We refinanced our home loan with Ubank about two years ago and I always wondered why everyone wasn't doing the same. With most standard variable rates sitting around 6.20%, refinancing with Ubank's 4.87% would save people about $2,660 in the first year if their loan is $200,000. With that size of saving, it's not surprising that UBank is offering a guarantee that they will save you $1000 if you refinance with them - or they will give you $1000. But will you get it? Let's look at the fine print.
The loan needs to be $300,000 or more and there are only 300 gift cards available. That mean's you will get a $1000 gift card if your current home loan rate is 5.20% or less. That means if you are currently on 5.20% or more, you will save more than $1000 by switching to UBank. Here's the other details of the offer, if you don't want to click here. To read more about UBank, click here to search all our articles on UBank.
$1000 Guarantee Terms and Conditions
1. Offer open to customers who apply to refinance a variable rate home loan with a UBank variable rate UHomeLoan between 29 May 2013 and 30 June 2013 (inclusive) (“Offer Period”), provided that their refinance application is approved and settled in accordance with the loan contract. Applications made prior to the Offer Period (even if resubmitted during the Offer Period) are not eligible.
2. Minimum home loan refinance amount is $300,000 (excludes any fees associated with the payout of your current home loan, as well as any amount not required to payout your current home loan, such as cash out amounts or the consolidation of other debts). Loans with a home loan refinance component of less than $300,000 will not be eligible.
3. Evidence, satisfactory to UBank, of the home loan refinance amount and the interest rate applicable to the home loan being refinanced must be provided to UBank prior to settlement to enable the savings calculation to be made (eg, a bank statement). You will not be eligible for this offer if you do not do this.
4. UBank will calculate the estimated interest savings based on (1) the evidence provided in relation to the home loan being refinanced (as contemplated above), and (2) UBank’s prevailing UHomeLoan variable interest rate (including any available discounts). UBank will not take into account the any regular or adhoc repayments, redraw or offset arrangements in the interest savings calculation. We will then discount the savings figure by a fixed percentage to reflect the effect that making the same regular principal and interest repayments on both loans would have: we will make this adjustment even if your current loan and/or your UHomeLoan is “interest only”. This discounting may mean that an applicant more easily meets the condition set out in 5: it does not affect the amount of interest you actually pay or save.
5. If, based on the above calculation, UBank does not believe that you will save at least $1,000 in interest in the first 12 months, you will (subject to condition 6 below) be eligible are receive, within 30 days of settlement, an EFTPOS Gift Card to the value of $1,000. Where your UHomeLoan is in joint names, a single $1,000 gift card will be sent jointly to both borrowers.
6. There is a maximum of 300 gift cards available. If more than 300 customers are eligible to receive a gift card, gift cards will be awarded to the first 300 eligible customers based on date of application.
7. This offer is based on estimated projected savings. UBank will not calculate the actual savings at the end of the 12 month period, and will not consider any claims made in relation to this offer should the actual savings be less than $1,000.
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