UBank mortgage not for everyone

UBank's new home loan deal, priced at 6.99 per cent, has no fees involved in setting up and running the loan, but it is only available to home owners who want to refinance or switch from an existing mortgage. As well as excluding first-time buyers and people who have paid off a previous loan, the UBank package also caps the value of its deal at 80 per cent of a customer's current mortgage.

Lisa Gray, NAB's head of personal banking said that UBank was not designed to be ”all things to all people”. The UBank mortgage is the next step in to UBank's transaction and deposit accounts as it gradually moves to becoming a full-service web-based bank. ”Our focus is on a simple, core suite of products and we're not going to over-complicate matters,” Ms Gray said.

Source: The Age