You can refinance your home loan to Unloan in six simple steps. When you switch to Unloan, for every year you hold your home loan, you’ll receive an additional discount of 0.01% p.a. off the current interest rate, up to a maximum discount of 0.30% p.a every year, up to 30 years**.

There are also no application, discharge, account keeping or transaction 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. Your current lender may charge an exit fee when refinancing.

If you're looking to purchase a home, visit our dedicated Buy A Home page for more information. You can calculate your borrowing power and get property insights to calculate if you could afford to buy.

Chat to us online to get guided supported and make buying a home simple.

Borrowing power (or borrowing capacity) is the amount you can borrow from a lender or bank. It is typically equivalent to your potential loan amount.

Learn more about what borrowing power is here. You can also try our borrowing calculator.

Borrowing calculators estimate how much you are able to borrow while taking into consideration a number of factors:

• Are you borrowing by yourself or with someone else?
• What is your income?
• What debts, liabilities and expenses do you have?
• What are your loan terms? For eg: 30 years.

We all may experience financial hardship at some time. Getting support is important, and we’re here to help. In addition to contacting us, you may also find help from these external support services.

This can be an exciting, but overwhelming process. Here are six tips to help you start your home-buying journey with confidence. You can also find out how much you could borrow with our borrowing calculator.

A deposit of 20% is required, as it’s typically the amount a lender classifies as ‘safe’. Occasionally, you may need to provide more. If you haven’t saved 20% but have sufficient income to support your home loan, you may be eligible for Lender’s Mortgage Insurance(LMI). With LMI, Unloan can lend you up to 90% of your new home’s value. Learn more about LMI.

Besides your deposit, there are other upfront costs associated with buying a home that need to be factored into your budget. Here are seven to consider.

Sit back and let us handle the heavy lifting for you. Our team will work with your current home loan provider to switch your loan across, with only a few steps needed from your end, which includes completing a discharge form.

Once you’ve been approved with Unloan, you’ll need to contact your existing home loan provider for a discharge form. This varies from lender to lender. Feel free to contact us and we can help steer you in the right direction if you get stuck, or learn more about discharging your current mortgage here.

From $10,000 to $10,000,000.

Total borrowings per customer across all Unloan loans is limited to $10,000,000.

(For an Unloan home loan 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).

You need to have at least 20% equity in your property (80% Loan-to-Value-Ratio). When you refinance your home with us, we’ll get an updated valuation of your property to make sure your LVR is 80% or less. Learn more about our eligibility requirements.

We may be a good match for each other if:

• You’re refinancing a residential property for up to 80% of its current value
• You’re 18 and over and have an Australian Drivers Licence or Australian Passport that is valid or expired within the last two years
• You earn a PAYG or self-employed income

Learn more about our eligibility criteria.

We calculate your monthly home loan repayment by considering the following factors:

• The total loan amount, including the Lender’s Mortgage Insurance (LMI) premium if applicable*
• The estimated total interest charged over the loan term (until the loan settlement date),
• The annual rate discount that increases every year (up to 30 years)

We divide that total amount by up the length of your loan term to determine your monthly repayment.

Please note that these calculations for home loans are based on our current advertised rate, and assume this rate continues for the life of the loan. Interest rates may change at any time.

*If your Loan-to-Value Ratio (LVR) for a new home loan application is between 80.01% and 90%, you’ll require Lender’s Mortgage Insurance (LMI). For refinance and Top-Up applications we only accept applications with an LVR of 80% or less.

You’ll be able to see:

• An estimate of your minimum monthly principal and interest repayments by refinancing to Unloan
• What changes occur if you make additional repayments
• An estimate of how much interest you could save by refinancing to Unloan
• How our annual discount works over the life of your loan

LMI insurance premium is non-refundable and non-transferable. This applies even if you:

• Choose to pay out, close or refinance your home loan early
• The LVR of your home loan drops below 80% after settlement

Note: If you have Lender’s Mortgage Insurance (LMI) on one home loan and want to apply for another home loan, you’ll most likely have to pay for LMI again if your LVR is greater than 80% (or in some circumstances lower). Each LMI premium is unique to the specific home loan it covers.

