Unloan Variable Home Loan Review (2026)
Rates and details verified 17 May 2026
Rates can change without notice. Last verified: 17 May 2026 (AEST). Please confirm details on the bank’s official page.
Interest rate
5.69%
p.a. variable
Comparison rate
5.60%
p.a.
Investment P&I
5.84%
p.a. ≤80% LVR (comp. 5.75%)
How Unloan Works
Unloan is a digital home loan product operated by Commonwealth Bank of Australia (CBA). It is exclusively a refinance product — available only to borrowers who already have an existing home loan to refinance. New home purchases are not eligible. Unlike many low-rate lenders, Unloan publishes both owner-occupied and investment P&I rates, with two LVR tiers each (≤80% and ≤90%).
The key differentiator is Unloan's annual loyalty discount: your rate is reduced by 0.01% p.a. for every year you stay with the loan, up to a maximum of 0.30% p.a. after 30 years. This means refinancers who stay long-term see their rate decrease over time — the opposite of most lenders, who reward new customers but not loyal ones.
The comparison rate of 5.60% is lower than the headline rate of 5.69%, reflecting that the loyalty discount adds value over time.
Key Rates and Features
| Feature | Detail |
|---|---|
| OO P&I (≤80% LVR) | 5.69% p.a. (comp. 5.60%) |
| OO P&I (≤90% LVR) | 5.99% p.a. (comp. 5.90%) |
| Investment P&I (≤80% LVR) | 5.84% p.a. (comp. 5.75%) |
| Investment P&I (≤90% LVR) | 6.14% p.a. (comp. 6.05%) |
| Interest-only (IO) | P&I only — no IO products |
| Loyalty discount | 0.01% p.a. per year, max 0.30% p.a. |
| Loan type | Refinance only (not for new purchases) |
| Lender | Commonwealth Bank of Australia (CBA) |
| Application | Online only |
Rates as at 17 May 2026. Check Unloan's website for the latest.
The Loyalty Discount — What It Means
At 5.69% today, the loyalty discount means:
- Year 1: 5.69% p.a.
- Year 2: 5.68% p.a.
- Year 5: 5.65% p.a.
- Year 10: 5.60% p.a.
- Year 30+: 5.39% p.a. (maximum discount applied)
This assumes the variable rate itself doesn't change. In practice, Unloan's rate moves with the RBA cash rate — but the loyalty discount stacks on top of whatever the current rate is.
Pros and Cons
Pros
- ✓ Annual loyalty discount — rate improves over time
- ✓ Investment P&I available (from 5.84%, ≤80% LVR)
- ✓ Backed by CBA — large institution, reliable
- ✓ Fast online application
Cons
- ✗ Refinance only — not available for new purchases
- ✗ 80% LVR cap — 20% equity required
- ✗ No offset account
- ✗ Online only — no branch support
How It Compares
- Pacific Mortgage Group: 5.59% p.a. (comp. 5.59%), 80% LVR
- People's Choice Basic Variable: 5.64% p.a. (comp. 5.65%), 70% LVR
- Unloan Variable: 5.69% p.a. (comp. 5.60%), refinance only
- Up Home Variable: 5.70% p.a. (comp. 5.70%), 100% offset
- loans.com.au Variable: 6.04% p.a. (comp. 6.08%), up to 90% LVR
Unloan's headline rate isn't the lowest, but the comparison rate of 5.60% — which factors in the loyalty discount — makes it more competitive over the life of the loan. Best suited to refinancers planning to stay long-term.
FAQs
What is the interest rate?
5.69% p.a. variable (comparison rate 5.60% p.a.). The comparison rate is lower because it reflects the annual loyalty discount over the life of the loan.
Can I use Unloan for a new purchase?
No — Unloan is refinance only. You must already have an existing home loan to refinance into Unloan.
Who is behind Unloan?
Unloan is operated by Commonwealth Bank of Australia (CBA). It is a separate digital brand from CBA's standard home loan range.
Comparison rate based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Information verified 17 May 2026. Confirm rates, fees, and eligibility on Unloan's website before applying. This is not financial advice.