What are the hidden costs I should be aware of with Unity Bank home loans?

Be prepared for separate government charges and legal costs that are not included in the loan, which can catch some borrowers by surprise.

How much can I save by refinancing my home loan with Unity Bank?

Refinancing a $500,000 loan with Unity Bank could save you $227 per month, totaling $81,567 over 30 years, compared to the market average.

Are there any recent fee changes I should know about?

Yes, the Consent Fee for security variations and subdivisions has increased from $200 to $300.

Will the transition to Bank Australia affect my loan service?

There may be some disruption in service continuity over the next 12 months due to the transition, but Unity Bank aims to maintain strong relationships and personalized service.

What is the monthly repayment on a $600,000 loan at Unity Bank?

For a $600,000 loan at 5.80% over 30 years, your monthly repayment would be $3,521, with a total interest of $667,387.

Does Unity Bank offer any special schemes for home buyers?

Yes, Unity Bank participates in the Boost to Buy Home Ownership Scheme, offering government equity contributions up to 30% for new homes and 25% for existing homes.

How does the discharge process work with Unity Bank?

The discharge process usually takes 4-8 weeks and can be influenced by negotiations between the buyer and seller.

What are the benefits of Unity Bank's Essential Worker Home Loan?

Unity Bank's Essential Worker Home Loan is recognized for outstanding value, offering competitive rates and positive customer feedback.

How much could I save on a $1,000,000 loan with Unity Bank?

With a $1,000,000 loan, you can save $453 each month, leading to a total saving of $163,134 over 30 years, making Unity Bank a compelling choice.

UPDATED JUN 21, 2026

Unity Bank Home Loans: The 2026 Review

Boost your buying power with government equity contributions up to 30% for new homes. Be aware of separate government charges. Ready to make your move?

Bheja Verdict

Very Good

4.3/5

✓

Highly competitive rates across products

✓

Great features: offset account, redraw facility

Check Eligibility

Unity Bank Home Loans At a Glance

🏷️Best Rate Available

6.05%

Variable • Owner Occupied

💳Application Fee

$200

Upfront fee applies

📅Monthly Fee

Ongoing service fee

Loan Range:$0 - $100.0M

LVR:Up to 96%

Products:44 variations

Offset Account:Available

Current Unity Bank Home Loan Rates

Last updated: November 2026

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Average Rate: 6.26%
Best Rate: 6.05%
Monthly Payment: $3,014

Advanced

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Essential Worker Home Loan - Owner Occupier
Unity Bank
Min 5% DepositOffsetRedraw
6.05%
Interest Rate
Variable
6.10%
Comparison Rate*
$3,014
per month
Principal And Interest
Visit Lender’s Site
Check Eligibility
Fees:
Application
$250
Discharge
$300+ other fees may apply
Vic Homebuyer Fund
Unity Bank
Min 20% DepositOffsetRedraw
6.15%
Interest Rate
Variable
6.18%
Comparison Rate*
$3,046
per month
Principal And Interest
Visit Lender’s Site
Check Eligibility
Fees:
Application
$200+ other fees may apply
First Home Buyer Loan - Owner Occupied - SO
Unity Bank
Min 5% DepositOffsetRedraw
6.15%
Interest Rate
Variable
6.20%
Comparison Rate*
$3,046
per month
Principal And Interest
Visit Lender’s Site
Check Eligibility
Fees:
Application
$250
Discharge
$300+ other fees may apply
Australian Government 5% Deposit Scheme
Unity Bank
Min 4% DepositOffsetRedraw
6.15%
Interest Rate
Variable
6.20%
Comparison Rate*
$3,046
per month
Principal And Interest
Visit Lender’s Site
Check Eligibility
Fees:
Application
$250+ other fees may apply
Momentum Home Loan 60-80LVR - Owner Occupier - Variable - P&I SO
Unity Bank
20%-40% DepositOffsetRedraw
6.34%
Interest Rate
Variable
6.39%
Comparison Rate*
$3,108
per month
Principal And Interest
Visit Lender’s Site
Check Eligibility
Fees:
Application
$200+ other fees may apply
Advantage Home Loan - Owner Occupied - Variable P&I - Without Offset
Unity Bank
Min 5% DepositRedraw
6.34%
Interest Rate
Variable
6.39%
Comparison Rate*
$3,108
per month
Principal And Interest
Visit Lender’s Site
Check Eligibility
Fees:
Application
$200+ other fees may apply
Advantage Home Loan - Owner Occupied - Variable P&I - With Offset
Unity Bank
Min 5% DepositOffsetRedraw
6.44%
Interest Rate
Variable
6.49%
Comparison Rate*
$3,141
per month
Principal And Interest
Visit Lender’s Site
Check Eligibility
Fees:
Application
$200+ other fees may apply
Momentum Home Loan 80LVR - Owner Occupier - Variable - P&I SO
Unity Bank
5%-20% DepositOffsetRedraw
6.44%
Interest Rate
Variable
6.49%
Comparison Rate*
$3,141
per month
Principal And Interest
Visit Lender’s Site
Check Eligibility
Fees:
Application
$250
Discharge
$300+ other fees may apply

