Unloan is CommBank’s innovative digital home loan designed for fast, simple, and fee-free borrowing. You can apply online in just 10 minutes using the dedicated Unloan app. With competitive rates and a unique loyalty discount, Unloan rewards borrowers who stay long-term. This guide covers rates, features, limitations, and compares Unloan with other CommBank products to help you decide if it’s right for you. We will also show you how a mortgage broker in Brisbane can help you get the best deal.
What Is Unloan?
Unloan is CommBank’s newest home loan offer. Launched in 2022, it is a digital home loan that is built with modern technology, and the entire process is online.
According to Unloan’s CEO, the loan is intended to be easier to get, easier to understand and easier to live with. It is a home loan that can provide tech-savvy homeowners with a fast and simple alternative to traditional mortgages.
The application process is estimated to take only 10 minutes online! Unloan does not charge any fees. So you save on application fees, account-keeping costs, transaction fees and discharge fees.
Unloan offers highly competitive variable interest rates. For example, As of August 2025, the RBA cash rate is 4.35%. Unloan’s current live variable rates are 5.99% p.a. (comparison rate 5.91% p.a.) for owner-occupiers (LVR ≤ 80%) and 6.29% p.a. (comparison rate 6.21% p.a.) for investors (LVR ≤ 80%).
The icing on the cake is that both owner-occupiers and investors get a loyalty discount of 0.01% every year for up to 30 years!
Unloan also offers its customers the ability to make automated repayments at whatever frequency they desire (e.g. weekly, fortnightly or monthly). However, you can only make principal and interest repayments. Unloan does not offer interest-only repayments.
Unloan works best for new or refinancing homeowners who want a cost-effective loan that they can easily manage online – provided the amount does not exceed $10 million
What Makes Unloan Unique?
Unloan has some very unique selling points, and the 2 top ones are:
- It is completely online:
- This is a huge thing for a traditional bank like Commbank to offer a loan product that is 100% online, with an application process that is designed to be completed in 10 minutes.
- It is the first home loan with an increasing discount.
- This home loan has been designed to save borrowers the headache of having to refinance every year in search of better interest rates.
How The Unloan Loyalty Discount Works (With Example)
Unloan’s loyalty discount is a unique feature designed to reward borrowers who stay long-term. It can help you save money on interest over the years.
What Is the Loyalty Discount?
Each year you hold your Unloan, your interest rate drops by 0.01%. This continues up to a maximum discount of 0.30%, which you earn after 30 years. It’s like getting a small bonus every year just for sticking with your loan.
Real Savings Example
Let’s say you start with a 5.99% rate on a $500,000 loan. After 10 years, your rate reduces to 5.89%. After 20 years, it goes down to 5.79%. By year 30, you pay just 5.69%. Over the life of the loan, that discount can save you thousands of dollars.
Why It Matters
This loyalty discount helps you avoid the hassle of refinancing every few years to chase lower rates. It gives peace of mind and steady savings. It’s a clever way to build loyalty without hidden fees.
Impact of Unloan's Loyalty Discount on a $900,000 Property
Year | Interest Rate | Monthly Repayment | Annual Savings |
1 | 5.99% p.a. | $5,935 | – |
5 | 5.95% p.a. | $5,915 | $259 |
10 | 5.90% p.a. | $5,896 | $452 |
20 | 5.80% p.a. | $5,852 | $604 |
30 | 5.69% p.a. | $5,804 | $720 |
Assumes a $900,000 loan over 30 years with no changes in the reference rate.
Unloan vs CommBank Digi: Which Is Better?
Choosing the right home loan can be confusing. To help, we compare Unloan with CommBank Digi, another popular digital product from CommBank. Both have strong features but suit different needs.
Interest Rates and Fees
Unloan offers low variable rates starting at 5.99% for owner-occupiers, with a loyalty discount that reduces your rate by 0.01% each year. CommBank Digi’s rates are generally slightly higher and don’t have a loyalty discount. Unloan charges no fees — no application, no account-keeping, no transaction fees. Digi loans may have some fees, so check carefully.
Loan Features and Flexibility
Unloan is fully online with its own dedicated app. It allows you to make repayments weekly, fortnightly, or monthly. However, it does not offer an offset account or interest-only repayments. Digi loans offer offset accounts and more repayment options, but require you to visit branches or call.
Who Should Choose Which?
If you want a simple, fee-free loan you can manage fully online, Unloan is a great choice. If you need more flexibility, like offset accounts or interest-only options, Digi might suit you better. For investors or borrowers with complex needs, Digi’s traditional features may be preferable.
How To Apply For An Unloan Home Loan?
Before getting started with an Unloan application, you might want to read our step-by-step loan application process to get some general tips on what the process is like.
What are the eligibility criteria for Unloan?
To be eligible for Commbank’s Unloan, you have to meet the following criteria:
- Be at least 18 years old.
- Have an Australian passport, or alternately, an Australian state/territory driver’s license.
- Have a credit history that meets Unloan’s policies. If there are issues with your credit history, we suggest you take steps to fix those issues before applying for Unloan.
- Your income must be stable, and you should be able to prove that you can meet your loan repayments.
- You have enough money to cover upfront costs, such as state mortgage registration fees.
You can also qualify for an Unloan home loan even if you earn a PAYG or are self-employed.
What documents do I need to provide?
To apply for Commbank’s Unloan, you have to submit these documents:
- Proof of Identification for each person (if it is a joint loan), i.e. driver’s license or passport
- A valid email address and other contact details
- Proof of income such as payslips. If you have other sources of income, such as rental income, you can also add this to your application.
