Product Innovation Award Winner
UBank, located in Australia, was announced as the award winner in Product Innovation for their UHomeLoan product, which provides a simple, user-friendly mortgage product that enables customers to control their mortgage application or refinancing process from start to finish.
UBank is part of National Australia Bank Limited. UBank has quickly achieved a significant position in the deposit taking market in Australia and has a history of award winning innovation and best in class products and customer advocacy. The UHomeLoan is the first lending product to be offered by UBank– launched in February 2011. The UHomeLoan is a simple home loan online solution that takes refinancing out of the ‘too hard’ basket and puts the process a few clicks away. It provides an exceptional online experience, with a competitive pricing structure, that offers consumers a genuine alternative to face to face processes. The UHomeLoan product has a breadth of innovative product features.
The UHomeLoan is highly innovative:
- Fees: To UBank’s knowledge the variable UHomeLoan was the first in Australia with no bank fees whatsoever.
- Application Process: Puts control in the customer’s hands – it’s quick, simple and intuitive. Customers can submit their application online in under 30 minutes and receive a quick decision as to whether they’re eligible to proceed to the next stage.
- Application Tracker: Allows consumers to track their application status online providing full visibility of the process from start to settlement. It addresses a key frustration – often once an application is submitted control rests with the lender to keep the applicant updated on progress. To UBank’s knowledge this is an Australian first.
- Rewarding loyalty: Customers receive a 0.10% p.a. Loyalty Discount off the variable interest rate when they’ve held a variable rate UHomeLoan for 3 years.