We have a web-based application you can find at app.unloan.com.au, which can be accessed via mobile, desktop and tablet. You can also add this as a shortcut to the home page of your mobile, or as a bookmark to your desktop or tablet for ease of use.

Please be aware that this is not a native application that can be downloaded from the App Store or Google Play Store.

Choose what type of loan you’re looking at calculating the repayment amount and repayment frequency for, whether for a live-in (owner-occupied) loan or an investment loan. Enter the loan amount, loan term, and if you’re making any additional repayments. These factors will affect the minimum repayment amount.

The visual graph will provide an estimate of what you could save on your loan balance every year when refinancing to Unloan.

Please note that these calculations are an estimate provided as a guide only. They are calculated based on our current advertised rate and assume this rate continues for the life of the loan. Interest rates may change at any time.

To reduce or avoid paying the LMI premium, consider saving up for a larger deposit. At Unloan, LMI premiums are charged when the Loan to Value ratio (LVR) for a new home loan application is between 80.01% and 90%.

While not offered by Unloan, some other options may include:

• A Low Deposit Premium, also known as LDP is a one-off, non-refundable, non-transferrable fee offered by some lenders that’s added to your home loan. It protects your lender against any loss they may incur if you’re unable to make repayments on your loan.
• A guarantor. A guarantor is someone, for e.g. a family member, who agrees to be responsible for your home loan repayments in any situation where you’re unable to make repayments. They help you secure a home loan by agreeing to offer their own property as additional security.

You can apply for Unloan in minutes. Learn more about the Unloan application process here.

Choose what type of loan you’re looking at calculating the repayments for, whether for live-in (owner-occupied) loans or investment loans. Enter the loan amount, loan term, and the other rate you compare our rate to.

The visual graph provides a comparison between the Unloan rate including the annual discount that increases every year (up to 30 years) and the other loan's interest rate. Underneath the graph, it will showcase an estimate of what you could save over the life of your loan when refinancing to Unloan.

Please note that these calculations are an estimate provided as a guide only. They are calculated based on our current advertised rate and assume this rate continues for the life of the loan. Interest rates may change at any time.

No, it’s a one-off non-refundable, non-transferrable charge.

We’re a digital-only lender built and backed by CommBank, meaning our loans are too. We believe that home loans should be easy to get and even easier to live with. We undo all the confusion, hassle and stress associated with home loans that are seen in more traditional lending channels. We keep it simple for our customers with low rates that is discounted every year, up to 30 years. Our digital application experience allows customers to seamlessly complete their application in minutes.

We like to keep things radically simple, so you can apply in minutes. Once we receive the necessary documents, we’ll run all the standard checks. If you’re approved, we’ll formally request a transfer from your current lender. This is often when delays can occur. On average, from application to settlement, it has taken our existing customers five to six weeks to switch over.

The calculations on our refinance home loan calculator and mortgage interest calculator are an estimate provided as a guide only. They are calculated based on our current advertised interest rate and assume this rate continues for the life of the loan until the loan settlement date is reached. Interest rates may change at any time.

Calculations are not home loan approvals. Applications are subject to credit approval, satisfactory security, and minimum deposit requirements. Full terms and conditions will be set out in our loan offer, if an offer is made.

As the refinance home loan calculator has been provided without considering your objectives, financial situation or needs, you should consider the appropriateness of any outcomes to your circumstances, and seek independent advice as required. Take note that our calculations do not consider product features or grants.

Lender’s Mortgage Insurance, or LMI, is insurance that the lender takes out to protect itself in the event that you as the borrower can’t repay your mortgage.

