Why ubank can stand out
- 01 / YOUR DEPOSIT
Buy at 90% without LMI
The option is not reserved for doctors or other professionals.
- 02 / YOUR JOB
You may not need to finish probation
If you have a permanent salaried job, you may be able to apply before probation ends.
- 03 / YOUR OFFSETS
Up to 10 accounts
Flex Variable lets you separate savings while reducing loan interest.
How ubank's 90% no-LMI option works
ubank is NAB’s digital banking brand. It has its own home loans and lending rules, so we still compare ubank with NAB and other lenders.
An eligible owner-occupier or investor buying a property may borrow up to 90% with principal-and-interest repayments without paying Lenders Mortgage Insurance (LMI).
Loan-to-value ratio (LVR) is the loan as a percentage of the property value. A 90% LVR means borrowing $90 for every $100 of property value. You still need money for any buying costs.
- 10%
Minimum deposit for an eligible purchase
- $0
LMI charged on ubank's current home loans
- $2m
Maximum application when the LVR is above 85%
Purchase and refinance limits are different
How ubank's 90% no-LMI option works
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| Loan purpose | Principal and interest | Interest only |
|---|---|---|
| Owner-occupier purchase | Up to 90% LVR | Up to 80% LVR |
| Investment purchase | Up to 90% LVR | Up to 80% LVR |
| Owner-occupier refinance | Up to 85% LVR | Up to 80% LVR |
| Investment refinance | Up to 80% LVR | Up to 80% LVR |
These examples use principal-and-interest repayments. Your income, property valuation and ubank’s loan limits determine how much you can borrow.
Our LMI guide explains the cost ubank may help you avoid. Compare Westpac and NAB if your profession gives you another waiver option. You can also compare Unloan, including its fees, features and application process.
ubank borrowing power: income and borrower rules
ubank mainly suits people who earn a salary or wage and apply in their own names. If your own company pays you a regular salary, there may be an option too. Sole traders generally need another lender.
Income and borrower rules
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| Your position | How ubank may look at it | What we would check |
|---|---|---|
| Permanent employee | Probation can be acceptable | Role, start date, payslips and employment conditions |
| New job | A signed contract may work before or soon after starting | Any conditions and whether income has started |
| Casual income | Generally needs a 6-month history and is averaged over 48 weeks | Consistency, hours and supporting evidence |
| Rental income | May use 90% of verified rent | Lease, statement or valuation evidence |
| Company director wage | May be treated like employee salary | 2-year company history, 6 months of wage credits and ATO evidence |
| Sole trader | No standard loan using sole-trader income | Compare a lender that can use tax returns, notices of assessment or business financials |
Who can apply?
- Individuals only. ubank does not accept a company, trust, partnership or SMSF as the borrower.
- Up to 2 borrowers. Joint applicants generally need to be spouses or de facto partners who live together or plan to after settlement.
- Australian residents. Australian citizens, permanent residents and New Zealand citizens living and working in Australia may fit. Temporary visas, non-residents and foreign income do not.
Our self-employed loan guide covers alternatives for business owners. Compare Macquarie and ANZ for other ways of assessing business income.
Products, offsets and fees
Products, offsets and fees
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| Option | Useful feature | Main catch |
|---|---|---|
| Neat Variable | $0 annual fee and unlimited redraw | No offset account |
| Flex Variable | Up to 10 offset accounts and up to 5 split loans | $250 annual fee |
| Flex Fixed | 1, 2, 3 or 5-year fixed terms and up to $20k in extra repayments during the fixed term | No offset, $250 annual fee and possible break costs |
| Rate lock | Locks an eligible fixed rate for 90 days from application | Optional $500 fee |
| Loan term | Up to 35 years | A longer term can reduce repayments but increase total interest |
| Application channel | Apply direct online or through a mortgage broker | There is no branch network |
| Loan advance fee | $250 for loan documents and settlement | Include this upfront cost when comparing the full cost of the loan. |
| Discharge fee | $300 per property | Payable when you discharge the home loan. Fixed-rate break costs and other charges may also apply. |
Read our offset guide and compare ING and Bankwest before paying for account features.
Pre-approval and valuations
ubank's pre-approval is fully assessed and generally lasts 90 days. ubank says it may be extended if your financial position has not changed, but the property still needs to pass the bank’s valuation and property rules. We’ll explain the expiry date and what ubank will need if your search runs longer.
What fully assessed means
A credit assessor checks the application and documents rather than relying only on an automated estimate.
What can still change
Your income, debts, deposit, interest rates or chosen property can affect the final approval.
Client story
A real valuation comparison
For one Brisbane property, we compared valuations from 4 lenders. ubank’s was the highest in this example:
The $80k difference between ubank and St George affected how much equity the borrower could use. It could also change the rate offered or whether the refinance was possible. ubank won’t always give the highest valuation, which is why we compare the valuation as well as the loan limits and refinancing costs.
Lender valuations for the same Brisbane property
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| Lender | Valuation |
|---|---|
| ubank | $1m |
| AMP | $954k |
| CBA | $925k |
| St George | $920k |
Our property valuation guide explains why lender valuations can differ.
Check the property before you apply
ubank is selective about the properties it accepts. A standard house or apartment can be straightforward, while an unusual property can rule the lender out quickly.
- 01 / APARTMENTS
40 sqm is the starting point
That excludes the balcony, parking and storage. An apartment may also qualify with 50 sqm when those areas are included.
