UBank drops fixed home loan rate to 6.59%p.a.

24 August 2011

UBank is now offering a one and three year fixed rate of 6.59%p.a. on its UHomeLoan.

Alex Twigg, General Manager of UBank, said the fixed rate for UHomeLoan had dropped from 6.94%pa for one year and 7.09%p.a. for three years.

"UBank can offer such competitive rates because we're online and over-the-phone, keeping our operating costs relatively low," he said.

UBank's variable home loan rate is 6.79%p.a., with a Loyalty Discount of 0.10%p.a. after three years, for the life of the loan – up to 1.0%p.a. cheaper than some other banks.

"We're committed to making it quick and easy for customers to get more out of their money.

"UHomeLoan is a hassle-free, low-cost option for people looking to refinance, with an easy online process," he said.

Within half an hour, customers can calculate the potential saving on their mortgage payments and lodge an application for UHomeLoan online, at ubank.com.au

"Moving your home loan to get a better deal on interest rates and fees doesn't have to be in the too hard basket," he said.

UBank also offers a competitive rate on deposits.

USaver customers able to earn 6.51%p.a. - with a standard variable rate of 6.01%p.a. plus 0.50%p.a bonus interest when they deposit at least $200 per month.

UBank Term Deposits offer customers up to 5.91%p.a. for six months, plus 0.10%p.a. loyalty bonus when 100% of the term deposit is rolled over.

Customers can also get assistance from UBank's Australian-based, 24/7 call centre, on 13 30 80 or via Skype (account: ubank.com.au).

Media contact:

Jessica Forrest
UBank (NAB Corporate Affairs)
0457 536 958 or jessica.a.forrest@nab.com.au

Notes to editor:

About Uhomeloan:

UHomeLoan has a standard variable rate of 6.99%p.a. (comparison rate 6.92%p.a.). UHomeLoan has a fixed rate of 6.59%pa for one year (comparison rate of 6.77%p.a) and three years (comparison rate of 6.67%p.a.). UHomeLoan customers are able to borrow up to 80 per cent of the value of their property. UHomeLoan is only available to customers refinancing an existing mortgage. UHomeLoan was developed with Advantedge, also part of the NAB Group. Also, please note there are usually Government charges payable in relation to a home loan such as stamp duty and registration fees. For the fixed rate Uhomeloan, there are some bank fees payable. The comparison rate is based on a secured loan of $150,000 over the term of 25 years. WARNING. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms,fees or other loan amounts might result in a different comparison rate. Fees and charges, terms and conditions and lending criteria apply. Terms and conditions are available on request.

About USaver:

Bonus interest of 0.50%p.a. payable to customers who set up an Automated Savings Plan (ASP) and have a balance of less than $200,000 per customer (This balance includes all USaver joint savings accounts).

About UBank:

UBank was launched in October 2008 and is developed and backed by the financial strength and global capabilities of NAB. Although a part of NAB, the ideas, people, philosophy and brand are uniquely UBank. UBank aims to simplify banking – being entirely online or over the phone means there are no queues. In addition to UHomeLoan, UBank currently offers the USaver highinterest, online savings account and a range of Term Deposits (which can be used by Self Managed Super Funds), with new products under development.