16,829 | $19,144 | $270,018 |
| 21 | $15,648 | $20,325 | $249,693 |
| 22 | $14,395 | $21,578 | $228,115 |
| 23 | $13,064 | $22,909 | $205,205 |
| 24 | $11,651 | $24,322 | $180,883 |
| 25 | $10,151 | $25,823 | $155,060 |
| 26 | $8,558 | $27,415 | $127,645 |
| 27 | $6,867 | $29,106 | $98,539 |
| 28 | $5,072 | $30,901 | $67,638 |
| 29 | $3,166 | $32,807 | $34,831 |
| 30 | $1,142 | $34,831 | $0 |
Stress test this loan at higher rates, or see how much you can borrow.
An estimate: interest is charged at the repayment frequency and the rate never changes. It leaves out fees, redraws and rate changes, and assumes the lender accepts extra repayments. Check fixed rate loans for an extra repayment limit, and confirm figures with your lender.
Is ubank good for home loans?
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.
Pros
- +Backed by NAB, a major Australian bank
- +Short, published fee list with no annual fee on Neat
- +Unlimited redraw
- +Available directly or through brokers
Cons
- -Not part of the 5% Deposit Scheme
- -No branches; service is app and phone based
- -Headline rates are for LVRs of 60% or less
- -$250 loan advance fee and $300 discharge fee
Who ubank suits
- Refinancers with plenty of equity who want a low-cost loan
- Borrowers comfortable managing a loan in an app
- People who want a NAB-backed lender without NAB's branch-based pricing
About ubank
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.
- Ownership
- Part of National Australia Bank.
- Lender and licence
- ubank, part of National Australia Bank Limited ABN 12 004 044 937, Australian credit licence 230686
ubank home loan products
Neat Variable
ubank's simpler variable loan, with no annual fee and unlimited redraw.
Flex Variable
The variable version of ubank's more flexible loan.
Flex Fixed
A fixed-rate loan. ubank lists an optional $500 rate lock.
ubank home loan rates: how they are set
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 6.23% in August 2026, and 6.40% for investors (published 8 October 2026). The RBA's cash rate target was 4.60% as at 10 October 2026, after a 0.25 point rise effective 30 September 2026; its next decision is due on 3 November 2026.
Is NAB or ubank home loan better?
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.
ubank vs Unloan
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.
How to apply for a ubank home loan
- 1
Check the rate for your LVR and purpose on ubank's site
- 2
Apply in the ubank app or through a mortgage broker
- 3
Upload income and identity documents; ubank arranges a valuation (first valuation covered up to $360)
- 4
Approval, then sign the loan documents digitally
- 5
Settlement with your conveyancer
Check how much you could borrow with our borrowing power calculator; ubank's own calculator applies its own lending policy, so its figure can differ.
Budget for stamp duty: NSW stamp duty calculator · VIC stamp duty calculator · QLD stamp duty calculator · WA stamp duty calculator · SA stamp duty calculator · TAS stamp duty calculator · ACT stamp duty calculator · NT stamp duty calculator
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.
ubank home loan questions
Is ubank owned by NAB?
Yes. ubank is part of National Australia Bank, and its products are issued by NAB under NAB's Australian credit licence 230686.
What fees does ubank charge on home loans?
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.
Does ubank take part in the 5% Deposit Scheme?
No, ubank isn't on Housing Australia's participating lender list. NAB is.
Can I use a broker for a ubank home loan?
Yes. ubank runs a broker portal, so brokers can submit ubank applications as well as you applying directly.