UP Bank now offers variable and fixed home loans
Neobank UP has joined the mortgage market and now offers variable and fixed
home loans
for refinancers.
UP Bank is an ethical neobank backed by Bendigo Bank with more than 500,000 customers. It recently won a
2022 Mozo Experts Choice Award
^ for Best Bank Accounts and two 2022
Mozo Experts Choice Awards
^ for Banking Apps & Tech.
Its new variable interest rate home loan offers a 3.45% p.a. (3.45% p.a. comparison rate*). According to UP, it will have no application, set up, monthly, annual, discharge or redraw fees. It offers up to 50 free offset accounts and unlimited extra repayments. The neobank will also pay the first $400 for property valuation. To get UP’s new home loan, you can get started with a 10% deposit.
It’s Up Home Fixed Term home loans are as follows:
-
1-year term from 5.10% p.a. (3.60% p.a. comparison rate*)
-
2-year term from 5.65% p.a. (3.84% p.a. comparison rate*)
-
3-year term from 5.80% p.a. (4.07% p.a. comparison rate*)
-
4-year term from 5.90% p.a. (4.29% p.a. comparison rate*)
- 5-year term from 5.95% p.a. (4.29% p.a. comparison rate*)
Like its variable loan, its fixed term home loans will come with no fees. However, you can only make extra free repayments up to $30,000.
How do UP’s home loans compare?
For starters, the variable home loan is 20 basis points below the 3.65% average variable home loan rate in the Mozo database.
The lowest available variable rate in our database is 2.54% p.a. (2.54% p.a. comparison rate*) from Homeloans360.
Meanwhile, UP’s fixed term home loans are on the higher end with all terms averaging about 50-100 basis points more than the lowest fixed term rates in our database.
To learn more about UP’s newest loans, including all the features and rates involved, check out UP’s website.
Otherwise, see how UP compares against more variable rate loans in the table below or by checking out Mozo’s home loan comparison hub.