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UniBank Home Loan Review
4 out of 5
- Fast loan approvals
- Flexible repayment options
Home Loan Experts
Founded
1964
Owned by:
Funded by:
Retail deposits and wholesale capital markets
LMI Provider:
Genworth & QBE LMI
Lender type:
Banks, Mutual Bank, Customer Owned
UniBank was established initially as The University Staff Credit Society in 1664. It provided a variety of loan products to the members of the university community in Western Australia.
In 2015, it merged with Teachers Mutual Bank and started operating as one of its divisions.
Today, UniBank provides home loans through membership to Australians or permanent residents who are or were associated with any Australian university. In addition, a family member of the existing members are eligible to get a home loan too.
Under Classic Home Loan, UniBank provides simple fixed and variable rate home loans. Also, it gives the benefit of unlimited additional repayments and a fee-free redraw facility.
Special Classic Home Loan offers special interest rate discounts to first home buyers.
It also has Classic Investor Home Loan that provides one of the lowest variable rates in the market. Some of the facilities included are a repayment holiday, no monthly fees, and no penalty for early repayments.
The home loan package benefits first home buyers by assisting their home loan process.
UniBank arranges expert advice sessions which help the first home buyers to get loans with great value.
You do not have to pay any establishment fees or ongoing fees for this package. Other facilities include a 100% offset account, and the option to split loan.
Additionally, using the First Home Loan Deposit Scheme, you can get your first home with only a 5% deposit.
Flexi Choice Loan is made to provide flexibility in accords to the changing needs of borrowers.
The main facility under this home loan package is a flexible repayment option. The facilities under a flexible repayment option include unlimited additional repayments and a repayment pause.
Solution Plus Home Loan is tailored for loan amounts over $150,000.
It provides a discounted standard variable rate for the life of the loan only available to eligible members.
It also comes with a reward package for owner-occupiers where you get complimentary rewards and discounts on home loans.
An interest-only loan allows you to skip making principal repayments for a certain period.
The only payment you need to make on a weekly or fortnightly basis is the interest rate payment.
Since UniBank is customer-owned, you must register as their member first to apply for their home loan.
To become a member, you must:
The list of eligible family members of shareholders include:
Still not sure which lender is right for you? Talk to one of our specialist mortgage brokers at Home Loan Experts.
We will first discuss your situation, complete a pre-assessment and find a couple of suitable lender options for you.
Give us a call on 1300 889 743 or fill in our free online enquiry form.