Unloan
Lender Overview
Unloan is a digital home loan brand launched by Commonwealth Bank in 2022. It operates as a standalone digital lender and offers one of the sharpest variable rates in Australia from a major-bank-backed entity. Unloan is designed for refinancers and new purchasers who want a simple, low-cost loan managed entirely through an app.
Loan Products Offered
Unloan Variable Home Loan
Single variable rate product for owner-occupier and investor purposes. No annual fees, no application fees, and the rate decreases by 0.01% per year for up to 30 years as a loyalty discount. Redraw available.
Pros and Cons
Pros
- +Among the lowest variable rates available in Australia
- +Loyalty discount: rate reduces by 0.01% per year (up to 30 years)
- +Backed by CBA, Australia's largest bank and APRA-regulated
- +Extremely simple product with no hidden fees
- +Fast digital application and approval
Cons
- -No offset account (redraw only)
- -Only one product: no fixed rate option
- -Minimum loan amount of $10,000; limited to $10,000,000
- -Not suitable for complex borrower profiles (self-employed, unusual income)
- -No human branch or phone support, entirely in-app
Typical Rates
| Loan Type | Indicative Rate |
|---|---|
| Owner-Occupier Variable (P&I) | RBA cash rate + 1.90% to 2.30% (indicative) |
| Owner-Occupier Fixed | Not available |
| Investor Variable (P&I) | RBA cash rate + 2.25% to 2.70% (indicative) |
Unloan is consistently among the lowest rates in the Australian market for eligible borrowers. The 0.01%/year loyalty discount means your rate improves every year. Confirm current rates on Unloan's website.
Application Process
- 1
Apply entirely through the Unloan app or website
- 2
Connect bank accounts for automatic income and expense verification
- 3
Automated property valuation for most properties
- 4
Fast approval, often within 24 to 72 hours for eligible applications
- 5
Settlement managed digitally with your conveyancer
Who Unloan Suits Best
- ✓PAYG borrowers with clean credit history and straightforward income
- ✓Refinancers who want the absolute lowest rate from a major-bank-backed entity
- ✓Tech-savvy borrowers who are fully comfortable with in-app only banking
- ✓Borrowers who value the simplicity of a single, no-fee product