LMI is:

• A one-off, non-refundable, non-transferrable premium that’s added to your home loan.
• It is collected by your lender and passed on to their insurance provider.
• It’s calculated based on the size of your deposit and how much you’re looking to borrow.
• Protects your lender against any loss they may incur if you’re unable to make loan repayments.

Learn more about LMI

Unloan offers a great variable rate, an increasing discount, a redraw facility and no annual, application, banking, account, transaction, late or exit fees. Learn more about the Unloan Home Loan.

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. Your current lender may charge an exit fee when refinancing.

When applying, you’ll need to verify your identity so have your ID handy. Check out our full checklist for all the documents you’ll need.

LMI protects your lender in the event you’re unable to repay your home loan, and there is a ‘shortfall’. A shortfall debt occurs when the proceeds from the sale of your home are insufficient to repay the home loan. Your lender may be able to recover the shortfall from the LMI insurance provider, but:

• The borrower(s) are liable to pay the shortfall debt, so the LMI provider may seek to recover the shortfall amount from you.

It’s important to remember that LMI doesn’t provide you with any protection – it’s there for your lender’s protection.

Unloan only offers home loans online and direct-to-customer, meaning we don’t need to factor broker commissions or branch costs into our rates. We’ve also designed our home loans and systems to be as simple as possible, so they’re easier for us to look after.

While you might not think that paying thousands of dollars in LMI could possibly offer any benefits, it turns out there are a few advantages to taking out LMI.

• Buy a property sooner: saving for a home is tough but LMI can help you get into the property market sooner than if you had to keep saving towards a 20% deposit. LMI can help to make homeownership more accessible for potential buyers who are struggling to save a substantial deposit.
• Stop paying rent: by entering the property market sooner, you’re able to stop paying rent. That way you can start contributing to your own investment and watching it grow.
• Start growing your home equity: as you slowly start chipping away at your mortgage, the equity in your home will grow. During the time you own your property, you might be able to take advantage of asset appreciation, which can also help to grow your home equity.
• No need to rely on a guarantor: with LMI, there’s no need to worry about finding a guarantor to support your low deposit loan.

We dislike fees as much as you do! That’s why we don’t charge any application fees, ongoing account fees, 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. Your current lender may charge an exit fee when refinancing.

We’re a fully owned division of CommBank meaning our home loans are built and backed with the financial strength and modern banking technology of CommBank, Australia’s leading bank.

Unloan’s mission is to provide a low-cost home loan that’s easier to take out and more rewarding to live with. As a digital-only home loan, Unloan is available exclusively via our website and our customer support is provided by our dedicated lending team based here in Australia.

It’s calculated based on the size of your deposit and the amount you borrow. The more you contribute to the purchase price of your property, the lower the LMI cost will be.

For every year your home loan is active, we’ll increase the discount by another 0.01% p.a.** No negotiation, no follow ups. You just get an increased discount every year. Automatically.

It’s our way of saying thanks for staying with us.

We understand our responsibility to safeguard your privacy, and apply strict security and privacy controls in how we handle your information. To find out how we manage your personal information, please read our Privacy Policy.

Everyone's borrowing power is different. You can use an online borrowing calculator (like ours!) to get an indication of how much you might be able to borrow.

Apart from our great variable home loan offer that comes with full-access, fee-free redraw transactions, Unloan does not offer any other financial products. We specialise in home loans only and are focused on delivering the best possible home loan experience for our customers.

Our application process is completely digital and designed to make your home loan experience easier. You can apply in minutes.

There are a number of factors that may affect your borrowing power including:

• Your income
• Your debts and expenses
• Your type and length of home loan term

For more information, click here.

We do not participate in the Home Guarantee Scheme, Victorian Homebuyer Fund, or other government home-buyer assistance schemes. If you are eligible for the First Home Buyer Grant, these funds can't contribute to your 20% deposit. Please speak to your conveyancer on how best to approach this.

We do not currently offer fixed rate home loans, but this may change in the future.

