UBank named Australia’s best online bank

Since its inception in 2008, UBank has made a name for itself with its competitive rates and innovative approach to banking. And it continues to impress, winning the title of Australia’s Best Online Bank at the 2021 Mozo Experts Choice Awards.

This year, our team of judges evaluated 89 different Australian financial institutions to determine which offered the best value for money across the widest range of products. Among online banks, UBank clearly stood out.

Not only was it recognized for its range of mortgage loans, but we were also won over by its daily banking products, including a savings account that consistently ranks among the best value offers on the market.

About UBank

Although UBank does not have branches, its local support teams are on hand to assist you, whether online or over the phone. And the overhead savings are then passed on to customers in the form of more generous rates.

Its exclusively online presence has also given UBank a reputation for innovation, particularly in the savings accounts it offers and in its streamlined online application processes.

And like all banks in Australia, funds held with UBank are protected by the Financial Claims Scheme – a government initiative that guarantees deposits of up to $ 250,000 per customer in the event of bank failure, credit union or building society.

So whether you are looking to refinance your home loan or are looking for a more generous interest rate on your savings account, UBank is worth a look. We’ve included a selection of notable products below.

UHomeLoan (Fixed)
  • 1.85% pa 3 years fixed (2.24% pa comparison rate *)
  • Free additional refunds up to $ 20,000 per year
  • Competitive rates for a range of fixed durations

The UHomeLoan (Fixed) allows you to choose between durations of 1, 3 or 5 years, with interest rates starting from 1.75% pa (comparison rate of 2.31% pa *). You will be able to borrow between $ 100,000 and $ 2,000,000, and the usual set-up fee of $ 395 will be waived if you pay off your loan by September 30, 2022. Although you can make additional repayments, an annual limit of 20 $ 000 applies and there is no possibility to redraw.

UHomeLoan Discount Offer
  • 2.34% pa variable rate (2.34% pa comparison rate *)
  • Free additional refunds and possibility of withdrawal
  • No upfront or ongoing costs

The UHomeLoan rebate offer comes with a variable rate of 2.34% per annum (compare rate of 2.34% per annum *), and with no upfront or ongoing charges, you’ll be able to spend all of your hard-earned money on repayment of your loan. You can also make additional refunds without penalty, and if you ever want to get those funds back, a withdrawal feature is available. This year, the UHomeLoan discount offer received two Mozo Experts Choice Awards for Best Low Cost Home Loan and Best Split Home Loan.

* CAUTION: This comparison rate only applies to the example (s) given. Different amounts and terms will result in different comparison rates. Costs such as redemption or prepayment charges, and cost savings such as fee waivers, are not included in the comparison rate but can influence the cost of the loan. The comparison rate displayed is that of a guaranteed loan with monthly repayment of principal and interest of $ 150,000 over 25 years.

** The initial monthly repayment figures are only estimates, based on the advertised rate, loan amount and term entered. The rates, fees and charges and therefore the total cost of the loan can vary depending on the amount of your loan, the length of your loan and your credit history. Actual repayments will depend on your personal circumstances and changes in interest rates.

^ See information on the Mozo Experts Choice Bank Account Awards

Mozo provides general product information. We do not consider your personal goals, your financial situation or your needs and we do not recommend any particular product to you. You should make your own decision after reading the PDS or offering literature, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we do not cover all products on the market. If you decide to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.

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David A. Albanese

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