- 02 / STUDIOS
Studio apartments are out
A studio is still excluded even if it meets the minimum size.
- 03 / BUILDING
No construction loans
Vacant land, partly built homes and construction are not accepted.
Other properties that need another lender
- Serviced, hotel, resort, student or dual-key property. Convertible layouts and some concentrated developments are also restricted.
- Commercial, industrial, farming or mixed-use property. ubank wants standard residential property.
- Mobile, temporary, specialist disability or unusual title property. This includes several non-standard title and leasehold arrangements.
- Remote property. Some locations may work at 70% LVR or below, but distance and local population rules apply.
Our apartment guide covers the property checks. For building or family help, read our construction and guarantor guides and compare CBA.
Refinancing and extra cash
Refinancing has lower limits than buying. If you want to borrow extra against your home, ubank also checks how much you need and what you’ll use it for. This is often called cash out.
Refinancing and extra cash
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| Your request | ubank's general limit | Main catch |
|---|---|---|
| Owner-occupier refinance | Up to 85% LVR with principal-and-interest repayments | The 90% purchase limit does not carry across |
| Investment refinance | Up to 80% LVR | No higher-LVR refinance option |
| Extra cash at 80% or below | No standard dollar cap in the policy checked | The purpose must be clear and acceptable |
| Extra cash above 80% to 85% | Up to $250k with evidence | Cannot be used for investment |
| Extra cash above 85% | Not available | Another lender or more equity is needed |
Compare repayments, fees and loan features
If you’re building, need a guarantor or earn your income as a sole trader, we’d look at other lenders. The table below covers the main situations ubank does not cater for.
Compare repayments, fees and loan features
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| Your situation | Why ubank may fall short | What we would compare |
|---|---|---|
| You are self-employed | No standard loan using a sole trader’s business income | A lender that can assess tax returns, notices of assessment or business financials |
| You need a guarantor | No standard published guarantor option | A lender that lets family help with the deposit, with a plan to release their guarantee later |
| You are building | No vacant-land or construction lending | A construction lender that fits the contract, builder and progress payments |
| You are refinancing above 85% | The 90% no-LMI limit is for purchases | A lender with a higher refinance limit where the numbers make sense |
| You need a company or trust loan, or have overseas ties | No company, trust, SMSF, temporary visa or foreign-income application | A lender that accepts how you need to borrow and where you live or earn income |
| You are buying an unusual property | Studio, dual-key, serviced and several other property types are excluded | A lender willing to consider the property, checked before you bid |
Hunter Galloway lender rating
ubank broker score
The 6 categories below explain our rating.
7.3/10
Strong value for a straightforward purchase
Our rating across 6 categories
Score breakdown
Each category is scored out of 10
- Lending flexibilitySuits many salaried borrowers, with fewer options for complex income or borrowing arrangements6.5/10
- Borrowing capacityCan count 90% of verified rent and may accept a salary paid by your own company7.0/10
- Property acceptanceStandard homes work, unusual property options are limited6.0/10
- Products and featuresSimple choice, 10 offsets and a no-fee variable option7.5/10
- Speed and certaintyFully assessed pre-approval; the current assessment queue still needs checking8.5/10
- Pricing and serviceNo LMI and low fees, but digital-only service is not for everyone8.0/10
Experience and sources
How this guide was checked
We rechecked ubank’s public no-LMI, fees, Flex Variable and pre-approval information on 11 September 2026.
Detailed lending rules and the real valuation comparison retain the review dated 4 September 2026. Eligibility information and the Flex target market determination retain the check dated 8 September 2026. We confirm current income exceptions, property requirements and assessment times before recommending a loan.
Joshua has worked in mortgage broking since 2011 and holds Diploma and Certificate IV qualifications in finance and mortgage broking.
Sources and check dates
- Detailed lending policy and valuation example: reviewed 4 September 2026. Current assessment times need confirmation.
- UBank 10% deposit and no-LMI home loans — checked 11 September 2026
- UBank Flex Home Loan Target Market Determination — checked 8 September 2026
- UBank home loan rates, products and fees — checked 11 September 2026
- UBank refinance limits and eligibility — checked 8 September 2026
- UBank home loan borrower eligibility — checked 8 September 2026
- UBank fixed-rate offset guidance — checked 8 September 2026
- UBank pre-approval — checked 11 September 2026
- UBank loan terms — checked 8 September 2026
- ubank Flex Variable features and fees — checked 11 September 2026
Rates, fees, offers and lending requirements can change.
How are we paid?
The lender pays us commission, which we disclose before you proceed. We compare more than 30 lenders and must act in your best interests. Our mortgage brokers in Brisbane can compare ubank with lenders that suit your income, deposit and property.
More help with your home loan
LMI waivers
Compare professions, deposits and lender rules.
Read guideSelf-employed home loans
Compare income records and lender options.
Read guideGuarantor home loans
Understand the family arrangement and risks.
Read guideOffset accounts
Work out how an offset could help.
Read guide5% Deposit Scheme
Check eligibility and participating lenders.
Read guideBridging loans
Plan buying before selling.
Read guide
ubank home loan FAQs
Want to know whether ubank fits your situation?
Tell us what you’re buying and how much you have saved. We can check whether ubank suits your income and timing, then compare the alternatives.
or call 1300 088 065
Hunter Galloway Finance Pty Ltd is Credit Representative 476903, authorised under Australian Credit Licence 389328.
