Unloan Home Loans: The 2026 Review

Unloan was established in 2022 as a digital-only home loan provider under the umbrella of the Commonwealth Bank of Australia (CommBank). Created to offer a streamlined and cost-effective lending experience, Unloan leverages the strength and reliability of its parent company, one of Australia's Big 4 banks. The launch of Unloan marked a significant milestone in CommBank's strategy to cater to the growing demand for digital financial services, focusing on simplicity and efficiency.

Today, Unloan operates as a major player in the digital lending space, offering a single home loan product with four variations. Its business model is built around providing a no-fee structure and competitive variable interest rates, with a unique loyalty discount that rewards long-term customers. The absence of physical branches allows Unloan to maintain lower operational costs, passing these savings onto borrowers through more attractive loan terms.

Unloan targets tech-savvy homeowners and investors who value the convenience of online transactions. Its focus is on delivering a straightforward, affordable home loan solution, primarily for Australian borrowers. The digital platform is designed to cater to individuals comfortable with managing their finances online, offering flexibility through features like an unlimited redraw facility. Despite some limitations, such as potential Lenders Mortgage Insurance (LMI) requirements, Unloan's emphasis on digital simplicity and cost-effectiveness makes it an appealing option for modern borrowers.

• Legal Name: Unloan Pty Ltd
• ABN: 48123123124
• Established: 2022
• Headquarters: Digital-only, no physical branches
• Type: Subsidiary
• Ownership: Big 4

• Website: https://www.unloan.com.au

Unloan offers a digital-first home loan solution with no application, account, or exit fees, alongside a unique loyalty discount that increases annually, providing cost-effective and flexible options for borrowers.

• Additional Repayments: Borrowers can make extra payments into their loan at any time without incurring fees, allowing them to reduce interest costs over the life of the loan.
• Redraw Facility: Unloan provides an unlimited redraw facility, enabling borrowers to access any additional repayments made ahead of schedule without fees, offering financial flexibility when needed.
• Loyalty Discount: Each year, borrowers receive an additional 0.01% p.a. discount on their loan, up to 0.30% p.a., rewarding long-term customers with lower interest rates.
• No Fees: Unloan eliminates application, account, and exit fees, making it a cost-effective choice for borrowers looking to minimise expenses associated with their home loan.
• Digital Loan Management: Borrowers can securely view, manage, and modify their loan using Unloan's digital platform, providing convenience and control directly from their devices.
• Real-Time Payments: With the New Payments Platform (NPP), borrowers can make real-time payments to and from their loan account using a BSB and account number, ensuring quick and efficient transactions.
• Loan to Value Ratio (LVR): Unloan offers loans with an LVR up to 90%, though Lenders Mortgage Insurance (LMI) may apply for LVRs above 80%, providing options for different borrowing needs.
• Digital-Only Application: The digital-only application process is streamlined for efficiency, appealing to tech-savvy borrowers comfortable with online transactions, ensuring a quick and hassle-free experience.

Unloan offers a transparent fee structure with no application, account, or exit fees, appealing to borrowers seeking simplicity and cost savings.

• Application Fee: $0 - No application fee is charged, making the loan more accessible to borrowers.
• Valuation Fee: Varies by product - Covers the cost of property valuation, which may vary depending on the property type and location.
• Settlement Fee: $0 - No settlement fee is charged, reducing initial borrowing costs.
• Lenders Mortgage Insurance (LMI): Variable - Applies if the Loan to Value Ratio (LVR) exceeds 80%, protecting the lender against borrower default.
• Discharge Fee: $200-$300 - Charged upon loan termination, varying by product.
• Redraw Facility Fee: $0 - No fee for accessing the unlimited redraw facility, providing flexibility for borrowers.
• Rate Lock Fee: Not applicable - No rate lock fee as the product offers variable rates only.

Unloan offers home loans to individuals seeking a straightforward, digital-only borrowing experience, focusing on simplicity and cost-effectiveness.

• Must be at least 18 years old.
• Must be a natural person, not a legal entity.
• Must be an Australian citizen or permanent resident.
• Must demonstrate sufficient income to meet loan repayments.
• Must have a satisfactory credit history.
• Loan to Value Ratio (LVR) must not exceed 90%.
• Lenders Mortgage Insurance (LMI) may be required for LVRs above 80%.
• Property must meet specific type restrictions set by Unloan.

• LMI is required for loans with an LVR above 80%.
• Unloan's digital application process is suited for tech-savvy borrowers.
• No application, account, or exit fees are charged, enhancing cost savings.