Buy a home with Unloan and apply for conditional approval, here. Calculate your borrowing power and get property insights to calculate if you could afford to buy. Chat to us online to get guided support and make buying a home simple.

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We do not currently offer interest-only payments, but this may change in the future.

Unloan does not offer offset accounts.

Both traditional offset accounts and redraw reduce the interest charged on the home loan by “offsetting” the outstanding balance by the amount stored in the account.

The main difference is that an offset account is a separate account with its own stand-alone BSB and account number. Redraw is part of the customer’s home loan account, meaning that it does not have a separate, stand-alone account number.

Yes, but they will have to be individual applications. You can have several loans with Unloan, however the value of all loans can’t exceed $10,000,000.

If any of your loans have Lenders Mortgage Insurance (LMI), then the total value of all of your loans is limited to $3,000,000.

Yes, you can! Visit our dedicated Buy A Home page for more information.

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Yes, your employment type will impact your borrowing power. Your employment and job stability can help determine how likely you'll be able to make repayments on your loans.

A Target Market Determination (TMD) explains which people particular financial products may be suitable for. See Unloan's Target Market Determination.

Unloan is not available from CommBank branches or call centres. Even though we’re close friends with CommBank, our home loan offerings aren’t available through CommBank. Unloan is a digital, unbundled home loan that is exclusively available via our website via our web application.

Higher interest rates typically mean your borrowing power will be reduced as your repayment costs will increase.
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Learn more about how interest rate changes impact your repayments here.

Although the cash rate set by the Reserve Bank of Australia (RBA) isn’t directly linked to home loan rates, it does have a substantial impact on the cost of funding that is used for home loans, so changes are usually similar. Other factors can also influence our rates, but we always intend to offer a great rate for our customers.

Just transfer the funds to your home loan account using the BSB and account number – just like a bank transfer. If you want to set up regular direct debits, Unloan also offers AutoPay.

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To find out what the BSB and account number for your loan are, log in to our web-based application at app.unloan.com.au. You can find details of your home loan including BSB and account number under ‘Settings’. This can be found under the cog icon when you click on your home loan from the Home screen.

Open our web-based application (app.unloan.com.au), click on the redraw display and select ‘Send Money’. If there’s a co-borrower involved, it will be pending until they confirm too.

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The minimum amount you can redraw is $1. You will be initially set up with a default maximum ($20,000 per day limit), you can increase this limit up to $100,000 per day.

If you're using Safari as your browser:

• Visit app.unloan.com.au
• Click on 'Bookmarks' and 'Add Bookmark;
• You can choose to add this as a Bookmark on your Favourites bar.

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If you're using Chrome as your browser:

• Visit app.unloan.com.au
• Click on the star located on the right side of the search tab.
• Label the name of your bookmark and click Done.

iOS:

• Launch Safari on your iOS device.
• Visit app.unloan.com.au
• Tap the Share icon located on the bottom of your screen in the middle.
• Select Add to Home screen.
• Label the name of website and tap add to make a Home Screen shortcut.

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Android:

• Launch Chrome on your Android device.
• Visit app.unloan.com.au
• Tap the three-dot icon located at the top right-hand corner of the screen.
• Select Add to Home screen.
• Label the name of website and tap to make a Home Screen shortcut.

We’re available to chat between 8am to 6pm (AEST) on weekdays and 10am to 6pm on weekends. Just look for the bubble icon located on the bottom right of your screen to start chatting with our team.

You can also email us at [email protected].

You may also want to check out our FAQs for more answers to common questions.

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Email: [email protected]
Phone: 1300 630 000

See also our Complaints Guide which details the process we go through should you have any issues with us.

Whether they're big or small, any existing debt or financial commitments you regularly put your income towards could impact your ability to make repayments on your loan.

These include credit cards, existing home loans, personal loans, HECS-HELP and more. Learn more about how your debt and expenses impact your borrowing power here.

