Up Home Variable Rate 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.
OO P&I rate
5.70%
p.a. variable (rates in-app)
Comparison rate
5.70%
p.a.
Offset account
100%
free, included
How Up Home Works
Up is a digital bank powered by Bendigo Bank. Up Home is their variable rate home loan product, notable for including a free 100% offset account with no application, setup, monthly, or annual fees. Most lenders either charge for offset accounts or don't offer them on their cheapest products.
The comparison rate of 5.70% matches the headline rate exactly, confirming there are no hidden fees dragging up the true cost of the loan. Up Home is owner-occupied P&I only — investment loans and interest-only repayments are not available. Note that Up no longer publishes rates on their public website; the 5.70% rate was confirmed in-app on 17 May 2026 and should be verified in the Up app before applying.
Key Rates and Features
| Feature | Detail |
|---|---|
| OO P&I | 5.70% p.a. (comp. 5.70%) — verified in-app 17 May 2026 |
| Investment P&I | Not available |
| Interest-only (IO) | Not available |
| Offset account | 100% offset, free |
| Application fee | $0 |
| Ongoing fees | $0/month, $0/year |
| Lender | Up (powered by Bendigo Bank) |
| Application | App / online |
Rates as at 17 May 2026. Check Up Home's website for the latest.
The 100% Offset Account
A 100% offset account links to your home loan so every dollar sitting in it reduces the balance interest is calculated on. If you have a $500,000 loan and $50,000 in your offset, you only pay interest on $450,000 — effectively a 5.70% return on that $50,000 (tax-free, since it's interest saved rather than interest earned).
Many lenders charge extra for offset accounts or only offer them on premium loan products. Up includes it at no additional cost with their base variable rate.
Pros and Cons
Pros
- ✓ Free 100% offset account included
- ✓ No application, setup, or ongoing fees
- ✓ Comparison rate = headline rate (no hidden fees)
- ✓ Backed by Bendigo Bank (licensed ADI)
Cons
- ✗ 5.70% p.a. — slightly higher than PMG (5.59%) and People's Choice (5.64%)
- ✗ App/online only — no branch access
- ✗ Digital-native experience may not suit all borrowers
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 free
- loans.com.au Variable: 6.04% p.a. (comp. 6.08%), up to 90% LVR
Up Home's 5.70% is slightly higher than PMG and People's Choice, but the free 100% offset account changes the maths for borrowers with significant savings. If your offset balance is large, the effective rate can be materially lower than 5.70%.
FAQs
What is the interest rate?
5.70% p.a. variable (comparison rate 5.70% p.a.). The matching comparison rate confirms no hidden fees.
Is the offset account free?
Yes — Up Home includes a 100% offset account at no additional cost. There are no application, monthly, or annual fees.
Who is Up Home backed by?
Up is a digital bank powered by Bendigo Bank, which holds an Australian banking licence. Home loans are issued under Bendigo Bank's licence.
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 Up's website before applying. This is not financial advice.