Up home loan review
Up is an online-direct lender, and Ratesniffers tracks 6 of its home loan products across variable, fixed and interest-only options. Its lowest variable rate Ratesniffers tracks is 5.95% p.a., and its lowest fixed rate is 6.35% p.a. That sits about 29 basis points below the market median of 6.24% p.a., putting it among the more competitive lenders right now.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
The information provided on this site is general in nature and does not take into account your objectives, financial situation or needs. Before acting on any information, consider whether it is appropriate for you and read the relevant Credit Guide and lender disclosures.
The case for
- Its sharpest variable rate sits below the market median of 6.24% p.a. today.
- Online-direct model that often passes lower overheads through to the rate.
- Offers both fixed and variable loans, so you can split or switch as your plans change.
- Offset accounts are available on at least some products, which can cut interest on your savings.
- Extra repayments are allowed on at least some products, letting you pay down faster.
- Redraw is available on at least some products, so extra repayments stay accessible.
What to weigh up
- Online-only model, so there's no branch network if you prefer face-to-face service.
- The advertised rate isn't always the rate you'll be approved for, so it can depend heavily on your deposit and profile.
- Fees and conditions vary by product, so the headline rate alone doesn't tell you the true cost.
Who Up suits
Up tends to suit borrowers comfortable banking online who want the lower overheads reflected in the rate, anyone who'll keep a healthy balance in an offset account, borrowers who want the option to fix, stay variable, or split. As always, the right loan depends on your deposit, your purpose, and the features you'll actually use, so compare it against the wider panel before you commit.
Who should look elsewhere
You may do better elsewhere if the advertised rate may not be the rate you're approved for once your deposit and profile are assessed. If your deposit is small, you're an investor, or you want interest-only, the rate Up actually offers can be higher than the headline, so it's worth comparing the wider market before deciding.
Key features Up offers
- Offset account on at least some products
- Redraw facility on at least some products
- Extra repayments on at least some products
Features vary by product. Confirm the exact terms on the loan you apply for, as not every Up product carries every feature.
Is Up a good home loan?
Up is a credible choice whose lowest variable rate of 5.95% p.a. currently sits about 29 basis points below the market median, which is competitive today (last updated 8 July 2026). Whether it's right for you comes down to your deposit, the features you'll use, and how its real approved rate compares, so treat the headline as a starting point, not the final answer.
See if you can do better than Up
The advertised rate isn't always the rate you'll be approved for. Compare Up against the wider panel, or have your scenario negotiated, at no cost.