Unloan is Commonwealth Bank’s digital-only home loan brand, launched in 2022. It’s a single, no-fee variable loan applied for entirely through its own app, backed by the balance sheet of one of Australia’s Big Four. Its real edge isn’t a headline rate; it’s the combination of no ongoing fees, a loyalty-based rate discount that grows the longer you stay, and CBA-level security in a truly simple package. The catch, and the reason this review reads differently to most of our others: Unloan is direct-to-consumer only, so it sits outside the broker channel entirely. We’re writing this as the honest verdict for someone considering applying themselves. It covers what it does well, where it gets firm, the product, the application process, documents, borrowing power, timeline and who it actually suits, not as a lender we can place clients with.
Unloan is a well-built, fee-free digital loan for confident, straightforward borrowers. But it’s direct-only, so we can’t place you with them. The no-fees structure and a loyalty discount that grows every year you stay really reward long-term holders, and CBA’s backing removes any question over security. If you’re comfortable managing the whole process yourself, sit at or under 80% LVR, and don’t need an offset, fixed rate or government-scheme support, Unloan is worth a serious look. If any of those limits give you pause, we can compare Unloan against the 30+ panel lenders we can actually place you with.
Note: this review is current as of 10 July 2026 and product/policy information is subject to change without notice. We don’t publish interest-rate figures here. They date quickly, and Unloan sits outside our standard lender panel, so the detail here is based on Unloan’s own published positioning rather than our direct credit-policy access. Any credit application is subject to the lender’s criteria and final approval; we’d recommend confirming current terms directly with Unloan before you apply.
Who is Unloan?
Unloan is a digital home loan brand that is fully owned and funded by the Commonwealth Bank, launched in 2022 and built to compete with fintech and neobank lenders rather than to extend CBA’s own branch and broker network. Everything happens through the dedicated Unloan app, a separate product from the main CommBank app, so if you already bank with CBA, managing an Unloan loan sits on its own platform. There are no branches, no brokers, and no assessor to negotiate with. It’s a deliberately narrow product: one loan, one channel, aimed at borrowers who want simplicity and are comfortable managing the whole process themselves.
The top things Unloan home loans are good at
- Truly no ongoing fees: no application, annual, account-keeping, discharge, change or early-termination fees, and no late-payment or redraw penalties (government charges can still apply). A real point of difference from a big-bank package loan.
- A loyalty rate discount that grows every year you stay, up to a cap after three decades, rewarding borrowers who hold the loan rather than refinance every year or two chasing a better deal.
- CBA-backed security: fully underwritten by the Commonwealth Bank, so you get Big Four standing behind a modern, digital-first product.
- A fast, fully digital application: Unloan estimates around ten minutes to complete for a straightforward file, with facial-recognition identity verification instead of a branch visit.
- Unlimited redraw on extra repayments, plus flexible AutoPay you can set to weekly, fortnightly or monthly, and joint-account approvals so every borrower on a shared loan signs off on changes.
- Open to both purchases and refinances: Unloan was refinance-only at launch but has since opened up to new purchases as well, up to a $10 million loan ceiling.
Where Unloan falls short
- Not available through brokers or branches. You must apply directly, with no one to advocate for you if something doesn’t fit neatly.
- Caps out at 80% LVR. No high-LVR lending and no professional LMI waiver, so borrowers with a smaller deposit are locked out entirely.
- One product only. A single variable, principal-and-interest loan, with no fixed rate, no interest-only, no offset account, and no loan splits.
- No government-scheme support. Unloan doesn’t participate in schemes like the First Home Guarantee, and doesn’t offer construction, bridging, vacant-land or SMSF lending.
- Full-doc self-employed only, and the online-only flow is a poor fit for complex trust or multi-entity income.
- Automated property valuation, with limited scope to dispute a low figure, which can quietly cap your borrowing options.
- DIY from start to finish. There’s no relationship manager or broker to chase documents, negotiate an exception, or step in if the application stalls.
The real edge: no fees plus a growing loyalty discount
Strip away the marketing and Unloan’s real advantage is straightforward: it charges none of the ongoing fees that erode value on a typical package home loan, and it layers on a loyalty-based rate discount that increases every year you keep the loan with them, continuing for up to three decades. We don’t publish the specific discount figures here. They date quickly and sit outside our direct credit-policy access. But the mechanic is a real point of difference designed to remove the hassle of refinancing every couple of years just to stay on a competitive rate. For a borrower with clean, simple finances who plans to stay put, that combination (low cost to hold, rewarded for loyalty, underwritten by CBA) can be a compelling package.
It’s worth being clear-eyed about what that edge doesn’t include: no offset account to shelter savings against the loan, and no professional or high-LVR pathway if your deposit is under 20%. If a similar no-loyalty-tax structure matters and you’d rather have a broker manage the file, ask us to compare Unloan’s positioning against panel lenders with comparable features.