Unity Bank Product Statistics

Real-time insights and market analysis

Unity Bank offers 44 home loan products across 44 variations, the average variable rate is 6.80% p.a., the best available rate is 6.05% p.a..

Average Variable Rate

6.80%

24 products

Average Fixed Rate

6.70%

20 products

Best Available Rate

6.05%

Variable • Owner Occupied • P&I

Total Products

44 variations

Fee Summary

Application Fee

$200 - $500

Monthly Fee

Discharge Fee

$0 - $300

Late Payment Fee

$50

Key Features

Across Unity Bank's range: 17 include an offset account, 44 offer redraw, 44 allow extra repayments, 43 support split loans.

Offset Account

39%

Redraw Facility

100%

Extra Repayments

100%

Split Loan

98%

Product Ranges

Unity Bank's interest rates range from 6.05% to 9.50% p.a., maximum LVR from 40% to 96%, loan amounts span $0 to $100,000,000.

Interest Rates6.05% — 9.50%

Max LVR40% — 96%

Loan Amount$0 — $100.0M

Disclaimer: The key features displayed highlight what's available across the lender's home loan range. Individual products and variations may differ. Use the product table to search for a loan with the specific features you're looking for.

How Unity Bank Compares

FEATURE	Unity Bank	Darling Downs Bank	Broken Hill Bank	Laboratories Credit Union	Thriday
Best Variable Rate	6.05%	6.39%	5.94%	5.79%	—
Best Fixed Rate (3yr)	6.50%BEST	—	—	—	—
Application Fee	$200	$600	$855	$200	$0
Monthly Admin Fee	$0BEST	$0	$0	$0	$0
Offset Account					—
Redraw Facility					—
Product Variations	44	45	13	20	0

💡

Bheja Insight: Unity Bank offers offset accounts like most other lenders, helping reduce interest while keeping funds accessible.

About Unity Bank

Company overview and contact information

Founded in 1970 as the Waterside Workers’ of Australia Credit Union, Unity Bank is a member-owned financial institution headquartered in Sydney, NSW. As an authorised deposit-taking institution (ADI), Unity Bank operates under the regulatory oversight of APRA and holds both an AFSL and an Australian Credit Licence. This ensures a secure and trustworthy banking experience for its members.

Unity Bank offers a diverse range of 44 home loan products, with interest rates ranging from 5.80% to 9.25%. They cater to a wide array of borrowers, including first-time homebuyers and essential workers. Their participation in the Boost to Buy Home Ownership Scheme allows eligible buyers to benefit from government equity contributions, making homeownership more accessible.

What sets Unity Bank apart is its commitment to personalized service and strong broker relationships, even after its merger with G&C Mutual Bank. Recognized for outstanding value, their Essential Worker Home Loan has received accolades from Canstar, underscoring their competitive edge in the market.

Company Details

Legal Name: Unity Bank

ABN: 72087650637

Established: 1970

Headquarters: Sydney, NSW

Ownership: Member-owned

AFSL: 238311

Key Features

Unity Bank offers a comprehensive range of home loan features designed to provide flexibility, cost savings, and ease of management for Australian borrowers. With options like redraw facilities, extra repayments, and digital banking, Unity Bank ensures borrowers have the tools they need to manage their home loans effectively.

Repayment Redraw Facility

Unity Bank allows borrowers to access additional repayments through a redraw facility, provided they are at least one full repayment ahead. Borrowers can redraw $100 or more using the Unity Bank App or Online Banking, offering flexibility in managing finances.

Extra Repayments

Borrowers can make extra repayments of up to $10,000 per annum on their Unity Bank loans. This feature enables borrowers to reduce their loan balance faster, potentially saving on interest over the life of the loan.

