How easy to refinance with ubank?

Discussion in 'Loans & Mortgage Brokers' started by melbourne171, 29th May, 2021.

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  1. melbourne171

    melbourne171 Well-Known Member

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    Ubank investment interest only 3 year fixed loan interest rate is just 2.24%
    I am wondering if any has recently applied loan with ubank. How easy is the approval process? Is staff friendly?
     
    melbourne171, 29th May, 2021
    #1
  2. dave80

    dave80 Well-Known Member

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    I’m led to believe they’re cheap however woeful turn around and staff accessibility ymmv
     
    dave80, 29th May, 2021
    #2
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    We do a lot of Bankfirst at the same rate, yes it has an annual pro pack fee, but their credit is a bit more flex than U bank ( Nab white label wholesale "digital" product)

    ta
    rolf
     
    Rolf Latham, 29th May, 2021
    #3
  4. dave80

    dave80 Well-Known Member

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    how conservative are bank first with their serviceability? possibly a poor stereotype however my assumption is many of the "mutual's" have limited appetite
     
    dave80, 29th May, 2021
    #4
  5. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    Yes from memory they do have a criteria where you need to be at surplus by quite a fair bit on the calculations.

    But they do have a good product where 100% offset on fix rates.
     
    Tony Xia, 29th May, 2021
    #5
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Bankfirst dont do neg gearing, but their IP assessment rates are a little lower than say NAB or CBA, esp for lower loan amounts.

    For folks with a few IPs they arent a fit usually, but then CBA no longer is either

    BF sit in the middle of the servicing piece for most borrowers

    ta
    rolf
     
    Rolf Latham, 30th May, 2021
    #6
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  7. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    UBank can work for simple applications but something like only 1 in 10 applications actually settle last I heard.
     
    Marty McDonald, 30th May, 2021
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  8. Morgs

    Morgs Well-Known Member Business Member

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    I just helped a client who was trying to refinance with Ubank. They're not for everyone. Rate is cheap though!
     
    Morgs, 30th May, 2021
    #8