I've got a CBA investment 2.59% P&I fixed rate loan ending this Friday. Been putting off and putting off and putting off any decision to refix, refinance, whatever, thought I would just have to stomach the revision to variable of 3.31% but out of nowhere Unloan gets dropped into my lap. It's not quite the 10 minute application as advised. It did take me half an hour (but I probably wasted 10 minutes fiddling around with the email and text message codes at the start). I'm usually the last person to early adopt anything....ok lets be honest, I need to be dragged kicking and screaming. But the prospect of a 2.44% rate (I don't need an offset or any flexibility on this loan) was too good to pass up well over $4,000 a year savings For those who just need a set and forget forever loan.... I can't see many downsides with this one. It just won't be linked to the app though.
Hmm, CBA's Jetstar. I suppose if I fail serviceability calcs with its parent, I'd be wasting 10 minutes of my life.
At the moment it feels like it has been built with only half a wing... the website still looks a really dusty work in progress
Aren’t there many dodgy home loans as alleged in the media in recent times? How is Unloan vetting the borrowers? Easy money?
I saw the media on launch. 10 mins initial application...Then likely a extended process of further information, documents and evauation before it is approved. Seems like a work in progress with many features "coming soon" in the second half of 2022. Just a low cost provider. Of course, then many will post here seeking brokers views for product that isnt on a broker channel. Its a no service model and doesnt seek to compare features. Like that they dont have fixed rate loans. Or a phone number. Or do conditional loans or deal with purchase of property loans yet. Just refinance for now. The included open ended redraw and no offset sounds like a potential concern for blended loans although their split facilities (unsure of min or how many as its coming soon) may be a saviour if used correctly.
Good for some.... unless they have some facility to review pricing ongoing I can't see how it'll remain price competitive over the term. The 0.01% incremental discount in theory is great, but in the latest rate rise alone the differential for some lenders between back book pricing +0.25% and new business has been a 0.05% or bigger spread.
Given it's the CBA behind it, they'll rely on people's appathy and utlimately people will pay more because of rate creep. On an unrelated note, brokers can now write UBank loans.