- If you are self-employed, you will need your last 2 years of personal bank statements showing that you have been receiving a regular salary from your business.
- Statement of liability showing your other existing loans
- Details of your current home loan
How does the Unloan application work?
The application for Unloan is pretty simple. All you have to do is follow these steps:
- Download the app. (Remember Unloan has its own separate app from CommBank’s main app. You cannot apply for Unloan using the regular Commbank App)
- Add your property
- Add your details. If it is a joint application, add the details of the other borrowers.
- Add all your income (salary, rental income, government income, child support, etc.)
- Add your expenses
- Add your liabilities, e.g. existing home loans, credit cards and car loans.
- Set up your loan
- Verify your identity. Unloan uses facial recognition software to verify your identity.
- Upload all the required documents.
Congratulations! You have just completed an Unloan application.
What Interest Rates Does Unloan Offer?
Unloan offers a single tier of variable interest rates for loans with a Loan-to-Value Ratio (LVR) of 80% or less. Loans with an LVR above 80% are not available.
As of August 2025, the rates are:
- Owner-Occupier (P&I): From 5.99% p.a. (comparison rate 5.91% p.a.)
- Investor (P&I): From 6.29% p.a. (comparison rate 6.21% p.a.)
Disclaimer: Rates are variable and subject to change without notice. Always verify current rates on the official Unloan website before applying.
Advantages Of Unloan
There are many advantages to Unloan, including:
- Unloan is simple and fast, with an online application process that takes as little as 10 minutes to complete.
- There is no need to fill in endless paperwork and go to the bank.
- Unloan is also looking into offering approvals in as little as 10 minutes for the future. Their goal is — apply in 10 minutes to get approved in just under 10 minutes.
- Unloan allows you to make extra repayments to pay off your loan faster. It also offers unlimited redraws on those extra payments.
- If you are approved for a loan, you will get a discount of 0.01% every year for up to 30 years. Since interest rates are rising, this discount may save you thousands of dollars and the hassle of having to continuously refinance to get the best rate.
- You can use AutoPay to change the date, amount and how often you make payments. With Unloan, you can make weekly, fortnightly or monthly repayments.
- If you have a joint loan, Unloan gives you access to joint-account approvals to make sure each person consents to any changes to the loan.
- Unloan used to be available only for those who want to refinance, but it is now available if you want to buy a home.
And the best bit? There are absolutely no fees attached to Unloan. That means:
- No application fees.
- No transaction fees.
- No account-keeping fees.
- No discharge fees.
- No change fees
- No late payment penalties
- No early termination penalties
- No redraw penalties
What Unloan Doesn’t Offer: Key Limitations To Consider
While Unloan has many advantages, it also comes with some limitations you should consider before applying.
No Offset Account
Unlike many traditional home loans, Unloan does not offer an offset account. Offset accounts can reduce the interest you pay by offsetting your loan balance with your savings. Without this feature, you might pay more interest over time.
No Interest-Only or Split Loans
Unloan requires principal and interest repayments only. Investors who want interest-only repayments cannot use this loan. Also, Unloan doesn’t support split loans, so you can’t combine fixed and variable rates.
No Government Scheme Support
Unloan doesn’t support government homebuyer schemes such as the First Home Guarantee. If you plan to use these schemes, you’ll need to explore other lenders.
Limited Application and Management Options
You must apply through the Unloan app — it’s separate from the main CommBank app. This means if you already use CommBank banking, managing your Unloan is on a different platform. Also, the property valuation is automated. You cannot easily dispute low valuations, which may limit your borrowing options.
No Fixed-Rate or Split Loans
Unloan is exclusively a variable-rate product. You cannot fix your interest rate for a set period or split your loan into fixed and variable portions.
Read more: How to challenge a bank valuation.
Bonus: Unloan Frequently Asked Questions
Does Unloan have any fees?
No. Unloan charges no application, transaction, account-keeping, discharge, or late payment fees. It is completely fee-free.
Who underwrites Unloan?
Unloan is fully underwritten by Commonwealth Bank of Australia. This ensures the same security and reliability as other CommBank loans.
How much can I borrow from Unloan?
You can borrow up to $10 million, but the loan-to-value ratio (LVR) must be 80% or less. Refinancing and purchases both apply.
Does Unloan have an offset account?
No, Unloan does not offer an offset account. Instead, it provides unlimited redraws on extra repayments, but these function differently.
Conclusion: Is Unloan The Right Fit For Everyone?
While Unloan is an excellent choice for digitally-savvy borrowers seeking a simple, low-cost variable loan, it’s not for everyone. If you need features like an offset account, want the certainty of a fixed rate, or require face-to-face support, a more traditional loan may be a better fit.
Next Steps And Getting Your Home Loan
Are you looking to refinance? Or do you want to apply for your first home loan? Our team at Hunter Galloway is here to help you buy a home in Australia. Unlike other mortgage brokers who are just one-person operations, we have an entire team of experts dedicated to helping make your home loan journey as simple as possible.
If you want to get started, please call on 1300 088 065 or book a free assessment online to see how we can help.
More Resources For Homebuyers
Disclaimer: The information provided interest rates is for general informational purposes only and does not constitute financial, legal, or professional advice. Interest rates are subject to change at any time without notice and may vary depending on creditworthiness, and individual circumstances. You should seek independent advice from a qualified mortgage broker, financial advisor, or lender before making any decisions related to home loans.
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