Getting finances into shape

If you’re not making the progress you were planning on, and you have a goal of whipping your finances into shape this year, here are three quick and easy actions you can take to make progress towards more money and less financial stress in 2021

The first month of 2021 is already in the rear-view mirror, which means we should already be making traction on some of our new year’s resolutions. Right?!

If you’re not making the progress you were planning on, and you have a goal of whipping your finances into shape this year, here are three quick and easy actions you can take to make progress towards more money and less financial stress in 2021:

1. Call your bank for a home loan discount

When you take out a home loan, something can happen known as “interest rate creep”. It’s when the mortgage interest rate you pay slowly but surely creeps up – by amounts so small you barely notice, but that over time, really add up. At the same time, your bank or lender might be offering deep discounts to entice new customers, meaning you’re paying more than they are for the exact same loan.

The ACCC did some research into this late last year and found that the average customer is paying 0.58% more for their loan than newer customers are.

There’s absolutely no reason to pay more than you need to. So pick up your phone, call your lender, and ask for a discount. You have nothing to lose, and thousands to gain.

2. Get your loanScore

Regardless of the interest rate and mortgage repayments you’re paying with your current lender, it’s a good idea to check and see whether you can get a better deal. The good news, you can do this in less than two minutes with loanScore, which is like a free check-up for your home loan.

With loanScore, you fill in a few details, review your score and see how much you could save by refinancing. If the idea of switching lenders fills you with dread when you think about the paperwork, the budgets, the chasing up payslips, then you’re in luck – refinancing these days is much simpler and swifter than it has been in the past.

In fact, our new tech can help you see how much you could be saving in just 2 minutes.

Check your loanScore now

3. Lock in a better deal

Refinancing can help you get on top of your money in two meaningful ways: first, if you refinance to a cheaper home loan, you can start saving money instantly on your repayments. Secondly, if you consolidate high-interest debts into your home loan, you can save a small fortune in interest.

Here’s how your debt consolidation might work in practice - let’s say you have a mortgage, a credit card and a car loan.

If you were able to consolidate these personal debts into your mortgage, your monthly debt commitment drops by almost half:

If you’re able to keep your repayments at the higher amount of $1,279, you’ll be able to make a huge headway in your home loan and pay it off years’ sooner. Otherwise, you can breathe a little easier knowing your monthly financial commitments are a little more manageable than they were.

Keen to consolidate all of your credit card debts into your home loan, so you can start saving money on interest today?

Book a call with a dedicated UNO broker today!

Book Call Now

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What our customers are saying

Gabe Windsor
October 26, 2023
What a fantastic experience using UNO Home Loans. Mike Parsons and the team were exceptional. Such an easy, hassle free experience, cannot recommend them highly enough. Mike Parsons was in touch every step of the way, and with him doing all the leg work, the transition to a refinanced home loan was a very easy one. Thank you!
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Laurisa Sticotti
July 1, 2023
Scott Wilkinson has been fantastic when dealing with my broking needs. He has held my hand through every step of the way and has made purchasing my first home a much more comfortable experience than I anticipated.
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Thusi Gamage
July 1, 2023
Awesome team, Very reliable and friendly. Scott Wilkinson is very experienced and knowledgeable.He guided us throughout the process and was available to help.
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Omar Zazou
June 1, 2023
I have worked with Scott Wilkinson to get my home loan and he has been a massive help to navigate my first home purchase. He has taken care of all the financial details and I didn't need to worry about anything. Highly recommend him for his professionalism, patience and support!
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Kelly O'Connor
June 1, 2023
You won’t find any broker better than Anita at UNO. We’ve told all our friends and family about her and will be using her for all our mortgages in the future! A stress free process from the start. She listened to our needs and was always available.
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Ashley Morson
We are truly grateful for uno home loans and our broker Karis Churchill. This is our second time purchasing a home with the help from Uno and both times have been a very positive experience. Our recent purchase had many obstacles due to different factors however it was our dream home and we were up for the challenge. Our broker Karis was a true support and went above and beyond. She communicated so well with our solicitor and the real estate agents. She kept us updated through every step and kept us motivated when things seemed impossible. Uno is very fortunate to have Karis as a broker and we would highly recommend her to anyone. Our family are so happy we are now in our new forever home. Thank you so much Karis and to the uno team!!!
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Ebubekir Demir
Thank you Eren for your quick and efficient turn around time to getting an approval for a loan. Will be recommending you to anyone that needs a quick and reliable loan.
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