Up Home Loan

The key features under this relatively basic offering for owner occupier loans are focused on pricing. Specifically, pricing advertised includes a $0 monthly fee, and a low variable rate starting from 6.00% p.a. (6.00% p.a. comparison rate) on Principal and Interest repayments. An alternatively option offered is a fixed rate loan, where for example there is a 3 year fixed interest rate from 5.80% p.a. (5.94% p.a. comparison rate), in addition to other investor fixed-rate terms, shown on this page. Upon expiry of the fixed rate term, the interest rate applied to the loan will revert to a variable rate, currently starting from 6.00% p.a. (6.00% p.a. comparison rate), however borrowers usually renegotiate prior to this. Please keep in mind that despite this being a relatively basic no-frills product offering by Up, these rates should be able to be negotiated down, particularly for people borrowing a sizeable amount, or for those who hold a sizeable deposit or equity in a property already. This loan does require a minimum of either 10% deposit or 10% existing equity, and often anything above these amounts will help you negotiate a lower interest rate. Other key features include the ability to use an offset account to minimise interest charged. This can over the life of the loan save borrowers significant money. There is also the option to split the loan into Variable and Fixed rate components, plus being able to make extra repayments and in the future, redraw funds if desired. In terms of repayments Principal and Interest repayments are available.

Considering the basic features available with this product, this home loan will appeal to owner occupier borrowers. It will also appeal to someone where the lesser known Up brand and service isn’t a concern, or for those who are happy to bank with a lender that offers features most important to them, over who the lender is.