When we launched loanScoreTM in August, our plan was to create transparency about loans for customers – and where possible, enable them to get a better deal.
Knowing that 59% of consumers have never asked their lender or broker for a better rate since they took out their loan, we wanted to create a simple way for borrowers to assess if their loan was healthy.
Secondly, we wanted to be able to update them regularly on the health of their loan and empower them to take control of their finances, using technology, their own data and the knowledge that there might be a better option out there for them.
uno’s loanScoreTM tool enables customers to analyse how their loan compares to others in the market and see how much they might save if they take action to switch it.
How uno helped PJ save thousands
uno customer PJ recently signed up (it’s free) and used loanScoreTM to test how her investment loan was performing.
After plugging in a few details, PJ learned that at 5.01%, the interest rate she was on was more than two percentage points higher than a lot of the best rates on our panel right now.
“The tool showed me I could save over $10,000 over 3 years,” PJ says. “I’m quite happy with my lender ING but that kind of saving opportunity was enough to make me switch.
“Armed with the information from uno, I called ING and they dropped my rate by over 1.17% and have agreed to keep the discount off the standard rate for the life of the loan.”
In just a few months, thousands of Australians like PJ have signed up to uno’s free subscription service. Some have found peace of mind upon learning their loan is in good shape. Others have been able to take action to improve their position.
Our research tells us that in terms of savings, loanScoreTM customers are getting a median 1-year savings calculated at $2,000, and a median 3-year savings calculated at $5,200. We also found that 95% of customers could save by switching.
PJ says: “I’m so glad I used the uno loanScoreTM tool. By using the tool across my two investment loans I could see how how bad my rate really was. I’ll definitely be checking the health of my loans more often now. Thank you uno and my consultant Thomas.”
uno’s Active Home Loan Management
We are thrilled for PJ and so glad we were able to save her some money. While PJ was happy to use the information she had from uno and make a quick phone call to her lender, uno can actually do this for you. uno’s Active Home Loan Management service is founded on the principle of acting in the best interests of home loan customers.
uno will proactively manage the home loans of Australians on their behalf, so home loan customers can be confident they are getting real value and saving money as often as those savings become accessible.