CBA launches Unloan

As little as 10 minutes to apply, online only, low rates, rewards for loyalty.

Unloan, Australia’s first digital home loan with a discount that increases every year  for up to 30 years, is launched today. Unloan is built by the Commonwealth Bank, leveraging the best of modern technology and the backing of Australia’s leading bank. Unloan has also been developed through the support and infrastructure of CBA’s venture scaler, x15ventures, offering Unloan greater speed and access to best-in-class tools and experience.

Unloan offers owner occupiers one low variable rate, priced at 2.14% p.a. (2.06% pa comparison rate*), including a loyalty discount that grows by 0.01% p.a. every year, up to 30 years. For investors, Unloan also offers one low variable rate of 2.44% p.a. (2.34% p.a. comparison rate*) and the same loyalty discount that grows by 0.01% p.a. every year, up to 30 years.

Built on modern technology foundations, Unloan strips away many of the complexities seen in more traditional lending options, with a digital customer experience that allows applications to be completed in as little as 10 minutes.

From today, Unloan is accepting applications to refinance home loans up to three million dollars and up to 80 per cent of the property’s value.

In the coming months, Unloan plans to expand into new home loans, and also enable Open Banking-powered assessments for an even faster application experience.

Daniel Oertli, CEO, Unloan said: “We believe home loans should be simple to understand, easy to get, and easier to live with.”

“That’s why we built Unloan – a new kind of home loan designed to pass more value back to customers. We have a low variable rate, an ever-increasing discount, and an easy online application.”

Built within the flexible technology and operating environment that x15 enables, Unloan is able to move at pace of a fintech while also benefiting from the back-end banking, payments and compliance services of Australia’s leading bank. In this case, CBA has developed new cloud based capabilities to provide lending and payments services to Unloan, and will also provide downstream compliance and operations services. CBA expects to utilise these capabilities in other parts of its business over time.

Matt Comyn, CEO, CommBank said: “Driving digital innovation for our customers – including the delivery of distinct and differentiated customer experiences – is core to CBA’s ongoing strategy. Unloan is a powerful example of what can be achieved by successfully bringing together the pace and innovation of the startup world with the scale and assets of Australia’s leading bank, which has always been central to our approach with x15. We are excited to see how Unloan makes a difference for new customers.”