UBank to offer 4.87% refinancing home loan rate from May 13

UBank, the online offering from NAB, will offer eligible borrowers the opportunity to refinance their home loan at a discounted variable rate of 4.87%.

NAB announced today that it would cut its standard variable rate for the online-only UHomeLoan by 25 basis points.

UBank confirmed via Twitter that its current variable rate is dropping from "5.37%p.a by 0.25%p.a.

Eligible customers can receive an additional 0.25%p.a".

This would mean an online refinancing offer of 4.87%, by far the lowest variable offering of the major bank brands and one of the sharpest rates in the market.

The bank currently offers for a limited time a 5.12% variable home loan rate, which includes a 25 basis point upfront discount.