Unloan Overview Unloan is a digital-only home loan provider based in Sydney, Australia, and is a fully owned division of Commonwealth Bank (CommBank) [1][2]. The company aims to simplify the home loan process by offering low rates and an annual discount that increases over time, up to 30 years [2]. Unloan's mission is to provide a low-cost home loan experience that is easy to obtain and rewarding to maintain [2]. Key Features: - Low Rates and Discounts: Unloan offers a variable rate with an automatic annual discount of 0.01% p.a., increasing up to a maximum of 0.30% p.a. over 30 years [2]. - No Fees: There are no application, discharge, account keeping, or transaction fees, although government fees and Lenders Mortgage Insurance (LMI) may apply [2]. - Digital Application: The application process is entirely digital and can be completed in minutes [2]. - Redraw Facility: Unloan provides an unlimited redraw facility, allowing customers to access extra repayments made on their home loan [2]. Products and Services: - Home Loans: Unloan specializes in home loans only, offering both owner-occupied and investment loans. They do not currently offer fixed-rate loans or interest-only payments, but these options may be introduced in the future [2]. - Borrowing Power Calculator: Unloan offers tools to help customers estimate their borrowing capacity and affordability for purchasing properties [2]. Company Structure: - Ownership: Unloan is fully owned by CommBank, leveraging its financial strength and modern banking technology [5]. - Global Presence: While headquartered in Australia, Unloan has employees across three continents: Oceania, Asia, and North America [1]. Unloan vs. UnLoan Corporation: It's important to note that there is a separate entity called UnLoan Corporation based in Minneapolis, Minnesota, which offers retail financial services and is not related to the Australian Unloan [3].