businessOwned by: Customer-owned
monetization_onFunded by: Retail deposits and wholesale capital markets
securityLMI Provider: Genworth & QBE LMI
account_balanceLender type: Mutual Bank, Customer-owned
UniBank was established initially as The University Staff Credit Society in 1664. It provided a variety of loan products to the members of the university community in Western Australia.
In 2015, it merged with Teachers Mutual Bank and started operating as one of its divisions.
Today, UniBank provides home loans through membership to Australians or permanent residents who are or were associated with any Australian university. In addition, a family member of the existing members are eligible to get a home loan too.
How do UniBank home loans compare?
- Fast loan approvals
- Redraw facility available for variable rate home loans
- Genuine savings not always required
- They are among the 27 lenders contracted under the FHLDS scheme (as the division of Teachers Mutual Fund)
- Interest-only home loans
- Higher debt-to-income ratio compared to some lenders
- Can make weekly or fortnightly repayments
- Work with mortgage brokers
- 100% offset account on fixed home loans
- 24/7 online banking
- They have lower LMI premiums
- Membership is compulsory
- Must have been associated with any Australian university as a student or employee, for membership
- Pre-approvals are not fully verified
- Home loans not granted to Australian expats
- Compared to banks, the interest rates are moderately competitive
- Some home loan products have higher fees than others
- Stricter cashout policy
- Unlikely to accept an applicant with bad credit history
- No branch access as it is an online-only lender
What home loan types does it have?
Classic Home Loan
Special Classic Home Loan offers special interest rate discounts to first home buyers.
It also has Classic Investor Home Loan that provides one of the lowest variable rates in the market. Some of the facilities included are a repayment holiday, no monthly fees, and no penalty for early repayments.
My First Home Loan
The home loan package benefits first home buyers by assisting their home loan process.
UniBank arranges expert advice sessions which help the first home buyers to get loans with great value.
You do not have to pay any establishment fees or ongoing fees for this package. Other facilities include a 100% offset account, and the option to split loan.
Additionally, using the First Home Loan Deposit Scheme, you can get your first home with only a 5% deposit.
Flexi Choice Loan
Flexi Choice Loan is made to provide flexibility in accords to the changing needs of borrowers.
The main facility under this home loan package is a flexible repayment option. The facilities under a flexible repayment option include unlimited additional repayments and a repayment pause.
Solution Plus Home Loan
Solution Plus Home Loan is tailored for loan amounts over $150,000.
It provides a discounted standard variable rate for the life of the loan only available to eligible members.
It also comes with a reward package for owner-occupiers where you get complimentary rewards and discounts on home loans.
An interest-only loan allows you to skip making principal repayments for a certain period.
The only payment you need to make on a weekly or fortnightly basis is the interest rate payment.
Requirements to apply for UniBank Home Loans
Since UniBank is customer-owned, you must register as their member first to apply for their home loan.
To become a member, you must:
- Be associated with an Australian university (in the past or present)
- Be an Australian citizen or a permanent resident
- Be 18 years or older
- Identify with your full name, date of birth, and address
- Provide your account details to buy a share (membership) in the bank; membership fees is $10
The list of eligible family members of shareholders include:
Tips for applying with UniBank
Below is a list of tips that you can make use of while applying for UniBank home loans:
- Be sure to use their key fact sheet to check which of their loan products is the most fitting for you.
- Talk to their lending specialist, who can advise you on your home loan.
- Since they have an online application, try not to make any mistakes while filling the form. Likely, they will not allow you to fill the form twice.
- Go through their consumer lending terms and conditions
Compare UniBank home loans with other lenders
Still not sure which lender is right for you? Talk to one of our specialist mortgage brokers at Home Loan Experts.
We will first discuss your situation, complete a pre-assessment and find a couple of suitable lender options for you.
Give us a call on 1300 889 743 or fill in our free online enquiry form.