Thinking of Refinancing? Here’s How to Get the Best Deal for You

We can help you work out whether your current home loan deal is costing you too much in a moment – but first, here’s how much you could save.

If you’ve had your home loan since before Trump was President, and you haven’t checked in to make sure you’re still getting a competitive rate, now is the time to do something about it. This is the advice from the Australian Competition and Consumer Commission (ACCC), who warns that those who have a mortgage that’s at least three years old are likely to be paying too much for their home loan. But what exactly is the definition of “too much”, you may be wondering? “Too much” is when you’re paying even one dollar more than you need to be paying for your home loan – why pay more for the exact same product when you don’t need to? We can help you work out whether your current home loan deal is costing you too much in a moment – but first, here’s how much you could save. Check your loanScore now

Big savings for borrowers who refinance

The ACCC’s Home Loan Price Inquiry Final Report includes a number of recommendations for lenders to be more transparent and to reduce barriers to switching for borrowers. This is because, according to the ACCC report, around half of all variable rate loans are at least four years old (as at December 2019). If you’re one of those borrowers with an older mortgage, with so many competitive home loan offers in the market right now, you have the potential to save thousands of dollars by switching your loan. The ACCC provided an example that stated an existing borrower with an older $250,000 loan is likely to be paying 0.58% more than a new borrower in 2020, and is therefore paying $17,000 more for their home loan (over the life of the loan). The Australian Financial Review also reviewed this data but put the savings closer to $11,700. Either way, it’s clear – there are big savings to be made by switching your home loan to a better deal. Our own calculations confirm this. Using our refinancing calculator, we calculated that if you have a five-year-old variable rate loan and you’re paying 3.19% for your home loan, you could switch lenders and drop that rate to 2.19%. UNO expert broker Paul Sealy calculates that with such an interest rate reduction on a $500,000 loan balance, your monthly repayments would drop from $2,421 to $2,166 – a whopping saving of $255 a month. That’s $3,060 per year in your account balance, instead of the bank’s coffers. And all you have to do to make this massive saving is switch to a better deal by refinancing.

How to get started today

Think about it: if you were at the fuel station putting petrol in your car, and the advertised rate was $1.10 per litre, would you be happy to pay $1.30 per litre? No one likes paying more than they need to for anything, and when it comes to your mortgage, overpaying can cost you thousands – even tens of thousands, in the long run. The good news is, it only needs to take 2 minutes to run a quick loanScore check. It’s fast, free, and in a matter of minutes you’ll have an idea of how competitive your current mortgage is, and how much you could save by refinancing. Book in a quick call with our customer care team.Check your loanScore nowImage credit: wayhomestudio Book a call in with UNO

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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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