ubank lending policy starts with the facility you are changing: an original UHomeLoan and a loan available to new customers have different document routes. Identify the product and origination channel before calculating broker pay or choosing a variation application.
Loan Identity and Broker Payments
Record the ubank product name, loan reference and original broker channel before applying a commission schedule. ubank keeps original UHomeLoan products separate from products available to new customers.
The ubank credit guide names NAB as the credit provider and 86 400 entities as providers of credit assistance. An 86 400 name on a document alone therefore does not establish a separate remuneration arrangement.
YBR Aggregation’s 2024 commission schedule lists an 86 400 channel entry with 0.693% upfront and 0.165% annual trail, including GST. Its upfront basis is the drawn balance less offset. The entry stops trail when arrears reach 60 days.
Those are that schedule’s figures for its named entry. Match the facility to your applicable lender and aggregator agreement before using them as expected payments. Keep the original settlement record and commission statement together. Use the ubank broker portal guide for channel access and service contacts.
Clawbacks and Refinance Paths
The YBR 2024 86 400 entry recovers 100% of upfront in months 0 to 12 and 50% in months 13 to 24. Apply that entry only to a facility governed by those terms.
An external refinance pays out the ubank debt. An internal change needs a closer distinction between a variation to the existing contract and a replacement contract. Record whether the original facility closes, whether fresh funds settle and which loan reference receives future trail. Shared NAB ownership does not establish the commission result.
Keep a borrower’s fixed-rate break cost separate from broker commission recovery. The UHomeLoan borrower-removal form warns that a refinance with ubank or another lender can trigger early payment loss on a fixed facility.
Track My Trail’s Clawback Risk shows loans inside their clawback period, with days remaining and upfront exposure under the applicable rules. Use the facility’s written terms when reconciling an actual recovery.
Top-Ups and Fixed or Variable Splits
Additional borrowing and redistribution of existing debt are different transactions. The YBR 2024 86 400 entry pays 0.693% upfront on increases above $50,000, measured on the drawn increase less offset.
For an original UHomeLoan, ubank’s loan-increase guidance sets a $20,000 minimum request. A credit minimum and a commission threshold answer different questions.
ubank’s variable UHomeLoan conversion form permits up to four splits per property, with at least $20,000 per split. Requested splits must total the original facility amount, rather than the current balance. Consolidation keeps the purpose unchanged and the rate variable. Matching rates are required, with lender review where rates differ.
A hypothetical $400,000 facility redistributed into $250,000 and $150,000 portions still totals $400,000. Record zero additional credit in the file. Moving debt between portions does not itself establish entitlement to another upfront payment. Record any actual increase separately and apply its remuneration terms.
Income Acceptance and Document Routes
ubank’s public new-loan eligibility page accepts permanent, casual and contract employment and excludes self-employed applicants. The original UHomeLoan paperwork has a separate business-income document route. A checklist for changing an existing UHomeLoan does not establish eligibility for a new product.
The UHomeLoan borrower-removal form requests two recent payslips, with the latest less than 60 days old. Contract or casual applicants whose year-to-date income covers less than six months also supply a PAYG summary or personal tax return. PAYG means pay as you go.
That form requests two years of business and individual tax returns for self-employed income, plus notices of assessment. Its employment section specifies at least two years in business.
For rent, the original UHomeLoan checklist accepts an agent receipt showing four weeks of payments, no more than 60 days old. Private leases need the tenancy agreement and bank evidence of at least two credits. For a purchase, the checklist accepts a recent agent appraisal or a lease showing prospective rent.
For the current electronic route, ubank directs customers to electronic expense verification or Smart Statements. Sending statements to the broker alone does not complete that step.
Residency and Borrower Eligibility
The published ubank new-loan rules require applicants to live in Australia and be Australian or New Zealand citizens, or Australian permanent residents. Each applicant must be at least 18 and appear on the property title.
The maximum is two borrowers. Joint applicants must be spouses or de facto partners who live together, or intend to share a household after settlement. The published route excludes joint applications with a parent or sibling.
Document citizenship or permanent residence separately from current address. A passport can establish citizenship. A permanent resident’s file needs evidence of that status alongside identity documents. For joint borrowers, record the relationship and intended household, then match both names to the proposed title.
ubank’s refinance document guidance identifies an Australian passport and driver licence as its preferred identity combination. A driver licence alone does not prove citizenship or permanent residence.
Property and Valuation Rules
ubank makes original UHomeLoan increase approval conditional on property type and location as well as the borrower’s circumstances. Its published increase limits reach 85% of property value for owner-occupied principal-and-interest loans. Investment properties and owner-occupied interest-only loans have an 80% limit under that guidance.
Calculate the loan-to-value ratio (LVR) from the proposed debt and the lender’s accepted valuation. Do not substitute the client’s estimated sale price. ubank’s valuation information describes valuation as a check against the purchase price.
Record the security address, postcode and title type, together with dwelling type and proposed use. Attach the contract or existing security details and identify any unusual property feature for credit assessment. An LVR within a published maximum does not establish acceptance of the security.
ubank’s refinancing checklist places valuation before formal approval. Carry any valuation condition into the submission note so an acceptable income assessment is not mistaken for unconditional approval.
Purpose and Additional-Funds Evidence
Separate the amount paying for a purchase or refinancing existing debt from every additional-funds request. For an original UHomeLoan increase, use the loan-increase application and its supporting checklist. Approval remains subject to the facility’s credit and security conditions.
For a purchase, retain the signed sale contract and show how the settlement amount will be funded. Reconcile the client’s contribution with savings evidence, sale proceeds or the documented source of other funds. State any borrowed contribution as debt in the financial position.
For a refinance, identify the existing lender, balance and payout requirement. The original UHomeLoan checklist requests six consecutive months of statements, with the latest less than 60 days old. That requirement belongs to its document route.
For cash out, state each purpose and amount. Attach evidence that explains the use, such as renovation quotes or statements for debts to be consolidated. Show the total proposed facility alongside the existing payout and costs. The difference must reconcile to the additional funds requested.
Current ubank refinance guidance also requires home insurance evidence after approval to arrange settlement. Keep that settlement condition distinct from the income documents used for assessment.
Submission Conditions and Credit Exceptions
A useful ubank file note separates an ordinary evidence requirement from a requested departure from the applicable policy. Use the lender-policy directory when comparing another lender’s treatment of the same scenario.
Build the note in the order the assessor needs it:
- Identify the product and origination channel. State whether the request varies the existing facility or replaces it.
- Set out the existing and proposed debt. Separate unchanged splits from additional funds and show the purpose of each increase.
- Match borrower eligibility to evidence. Record residence status, employment and the joint-applicant relationship where relevant.
- Summarise security and valuation. Show the LVR and any condition still affecting the proposed amount.
- Name the exact policy departure. Attach the supporting facts and ask credit for a decision on that departure.
A missing payslip needs the document. A request to use an income type outside the product’s eligibility needs an eligibility decision. Keeping those issues separate avoids presenting a complete document pack as approval of an exception.
Retain the written credit response against the scenario it addresses. Keep remuneration questions against the applicable commission agreement.
ubank issues loan documents after unconditional approval. Confirm the approval conditions are satisfied before treating the file as ready for signing.