Self-employed borrowers and the 80% LVR ceiling
Unloan will consider self-employed applicants, but strictly on a full-doc basis. There’s no low-doc or alt-doc option. In practice that typically means recent personal bank statements showing a regular salary drawn from the business, on top of the usual identity, income and liability documents. The entirely online application is built around finances that are easy to document and explain without a human underwriter asking follow-up questions. Business owners with irregular income, multiple entities, or a more complex trust structure are typically a harder fit for a DIY digital process like this. See our guide to self-employed home loans.
Unloan also holds a firm line at 80% LVR across purchase, refinance and investment lending, all on a principal-and-interest basis, up to an $10 million loan size. There’s no LMI-backed high-LVR option and no professional waiver, because Unloan simply doesn’t lend above that threshold. If you need more than 80% LVR to get into the deal, or you want to use a government scheme like the First Home Guarantee, Unloan isn’t an option, full stop.
What is the Unloan home loan product?
Unloan runs a single, deliberately simple product rather than a tiered range:
- Unloan Home LoanThe only product
- Variable rate, principal & interest only
- No ongoing fees, unlimited redraw
- Loyalty discount grows yearly, capped at 30 years
- Owner-occupier & investorBoth supported
- Purchases and refinances, up to $10m
- Capped at 80% LVR, P&I only
- No interest-only for investors
- Not offeredDeliberate gaps
- Fixed rate, offset, loan splits
- Construction, bridging, vacant land, SMSF
- First Home Guarantee / government schemes
Unloan home loan rates
Unloan is known for a single tier of variable pricing at or under 80% LVR, plus the loyalty discount that trims your rate a little further each year you hold the loan. Because advertised rates move constantly, and this review sits outside our direct credit-policy access, we don’t publish specific rate figures here, as they date quickly and we can’t verify them the way we can for panel lenders.
Rather than take a single lender’s rate at face value, the better move is a like-for-like comparison across the panel we can actually place you with. Book a free assessment or call 1300 088 065 and we’ll compare Unloan’s general positioning against 30+ lenders on our panel.
What documents does Unloan need for a home loan?
Applying with Unloan directly typically requires:
- Proof of identity for each borrower: an Australian passport or state/territory driver’s licence, verified in-app using facial-recognition software.
- Income evidence: for PAYG employees, recent payslips. For self-employed applicants, recent personal bank statements showing a regular salary drawn from the business (full-doc only; no alt-doc pathway).
- Other income: rental income and other sources can be added to the application if applicable.
- Liabilities: a statement of your existing loans, credit cards and any other commitments.
- Current home loan details if you’re refinancing, plus a valid email address and contact details for the application itself.
Having everything ready before you start keeps the online application quick.
How much can I borrow from Unloan?
Unloan assesses borrowing capacity on your serviceability and loan-to-value ratio, using a standard interest-rate buffer to stress-test repayments and your real living expenses. Its single product is priced and structured for straightforward, easy-to-document finances. Self-employed borrowers are catered for only on the full-doc terms above. Your real number depends on your income, expenses, deposit and existing debts:
- Up to 80% LVR across purchases, refinances and investment lending, up to an $10 million loan size. There is no lending above that threshold.
- Serviceability is stress-tested: Unloan assesses repayments at a buffered rate and factors in your real living expenses and existing liabilities.
- Rule of thumb: most lenders lend around 4–6× gross household income depending on deposit, job and debts, but your true number needs a full assessment.
For a tailored figure across the lenders we can actually place you with, use a borrowing power calculator or speak to a broker.
How long does an Unloan home loan take to approve?
Unloan’s process is entirely app-based, with automated identity and property verification built to speed up assessment for straightforward files:
- App applicationAdd the property, your details, income, expenses and liabilities, then set up the loan. Unloan estimates around ten minutes for a straightforward file.
- Identity & valuation verificationIdentity is verified using facial-recognition software in-app; the property valuation is automated rather than a manual desktop or kerbside review.
- Formal approval & settlementFollows once documents are uploaded and verified. Complex or self-employed files, or a disputed valuation, will take longer than the headline application time.
Unloan’s digital-first process is really fast for well-prepared, straightforward files. Because it’s off our panel we can’t manage that process for you. If you’d rather have a broker package and lodge the file, that’s where a panel lender with comparable features earns its keep.
What else does Unloan offer?
- Unlimited redraw on extra repayments, functioning differently to a traditional offset account but still letting you access funds you’ve paid ahead.
- Flexible AutoPay: set the date, amount and frequency of repayments (weekly, fortnightly or monthly) and adjust it as your situation changes.
- Joint-account approvals: on a shared loan, every borrower must consent in-app to any changes, which adds a layer of protection for joint applicants.
