Unloan Home Loan Review 2026

Unloan may appeal if you want a simple online home loan. But before you apply, it’s worth checking whether another lender could let you borrow more, accept your income differently or offer features that save you money. That’s where we can help.

Unloan is fully owned and funded by CommBank. It has its own application process and features, which differ from CommBank’s other home loans.

You can’t apply through a broker or at a CommBank branch. Unloan’s own team handles the application. You can check how Unloan offers its loans, or see our Commonwealth Bank home loan review for the bank’s other options.

Sources: Unloan features, repayment and split-loan information, and eligibility.

No. Unloan accepts eligible investment loans, but the repayments are still principal and interest. If you’re moving from an interest-only loan, compare the actual monthly repayment, not just the two interest rates. See Unloan’s explanation.

A lower rate can still mean a higher repayment when you start paying down the principal. If keeping an interest-only period is part of your plan, look at a lender that offers it.

Unloan doesn’t have an offset account. Its redraw facility lets you access extra repayments you’ve made, subject to the loan terms. Both can reduce interest, but your money sits in different places.

Moneysmart explains the distinction. If the property is rented out, or you may rent it out later, check the setup with your accountant. The ATO’s redraw ruling looks at how redrawn money is used when working out interest deductions. I wouldn’t call redraw and offset interchangeable.

See Unloan’s redraw overview and sections A.9 and B of its loan terms. Taking money back out increases the balance you owe and the interest charged. Keep that in mind if you use redraw often.

Unloan advertises loans up to 90% of the property’s value for buying or refinancing. That means you need at least a 10% deposit or equity, plus money for costs. The catch is the rate: borrow more than 80% and Unloan charges you more.

Sources: current eligibility and loan features and top-ups. Our deposit calculator can help you allow for buying costs. Unloan decides the property value it will use and how much it will lend.

Unloan’s reference-rate page states that it stopped offering new loans with lenders mortgage insurance from 1 July 2026. Its purchase page now advertises buying with a 10% deposit and no LMI, with a higher interest rate applying.

No LMI doesn’t automatically make it the cheapest loan. Compare the higher rate and repayments with the upfront costs and rates of other options. Existing Unloan loans with LMI can have different terms.

Unloan isn’t the only option for buying with a 10% deposit and no LMI. UBank has a similar option for eligible buyers making principal and interest repayments. The rates and features differ, so I’d compare both.

Your job may open up other options too. Some eligible professionals, such as doctors, can borrow up to 95% without LMI through certain lenders. Our LMI waiver guide explains who may qualify. We can check whether your occupation gives you an option worth comparing before you commit to Unloan.

Before putting 10% down with Unloan, I’d check whether you qualify for the Australian Government 5% Deposit Scheme. Eligible buyers can buy with a deposit from 5% and no LMI through a participating lender. Unloan doesn’t offer it.

That matters because Unloan charges a higher rate when you borrow more than 80% of the property’s value. No LMI is useful, but you still need to compare the interest rate, repayments and fees with a scheme loan. The rate still depends on the lender and loan you choose.

You’ll need to meet the scheme’s buyer and property rules, live in the home and qualify for the loan. Allow for buying costs as well as your deposit. Our 5% Deposit Scheme guide covers who qualifies and how it works. You can also check the government’s scheme information.

Check Unloan’s current rates for the amount you want to borrow. The rate differs depending on whether you’ll live in the property or rent it out, and it’s higher above 80% LVR. When comparing another lender, use the same loan amount and term so the repayments tell you something useful.

The advertised rate includes a 0.01 percentage point loyalty discount in year 1. The discount grows by another 0.01 percentage points on each settlement anniversary, up to 0.30 percentage points. It applies to the reference rate at the time, so your actual rate can still rise.

On a constant $500k balance, an extra 0.01 percentage point discount is roughly $50 less interest over a year. Your actual saving changes as the balance and rate change. I’d treat it as a small benefit, rather than a reason to stop checking the market.

See Unloan’s reference-rate and discount terms. The published comparison rate can be lower than the starting rate because its calculation includes future loyalty discounts. Your rate can still change as Unloan changes its reference rate.

Unloan’s fees and features guide explains what its no-fee offer covers. Compare total costs over the period you expect to hold the loan. If you’re refinancing, extending the debt back to 30 years can lower the monthly repayment while increasing total interest. Our mortgage calculator can help compare terms.

You need to be at least 18, live in Australia and have an Australian mobile number and accepted Australian ID. Unloan also wants regular income in Australian dollars and a good credit history.

You can apply on your own or with one other person. Everyone who owns the property must be on the loan. Unloan won’t accept a property owned by a company or trust.

Yes, you can apply if you’re self-employed. The question is whether Unloan accepts your income and business setup. Different lenders can calculate your income differently from the same records, so comparing them may change how much you can borrow.

Our self-employed home loans guide explains how other lenders look at business income. We can check which lenders on our panel suit your business and explain the documents you’ll need.

See Unloan eligibility and its application process.

If you’re building, Unloan isn’t the lender for the job. It doesn’t offer construction loans or fund a house-and-land package where the home still needs to be built. It also excludes off-the-plan purchases. Our construction loan guide explains how funding a build works.

Unloan can suit buying or refinancing a completed home, whether you’ll live in it or rent it out. Its website also lists land-only loans, but those don’t pay for construction.

Unloan doesn’t accept a family member’s property as security or offer government home-buyer schemes. If you’re counting on a first home owner grant, check with Unloan and your conveyancer when the money will be available. Don’t assume you can use it for the deposit. Check Unloan’s requirements.

Our reviews of Commonwealth Bank, UBank and Macquarie cover other options. You can also read NAB, St George, ME Bank and Athena, or browse our lender reviews. Features and broker access differ between lenders.

The difference is the range of options. Unloan’s team helps with its own loan. We can compare lenders on our panel, help organise your documents and follow up with the chosen lender as your application progresses.