We’re reducing all of our variable home loan interest rates by 0.25% p.a. from 3 April 2020.
All new and existing UBank customers with variable rate home loans, including anyone in the process of applying for or settling a new variable rate UHomeLoan, will get the new reduced rate.
This is the fourth RBA rate cut in row, which we’re passing on to our home loan customers in full.
Here’s some info and key dates for customers with applications already in progress:
What if my variable interest home loan hasn’t settled yet?
All new customers currently applying for a variable interest rate UBank home loan will get the new reduced rate from 3 April 2020.
What if my home loan settles on or after 3 April 2020?
If your loan settles on or after 3 April 2020, you’ll get the new reduced interest rate from your settlement date.
What if my home loan settles before 3 April 2020?
If your loan settles before 3 April 2020, the current variable interest rate will apply up until 3 April 2020. From 3 April 2020, the new reduced rate will apply.
Here’s some info and key dates for existing home loans customers:
When will the variable home loan interest rate change happen?
The 0.25% p.a. rate reduction will apply from 3 April 2020.
Will my repayments reduce automatically?
Depending on how your repayments have been set up, they may reduce when the new lower interest rate takes effect. If there’s a change to your repayment, we’ll send you a letter to let you know what your new repayment will be. If you want to increase your repayment, you can do this in Internet Banking.
I am already on a fixed interest rate, will I receive the discount?
Once your fixed interest period ends, your home loan will switch to the variable interest rate applicable at that time.