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Why is there a discrepancy in my OFI loan balance?
Why is there a discrepancy in my OFI loan balance?

Learn why there may be a discrepancy in you loan amount during the application process.

Updated over a month ago

When you start an Unloan Home Loan application and consent to a credit check, our system typically pre-populates your liability information using data from your credit report, obtained from Credit Reporting Bodies. Learn more about Comprehensive Credit Reporting (CCR).

In some instances, there may be discrepancies between information in your credit report and information you hold. Some reasons your balance may be different to the detected loan limit includes:

  • A redraw balance on your account

  • Additional payments made to your current OFI over time that were not categorised as principal payments

This could lead to a discrepancy between information held by the credit reporting bodies and information you hold which is the loan balance you see on your application.

If there is a mismatch between the information that you have inputted into your application and the information we have obtained from the credit reporting bodies, for the same liability, one of our lending specialists will contact you to verify the liability and obtain the necessary verification information.

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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