Check your home loan eligibility

Check your eligibility for a home loan today with Unloan's comprehensive guide. Understand our requirements and improve your chances of loan approval.

We believe home loans should be easy to get, and easier to live with. To determine whether Unloan is a good fit for your needs, we have an eligibility criteria.

Your identity

  • Be over the age of 18
  • Hold a valid Australian Drivers License or an Australian Passport
  • Have an Australian residential address

Your credit check

If you possess a good credit history, it's likely that you will meet this specific section of our criteria with ease.

However, should you have concerns with your credit history, we recommend addressing them prior to applying, as this could impact the outcome of your application. You can check your credit rating and the accuracy of information held by crediting reporting bodies such as Equifax, Ilion and Experian, or other third party services.‍

Your income

If you receive regular income, you need to provide acceptable documents to verify your income such as bank statements and payslips. To find out what documents we accept, visit our income verification page.

Your property

  • You're purchasing a home
  • You're refinancing an existing home loan.
  • You have at least 20% deposit & the loan is for 80% or less of the property value. Depending on the location of your property, or the type of property you're purchasing, the deposit required may be higher, or you may be ineligible.
  • If you are purchasing a property and don’t have a 20% deposit but have sufficient income to support your home loan, Unloan may be able to lend you up to 90% of your new home’s value with lenders mortgage insurance (LMI). An LMI premium and higher interest rate will apply. Find out more about LMI.
  • The loan amount is between $10,000 and $10,000,000. Total borrowings per customer across all Unloan loans is limited to $10,000,000. For loans with Lenders Mortgage Insurance (LMI) the loan amount is between $10,000 and $3,000,000; and total borrowings per customer across all Unloan loans is limited to $3,000,000.

Please note:

  • We do not offer construction loans (including off the plan) at this stage.
  • 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.

You can cover any upfront costs

There are a number of upfront costs associated with purchasing a home and refinancing a home loan.

If you're purchasing a home, upfront costs include:

  • Transfer duty or stamp duty
  • Pest, building or strata reports
  • Legal or conveyancing fees
  • Mortgage registration fee
  • Land tax & registration of title

If you're refinancing an existing home loan, upfront costs include:

  • A mortgage registration fee
  • Exit fees
  • Break fees

Related articles

What are your options when a fixed rate term ends?
How much equity do I need to refinance my home loan with Unloan?
6 things to consider before refinancing and is it worth it?

Calculations are not a loan approval. 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.

^Rates shown are inclusive of a 0.01% p.a. discount off our reference rate. On each anniversary of your loan’s settlement date, you will receive an additional discount of 0.01% per annum, up to a maximum discount of 0.30% per annum. For purchase loans with a Loan to Value Ratio (LVR) between 80.01% - 90% LVR, a lenders mortgage insurance (LMI) premium and higher interest rate apply. In some cases depending on the property’s location or type, LMI may also be required for LVR between 70.01% and 80%.

*Comparison rate is calculated on a $150,000 secured loan over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.