We’re always looking out for top talent to add to our star-studded team here at Unloan. We’re passionate about changing the landscape of home loans to one that is customer centric. If that excites you, check out our careers page on LinkedIn.

When you refinance your home loan, it’s often to get a lower home loan rate and save money in the short and long term. By undoing your home loan with Unloan, not only are you on one simple low rate, but you’ll receive an automatic annual discount that increases every year you stay with us, up to 30 years.

While we don't have a minimum LVR, the lowest loan amount you can borrow is $10,000. Learn more about our Home Loan here.

Our Check A Property tool is designed to assist you in your home-buying experience. It provides property details on properties you may be interested in that includes:

• Listing details
• Property features
• Auction details
• Estimated property value
• Property history
• Local market activity

It also helps you estimate your affordability to buy properties you may be interested in, based on information you enter. To learn more about our Check A Property tool, check out our how-to guide.

Unloan offers an unlimited redraw facility that lets you access extra repayments you’ve made on your home loan, above your minimum scheduled repayments.

The affordability widget can help you estimate whether the property you’re researching is within your budget. Based on the information you enter, you’ll get an estimate of:

• The LVR required and how much deposit you’ll need
• The upfront costs including stamp duty, estimated conveyancing costs, etc.
• The fees including government fees
• How much you may need to borrow to purchase the property
• What your monthly repayments could look like

This helps you assess your overall affordability towards your selected property.

Learn more about the affordability widget.

There could be a few reasons for this:

1. Our systems don’t recognise the address. We use Domain and, in some cases, the address may not be recognised due to:
   • the property not being listed in their directory
   • the address hasn’t been entered correctly.
2. The Address Lookup feature is unavailable due to a network error
   • If this persists, please contact us at [email protected] for assistance.

We do not participate in the Home Guarantee Scheme, First Home Super Saver, Victorian Homebuyer Fund, or other government home-buyer assistance schemes. If you are eligible for the First Home Buyer Grant, these funds can't contribute to your 20% deposit. Please speak to your conveyancer on how best to approach this.

These estimates are provided by Domain, and are calculated using data sources from councils, real estate agents and other third-party sources. It is a guide only and does not take into account the full range of factors that may affect a property's value. It is not a valuation for credit assessment purposes and may not match the value you'd get from a valuation by a local agent or professional appraiser.

Learn more about the role of property valuations, here.

We work with Domain, who are an Australian property marketplace. They source data from government data records and verified information from real estate agents. In instances where a property value estimate is not available, it typically means that Domain weren’t able to provide information.

Learn more about why there may be some discrepancies in property details here.

Please note that you cannot split loans with Unloan. This means you can only have one loan account per property with Unloan and where top up funds are used for investment purposes you may not easily be able to differentiate between your tax liabilities. You should seek independent, professional tax advice before making any decision based on this information.

Here are the high-level steps regarding the Unloan top up process:

1. Initiate the top up by following these steps - How do I apply for a Top Up on my current home loan?
2. Complete the online application form
3. Upload your income documents for verification (If there is a co-borrower attached to your current home loan, they will receive a link to add themselves to the top up application)
4. Once the assessment has been completed, you will be sent a contract via DocuSign to complete online.
5. Once the contract has been signed, the funds will be disbursed to your redraw account within 1-2 business days.

Generally, the approved funds will be disbursed into your Unloan redraw account within 1- 2 business days of the contract being signed. The only exception to this is if the disbursement day is within 24 hours either side of your current repayment date.

For example, if you signed your Top Up contract on the 12th and your current repayment date is the 13th, then the Top Up funds will be disbursed on the 15th of that month.

Once you’re signed the loan contract for the loan Top Up, the approved funds will be disbursed into your Unloan redraw account. Please be advised that the day the funds are disbursed will be your new monthly repayment date. The interest you’ve accrued up to that date will betaken out of the disbursed Top Up funds.

The minimum amount you will be able to top up is $10,000. Total borrowings per customer across all Unloan loans is limited to $10,000,000.

