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Ubank, ING, Macquarie: digital-only banks compared on rate and service

Ubank, ING and Macquarie run pure digital onboarding. No branches, no paper. In 2026 they have taken genuine share from the big four on mainstream owner-occupier lending, and the differences between them matter more than the marketing suggests.

Ubank (owned by NAB)

  • Variable rate typically 25-40 bps below NAB’s advertised rate
  • Fully integrated offset, no monthly fee
  • Approval decision often in 48 hours for clean PAYG files at 80% LVR
  • Policy weakness: complex income (bonus, dividends, trust distributions) gets haircut heavily, and servicing calcs are conservative

ING

  • Historically the sharpest advertised rate among digital players
  • Offset account included on variable loans
  • Strict LVR policy: above 80% triggers LMI with no waiver except for professionals (medical, legal, engineering)
  • Policy weakness: investor loans and non-standard properties (studio, serviced apartment, <50sqm) are frequently declined

Macquarie

  • Rates competitive, often 10-20 bps above ING but with better policy flexibility
  • Offset, redraw, and split facilities all native
  • Strong on professionals and high-income PAYG
  • Policy weakness: Macquarie’s credit is conservative on second-job income and overseas rental income

Service reality

Digital-only doesn’t mean no humans. All three have phone support, but the path to a credit-level human on a tricky file is longer than at a broker-backed lender. If your file needs nuance - recent credit event, thin file, non-resident spouse - a digital-only lender is usually the wrong first choice.

Where they shine

  • First home buyer, 80% LVR, PAYG, metro property: Ubank and ING are often cheapest in market, and the process is faster than branch banking
  • Refinance on a clean file: turnaround is the point; digital lenders can settle in 10-14 business days where the majors take 30-45
  • Pure variable with offset: all three have genuine offset, unlike some second-tier products that have a mortgage-linked savings account rather than a true offset

For complex files, digital-only is almost always the wrong tool. For standard refis, it is often the sharpest.