National Australia Bank has clarified the revised pricing on the home loan product offered through its UBank brand.The variable rate on the UHomeLoan is now 6.79 per cent, NAB said, in a media release yesterday.There is also a "loyalty discount" of 0.2 percentage points that the bank says lasts for the life of the loan "to all existing customers and for any online UHomeLoan applications received by 30 June 2011."The discounted UBank home loan rate is only eight basis points more than the interest rate of 6.51 per cent on at-call savings, paid by NAB on UBank deposits, which qualify for the "savings bonus". The standard UBank interest rate on deposits is 6.01 per cent.So far, the home loan from UBank is still only available to applicants refinancing an existing home loan and is not available to anyone seeking a new home loan.NAB also requires the security property to be owned by all borrowers under joint applications, not just one of them.