A home loan that rewards you for your loyalty, does away with pesky fees, and has a low variable rate that’s well below the average home loan in Mozo’s database.
This is the bar set by the digital home loan brainchild of CommBank, Unloan.
Since its launch 18 months ago, Unloan has become a force in the home loans space scooping two Mozo Experts Choice Awards^, including Best New Home Loan.
Designed to ‘undo’ your mortgage, Unloan comes with a competitive variable rate of 5.74% (5.79% comparison rate*) for owner occupiers (market average for 80% LVR currently sits at 6.77% variable ^^). And in what Unloan says is an Australian-first, borrowers will receive an extra 0.01% p.a. discount, every single year, for a maximum of 30 years.
Unloan claims its online application process can be completed in as little as 10 minutes. Refinancers with at least 20% deposit or equity can apply now, for loans of up to $10 million.
“Now more than ever, borrowers are looking for ways to reduce their mortgage repayments,” said Mozo expert judge, Peter Marshall. “With the winning combination of low rates, unique features, the scrapping of fees, and big bank backing, Unloan has set the bar for what a leading home loan looks like in 2023.”
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WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
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Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
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While we pride ourselves on covering a wide range of products, we don’t cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
^^Average variable interest rate Mozo Database (November 23, 2023)
^ Mozo Experts Choice Home Loan Awards
Source: mozo.com.au