Please note that the requested amount will be subject to a credit approval, and also can’t exceed 80% Loan to Value Ratio (LVR) of your property. In some cases, depending on the property's location or type, it can't exceed 70% LVR.

If your existing loan account has an active lenders mortgage insurance (LMI) policy, you will not be eligible to Top Up.

To apply for a Top Up:

1. Log into your Unloan account
2. Navigate to your dashboard and select the ‘Manage’ button located underneath your loan account
3. You’ll then be directed to ‘Manage your home loan’ screen
4. Under the ‘Make changes to your home loan’ section, select ‘Increase your home loan’

Please note that the requested amount will be subject to a credit approval, and also can’t exceed 80% Loan to Value Ratio (LVR) of your property. In some cases, depending on the property's location or type, it can't exceed 70% LVR.

If your existing loan account has an active lenders mortgage insurance (LMI) policy, you will not be eligible to Top Up.

‍Please read the ‘Before you begin’ section, which requires you to have at hand, details of your property, it’s value and also your up-to-date financials.

When you apply for an Unloan home loan, you’ll need to provide documents to verify your income. This includes pay slips, bank statements, tax statements and/or letters from your employer. Depending on your employment type, the documents used to verify can differ.

This helpful article advises what documents you will need to provide to verify the types of income we accept Unloan | What Documents Can I use to Verify My Income?

Please note that all top up applications are subject to a credit approval.

A Top Up for a home loan refers to borrowing additional funds on your existing home loan. It allows homeowners to access additional funds from their lender based on the equity they've built up in their property as well as their current financial situation. This equity is the difference between the current market value of the property and the outstanding balance on the home loan.

Top Ups are often used for various purposes such as home renovations, education expenses and investments. Since the borrower is already a customer of the lender, the process for obtaining a Top Up is typically simpler and faster compared to applying for a new loan.The terms and conditions for Top Ups may vary depending on the lender and the borrower's financial situation.

Please note: Topping up your home loan means you’re taking on more debt and may increase your loan repayments. Before increasing your loan, make sure you’re comfortable with any potential changes to your repayments.

It’s also important to understand that by using your loan top-up funds to make a purchase (e.g. a holiday or vehicle), the life of that purchase could be significantly shorter than your remaining home loan term. Be confident this is compatible withyour financial goals

Along with requesting for additional funds, you can also choose to change your current loan term up to a maximum of 30 years.

Please note that this will be subject to a full credit assessment.

Also, your repayment date will be changed to the anniversary date that the requested TopUp funds were disbursed and cannot be changed.

Stamp duty or transfer duty is a general tax imposed by the state government on the purchase or transfer of almost any real estate. This includes buying a home, land, or investment property. Since it’s determined by individual state and territory governments, the amount charged, and exemptions may vary. Learn more about stamp duty.

When you apply for a Top Up, we will ask you for the estimated value of your property during the application. We will then perform a valuation in order to determine the LVR applicable to your application.

In addition to your deposit, there are other upfront costs associated with purchasing a home. These include stamp duty, legal and conveyancing fees, inspection costs, fees and potentially Lenders Mortgage Insurance (LMI). Learn more about the costs of buying a home.

Once your Top Up has been disbursed, the anniversary date of your loan will reset to the date the funds were disbursed. This means that you’ll need to setup your Autopay again to ensure that you will have enough funds in your redraw on your repayment date to meet your monthly obligation.

Please note that your first repayment due will be exactly 1 month after this new anniversary date.

These are mandatory fees that are involved when taking a new home loan. This includes a mortgage registration fee, a transfer fee, and transfer duty (also known as stamp duty). These fees are charged by the government to cover the cost of registering your mortgage and transferring the property title. Learn more about government fees.

You are welcome to sign your home loan contract as soon as you receive it from Unloan. We can accommodate a delayed settlement to coincide with the end of your fixed rate period. Settlement will then commence on the next business day following the conclusion of your fixed rate term.