- CBA underwriting: Unloan is fully underwritten by the Commonwealth Bank, so the credit standing behind the loan is the same as any other CBA product.
What are Unloan customers saying?
Publicly, Unloan has built a reputation as a straightforward, fee-free digital lender, with customers commonly highlighting the speed of the app-based application and the absence of ongoing fees. The most common friction points reported are the lack of in-person support, the automated valuation process being difficult to dispute if it comes back low, and the fact that Unloan sits on a separate app from CBA’s main banking platform, meaning existing CommBank customers don’t get a unified view. As with any lender, individual experiences vary. It’s worth weighing alongside independent review platforms if service style matters to you.
Unloan vs CommBank Digi: which is better?
Unloan is often confused with CommBank’s other digital-lending push, but the two are built for different borrowers. Unloan is the standalone, no-fee, app-only product with the loyalty discount described above; CommBank’s broader digital offering sits closer to its traditional product range, with an offset account and more repayment flexibility, but accessed via CBA’s own channels rather than a dedicated app. If you want the simplest, lowest-cost variable loan and don’t need an offset, Unloan is the better fit; if you need offset structuring, interest-only, or more complex features, CommBank’s own range (including options accessible through a broker) is worth comparing. See our full Commonwealth Bank home loan review.
Who Unloan suits, and who it doesn’t
- Tends to suit
- Confident, digital-first borrowers with simple, easy-to-document finances
- Borrowers with 20%+ deposit/equity who want a low-cost, no-frills variable loan
- Long-term holders who’ll benefit from a growing loyalty discount
- Anyone comfortable managing an application without broker or branch support
- Tends not to suit
- Borrowers who need more than 80% LVR or a professional LMI waiver
- Anyone wanting a fixed rate, interest-only, offset or loan splits
- Self-employed borrowers with complex trust or multi-entity income
- Anyone wanting a government scheme like the First Home Guarantee, or a broker managing the process
How does Unloan compare to other lenders?
Unloan sits closest to the other low-fee, digital-first lenders rather than to a full-service major. The trade-off isn’t product quality, it’s that there’s no broker access. Here’s how it stacks up on the things that actually decide the outcome:
| What matters | Unloan | Other digital lenders (panel) | Working with a broker |
|---|---|---|---|
| Broker access | None: direct-to-consumer only | Available through our panel | We compare, package and lodge for you |
| Ongoing fees | Zero, across the board | Often zero on comparable digital products | Broker service is free to you, paid by the lender |
| Offset account | None: unlimited redraw instead | Common across digital lenders | We match the feature set to what you’ll actually use |
| Maximum LVR | 80%, no LMI pathway above it | Varies, some go higher with LMI | We place you with the strongest-fit LVR policy |
| Rate-loyalty protection | Growing annual discount, capped at 30 years | Varies by lender | We monitor and can trigger a reprice or refinance |
| Broker’s take | Solid if you’re happy to go it alone under 80% LVR | Comparable features, broker-accessible | Best for anyone who wants support through the process |
Unloan sits closest to its parent Commonwealth Bank if the CBA-backed security appeals but you need broker support, a higher LVR, or products Unloan doesn’t offer. Among the other digital-only players, UBank and Macquarie are the closest comparisons on simplicity and low fees, each broker-accessible with its own mix of features. It’s also worth comparing Unloan against Athena, another well-regarded, direct-only digital lender with a similar no-loyalty-tax pitch. The right fit between the two comes down to product features and how each treats self-employed income.
Broker tips if you’re considering Unloan
- Confirm you’re under 80% LVR before you start. Unloan has no pathway above that threshold, so there’s no point applying if your deposit falls short.
- Have your full-doc paperwork ready if you’re self-employed. There’s no alt-doc shortcut, and the online process moves faster with everything on hand upfront.
- Decide whether you’ll miss an offset account. If sheltering savings against your loan matters to you, that’s a real gap. The unlimited redraw works differently and isn’t a like-for-like substitute for everyone.
- Understand the automated valuation risk. Because there’s no manual review and limited scope to dispute a low figure, a conservative valuation can quietly trim your borrowing power.
- Weigh up going it alone. Because Unloan isn’t available through brokers, there’s no one to troubleshoot on your behalf if the application hits a snag. Worth factoring in if your situation isn’t completely straightforward.
Is an Unloan home loan right for you?
Unloan can be a really good fit if you’re a digital-first borrower with a simple financial picture, at least 20% deposit or equity, and no need for an offset, fixed rate, government scheme or broker support. But because it’s direct-to-consumer only, it’s not a lender we can place you with. If any of those limits give you pause, or you’d simply like a second opinion before applying yourself, we’re happy to compare Unloan against 30+ lenders we can actually access on your behalf to find your best-fitting loan. Book a free assessment or call 1300 088 065 to get started.
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