Check your home loan eligibility

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

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Important information:

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.

Unloan is a division of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit license 234945.