Co-borrowers and other loan structures

Applications for an Unloan can be submitted solely (i.e. in one name), or with two names – yourself and a co-borrower.

I’m applying solo

At Unloan, we try to make it as easy as we can for customers, with our digital application assessment. Because we are a digital platform, we do have some limitations on acceptable loan structures. For example, we cannot accommodate the following:

• Guarantors
• Powers of Attorney
• More than two borrowers on each application
• Part 9 debt agreements

I’ve got a co-borrower, how do I add them?

If you want to submit the application with someone else, you need to enter their contact details in the application during the ‘Borrowers’ stage. An email invitation will be sent to your co-borrower and they will have 24 hours to join the application.

Don’t panic if the invitation expires after 24 hours, we know life can get in the way. A new invitation will need to be sent and you can request this by contacting the Unloan team via our website live chat. We’ll need to verify your details to complete the request so ensure you’re logged into your Unloan account before starting.

What about other loan structures?

In addition to a standard refinance scenario, we’re able to help you with:

• Setting up new home loans for properties owned outright – you can enter $0 on the ‘Debts & Liabilities’ screen, and specify your desired cash-out amount on the ‘Set up your Unloan’ screen
• Consolidating your debt – select the ‘liabilities’ you wish to pay-out with funds from your new loan

Please note that Unloan doesn’t offer the following loan structures.

• Split loans
• Reverse mortgages

Learn more about Unloan and applying with Unloan here.

This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.‍

Unloan is a division of Commonwealth Bank of Australia.

Applications are subject to credit approval, satisfactory security and you must have a minimum 20% equity in the property. Minimum loan amount $10,000, maximum loan amount $10,000,000, and total borrowings per customer across all Unloan loans is $10,000,000. (For purchase loans a minimum 10% equity is required - however a Lenders Mortgage Insurance (LMI) premium and higher interest rate apply. In some cases, depending on the property’s location or type, an LMI premium may also be required for LVR between 70.01% to 80%). For loans with Lenders Mortgage Insurance (LMI) the minimum loan amount is $10,000, maximum loan amount is $3,000,000 and total borrowings per customer across all Unloan loans is limited to $3,000,000).

Unloan offers a 0.01% per annum discount on the Unloan Live-In rate or Unloan Invest rate upon settlement. On each anniversary of your loan’s settlement date (or the day prior to the anniversary of your loan’s settlement date if your loan settled on 29th February and it is a leap year) the margin discount will increase by a further 0.01% per annum up to a maximum discount of 0.30% per annum. Unloan may withdraw this discount at any time. The discount is applied for each loan you have with Unloan.

*At Unloan, we do not charge any annual, application, banking, account, transaction, late or exit fees. In certain circumstances you may be required to pay a Lenders Mortgage Insurance (LMI) premium. Learn more about why this is applied and how it works. Government fees may also apply. Learn more about government fees here. Your current lender may charge an exit fee when refinancing.