24/7 Digital Access

Unity Bank provides 24/7 access to accounts via internet banking and a mobile app, ensuring borrowers can manage their loans anytime, anywhere. This digital feature enhances convenience and control over financial transactions.

Guarantor Support

Unity Bank allows guarantors to provide additional security for loans, helping borrowers who may not qualify for the full amount on their own. This feature can enable access to larger loan amounts or better terms.

Fixed Rate Continuation

After the initial fixed rate term, Unity Bank loans can continue at a fixed rate for the same period, with options to switch to a variable rate or choose a different fixed rate period. This offers borrowers certainty in their repayment amounts.

Offset Account

Linking a Mortgage Offset Account to a Unity Bank home loan reduces the balance on which interest is charged, potentially saving borrowers significant amounts on interest payments annually.

Fee Waivers

Unity Bank waives valuation fees up to $1,000 and does not charge establishment fees, providing cost savings to borrowers during the loan setup process.

Flexible Repayment Options

Unity Bank offers flexible repayment schedules, allowing borrowers to choose between weekly, fortnightly, or monthly payments, catering to individual financial situations and preferences.

Construction Loan Use

Unity Bank loans can be utilised for building or construction purposes, supporting borrowers in financing new home builds or renovations, with tailored loan structures to meet these needs.

Fees & Charges

Unity Bank offers a comprehensive range of home loan products with various fees that borrowers should consider. While some fees are fixed, others vary by product or are dependent on third-party costs, ensuring transparency in their fee structure.

Fee Type

Amount

Description

Loan Establishment Fee - New Mortgage

$500

Charged to set up a new home loan.

Loan Establishment Fee - Second Mortgage Loan (New)

$400

Charged for consent to a subsequent new mortgage.

Valuation Fee

Variable

Covers the cost of obtaining a valuation report on your property.

Stamp Duty (Mortgage)

Variable

State government tax on written documents and certain transactions, such as mortgages.

Mortgage Administration Fee

$150

Charged if loan documents are requested during the life of the loan.

Default Notice Fee

$50

Charged if you default on your repayments and a default notice is issued.

Loan Switch Fee

$200

Charged to switch your loan account from one type to another.

Consent Fee

$300

Charged for consent to subdivide, substitute, lease, or cross-collateralise.

Re-Documentation Fee

$250

Charged if changes are requested after loan documentation is provided but before settlement.

Mortgage Discharge Fee

$300

Charged if you repay your loan and request a discharge of your mortgage, covering internal and external costs.

Fees subject to change. Refer to lender documentation for current rates.

Eligibility Criteria

Unity Bank offers home loans tailored for property investors and owner-occupiers, with options for first home buyers and essential workers. Our loans are accessible to a range of borrowers, ensuring flexibility and support for your home buying journey.

Must be at least 18 years old to apply.

Applicants must be permanent residents of Australia.

Must be employed and able to demonstrate a stable income.

Subject to Unity Bank's credit approval process.

Available for property investors and owner-occupiers only.

Eligible for the Australian Government 5% Deposit Scheme, allowing a deposit as low as 2%.

Loan-to-Value Ratio (LVR) must be between 60% and 96%.

Property must be located in Australia and meet bank's valuation criteria.

At least one borrower must reside in the property, unless it's an investment property.

Special eligibility for essential workers in specific roles such as healthcare and education.

Important Notes

LMI may be required for loans with an LVR above 80%.
The Boost to Buy Home Ownership Scheme offers government equity contributions up to 30% for new homes.
Loan services are limited in Tasmania and NT, affecting availability.
Eligibility criteria may vary based on specific loan products and programs.

Unity Bank Home Loan Pros & Cons

Our expert take on whether Unity Bank is right for you

Pros

+Rates below market average, offering significant savings
+Award – winning Essential Worker Home Loan
+Flexible redraw facility and extra repayment options
+Participation in the Boost to Buy Home Ownership Scheme

Cons

–Limited availability in Tasmania and NT
–Separate government charges and legal costs
–Increased consent fee for security variations

Best For

First-time homebuyers seeking government equity contributions
Borrowers looking for competitive fixed-rate options
Individuals valuing personalized, community-oriented service
Homebuyers in need of a guarantor for additional security

Not Ideal For

Borrowers in Tasmania and NT due to limited service availability

💡

Bheja Verdict: Unity Bank offers competitive home loan rates below the market average, with strong community-focused services, making it a great choice for cost-conscious borrowers.

