Unloan now available to new home loans

Unloan, the digital home loan from Australia’s biggest bank, is expanding its offering beyond refinancers, and is now offering its competitive rate and loyalty discount for new home loans too.

The loan, which launched into the market in 2022, has previously only been available for eligible refinancers.

However, from today, customers looking for a new home loan can apply with the digital lender.

What is Unloan?

Unloan is the digital home loan offering from Commbank - Australia’s largest bank.

As a digital loan, the application process, and management of the loan, is done entirely online.

Unloan also offers a ‘loyalty discount’ - that is, for every year you have the loan, you could receive a 0.01% discount on your interest rate, which could be up to 29 basis points over the typical life of a loan.

Does Unloan offer a good interest rate?

Unloan’s advertised rate of 5.99% is a relatively competitive interest rate compared to similar loans on the RateCity.com.au database, with less than 30 lenders currently offering a rate under 6 per cent.

Unloan currently offers the lowest advertised variable rate compared to big four bank digital competitors.

Big four bank digital offerings: lowest advertised variable rates

Note: Westpac does not currently offer a digital home loan in market. Rates accurate as of 8 April 2024.

Is it worth going to Unloan?

Unloan is definitely worth considering if you’re comfortable with applying and managing your loan using digital technology. It has a competitive rate, and is backed by a big four bank so provides the security that you may not have with other digital lenders.

However, it’s always important to make sure you thoroughly compare your options and make sure that the loan you choose suits your budget, lifestyle and future plans.

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