Preparing to settle on your Unloan home loan can be exciting, yet daunting. We’re here to help guide you and make it simple with Unloan.

Once your application has been approved, you will be contacted by our lending team to sign the necessary documents. Once that has been completed, our lending team will confirm your settlement date.

If your settlement is scheduled for today, you should have received an email advising this. To check the status of your settlement, log into app.unloan.com.au.

If you have applied with a co-borrower, please ensure each individual borrower logs into the Unloan home loan application with their nominated email address to sign the electronic mortgage form.

A witness is not required when completing an electronic e-sign document, including the National Mortgage Form in Queensland.

A witness is only required when completing a paper document. They must:

A witness can be:

You will be required to upload a discharge form from your existing lender, and a copy of your building insurance. Learn more about completing these documents here.

You are still required to make loan repayments to your existing lender until your loan has refinanced with Unloan. This means your regular loan repayments will need to continue, unless there is a specific arrangement or agreement in place – for eg: a mortgage holiday or a deferred payment plan.

You should consult with your lender to understand specific repayment obligations as failure to make your loan repayments as scheduled may result in penalties, fees, and impact your credit score.

A settlement shortfall occurs when the total loan amount approved with Unloan, is insufficient to cover the payout figure quoted by your existing lender. The payout figure quoted by your existing lender will include their fees, charges and accrued interest.

If you have transferred more than the required settlement shortfall amount, the excess funds will be available in your Unloan redraw facility.

If the shortfall is below $10,000:

We will ask you to transfer the shortfall to a suspense account by noon (AEST) to ensure we can receive the funds quickly and for the settlement to proceed as scheduled.

If the shortfall is above $10,000:

Our team will provide instructions on how to resolve the shortfall.

Learn more about shortfalls.

Congratulations on your Unloan home loan! Our team will contact you with a breakdown of your settlement funds – keep an eye out for a ‘Settlement Completion’ email! If you have any questions on the payout figure, please contact your previous lender.

Within 24 hours, you’ll be able to log into app.unloan.com.au to access any available funds in your redraw facility.

Learn more about life with your Unloan here.

This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.‍

Unloan is a division of Commonwealth Bank of Australia.

Applications are subject to credit approval, satisfactory security and you must have a minimum 20% equity in the property. Minimum loan amount $10,000, maximum loan amount $10,000,000, and total borrowings per customer across all Unloan loans is $10,000,000. (For purchase loans a minimum 10% equity is required - however a Lenders Mortgage Insurance (LMI) premium and higher interest rate apply. In some cases, depending on the property’s location or type, an LMI premium may also be required for LVR between 70.01% to 80%). For loans with Lenders Mortgage Insurance (LMI) the minimum loan amount is $10,000, maximum loan amount is $3,000,000 and total borrowings per customer across all Unloan loans is limited to $3,000,000).

Unloan offers a 0.01% per annum discount on the Unloan Live-In rate or Unloan Invest rate upon settlement. On each anniversary of your loan’s settlement date (or the day prior to the anniversary of your loan’s settlement date if your loan settled on 29th February and it is a leap year) the margin discount will increase by a further 0.01% per annum up to a maximum discount of 0.30% per annum. Unloan may withdraw this discount at any time. The discount is applied for each loan you have with Unloan.

*At Unloan, we do not charge any annual, application, banking, account, transaction, late or exit fees. In certain circumstances you may be required to pay a Lenders Mortgage Insurance (LMI) premium. Learn more about why this is applied and how it works. Government fees may also apply. Learn more about government fees here. Your current lender may charge an exit fee when refinancing.

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