Expert Secrets (Why Use Us?)

Insider knowledge about Unity Bank that most borrowers don't know

LMI Cost Examples

1For a $500,000 loan at 85% LVR, LMI costs $6,000, increasing to $12,500 at 90% LVR, and $21,000 at 95% LVR.

2A $750,000 loan incurs $9,000 in LMI at 85% LVR, $18,750 at 90%, and $31,500 at 95%.

3For a $1,000,000 loan, LMI costs are $12,000 at 85% LVR, $25,000 at 90%, and $42,000 at 95%.

4No LMI waivers are available, so borrowers should consider these costs when planning their finances.

Offset Benefits

A $10,000 offset account can save you approximately $48 per month, totaling $576 annually.

With a $25,000 offset, expect savings of about $121 monthly, or $1,452 per year.

A $50,000 offset can reduce your interest by $242 monthly, equating to $2,904 annually.

Maximize savings with a $100,000 offset, saving $483 monthly, or $5,796 annually.

Admin & Logistics (The Help Desk)

Everything you need to manage your loan

Application Process

5 Steps

Submit Discharge Authority Form: Download and complete the Discharge Authority Form from Unity Bank's website. (Tip: Ensure all sections are filled out accurately to avoid delays.)

Negotiate Terms with Buyer/Seller: Coordinate with the buyer or seller to finalize any negotiation terms related to the property sale. (Tip: Keep open communication with all parties involved to streamline the process.)

Pay Discharge Fee: Pay the $300 discharge fee to Unity Bank, which covers internal and external costs. (Tip: Confirm payment details with Unity Bank to ensure timely processing.)

Complete Required Documentation: Submit any additional documents requested by Unity Bank to finalize the discharge process. (Tip: Prepare documents in advance to avoid last-minute issues.)

Await Processing: Unity Bank will process the discharge, which typically takes 4-8 weeks. (Tip: Regularly check in with Unity Bank for updates on the status of your discharge.)

Processing Times

Discharge Process4-8 weeks

Required Documents

Discharge Authority Form

💡

Pro Tips

Request the discharge at least 2 weeks before your planned settlement date to ensure timely processing.
Ensure all fees are paid promptly to avoid any delays in the discharge process.
Maintain regular communication with Unity Bank to stay informed about your discharge status.
Prepare and organize all necessary documents ahead of time to facilitate a smooth process.
Be aware of any additional fees that may apply, such as re-documentation fees, and plan accordingly.

Unity Bank Mortgage Calculator

Estimate your repayments using current Unity Bank home loan rates

Over 30 years, borrowing $480,000 at 6.05%, total cost including interest and known fees could be around $1,042,285. Estimated monthly repayment: $2,893.29.

Home loan option

Property price

Your deposit

Loan term (years)Repayment frequency

Estimated total cost over 30 years

$1,042,285

Estimated repayment

$2,893.29

monthly repayment

Amount you borrow: $480,000 · At 6.05% · Variable — can change with the market

This loan can be split between fixed and variable. This estimate uses one option only.

Known fees in this estimate

Application fee: $250
Document fee: $150
Discharge fee: $300
Total ongoing fees (30 yrs): $0

How is this calculated?

Estimated total cost includes the amount borrowed, interest over the full loan term, and any upfront, ongoing, and discharge fees published by the lender. It does not include stamp duty, LMI, or savings from an offset account.

The revert rate is the rate your loan may switch to when a fixed, introductory, or interest-only period ends. Where a lender hasn't published this rate, we use an estimate.

Cost breakdown

Amount you borrow: $480,000
Total interest: $561,585
Upfront fees: $400
Ongoing fees: $0
Discharge fee: $300
Estimated total cost: $1,042,285

These figures are estimates only. Your actual repayments and costs may differ. Confirm all details with your lender before making a decision.
Where a lender hasn't published their revert rate (the rate that applies after a fixed, introductory, or interest-only period ends), we estimate it. Your repayments may change when this period ends.
Split loans and offset accounts aren't included in this estimate.
For product comparison and comparison rates, see the rates table above.

Still Unsure? Let a human handle it.

Not sure if Unity Bank is right for you? Our brokers can help you compare options.

Frequently Asked Questions

The loan approval process at Unity Bank typically takes 4-8 weeks for conditional approval and settlement, depending on the complexity of your application.