Introducing Plans by UNO đ
Once upon a time, banks occasionally loaned money to their customers. But the banks made them work hard for it. Applicants had to be long-term customers who had saved a large deposit and proved beyond doubt they were capable of paying the loan back. Back then, not so long ago, consumers had little choice when it came to home loan deals. The banks had one option, maybe two, and even the most loyal customers were told to either take it or leave it. Many were told âapplication deniedâ. Everything was on the banksâ terms. Their customers had almost no power. Times have changed; the banksâ fairytale has fractured. Multiple lenders now scrap for suitable people to lend money to, and offer a range of attractive, made-to-measure home loan deals. Transparency is king. The ability for borrowers to also find loan products that fit their needs precisely through UNO home loans means power is now in their hands. Phillip Jiang, mortgage coach at UNO, says lenders are offering products that are much better at meeting the needs of individual homebuyers and investors. âThese days, lenders are much more flexible with their products,â he says. âWhat they do is relate interest scaling to the risk â the more risky the loan, the higher the rates. They have also diversified their products to cater for market demand.â Jiang has identified seven lenders offering great home loan deals for the right borrower, right now:
Notable features: 3.89 per cent interest rate (comparison rate also 3.89 per cent*), no fees, up to 95 per cent of property value price can be borrowed (plus Lender Mortgage Insurance) for owner-occupiers. This may be an ideal home loan deal for first-home buyers with a small deposit. âWith the big four banks, the maximum you can borrow is 92 per cent of the property value,â Jiang says. âAnd while the big four banks are all around 4.4-4.5 per cent [interest rate], this one is 3.89 per cent and Qudos doesnât charge fees.â Need a home loan?UNO. The new way to get a better deal. Get Started
Notable features: up to 105 per cent of purchase price can be borrowed, no income/credit check required for guarantors. Other lenders require guarantors to prove income and assets, but not Westpac or St George. âGuarantors provide an equity guarantee only,â Jiang says. The Family Pledge arrangement is available on all of their loans.
Notable feature: Owner/occupier interest rate available for investment loans. This deal is for investors using their home as security for a loan. âAll other banks determine the rate according to the purpose,â Jiang says. âIf itâs for an investment, they usually charge at an investment rate. Not this one.â How much can I save by refinancing?Use UNO's calculator to estimate your savings. Calculate Savings
Notable feature: Allows up to $1 million equity to be released (if the loan-value ratio is greater than 80 per cent). âMacquarie allows cash out up to $1 million, as long as the borrower has a reasonable purpose,â Jiang says. âIf you have an unencumbered house worth $2 million, you can go to Macquarie Bank and say âI want $1 million to buy a boat or holiday houseâ. If, after their checks, everything is in order, they will say âfineâ.â
Notable feature: $1500 cashback for borrowers. âThis is a refinancing incentive,â Jiang says. âIt goes straight into the borrowerâs account after settlement.â
Notable feature: First-home buyers can borrow up to 95% of property value. Liberty lends enough to cover the deposit and stamp duty, and even rolls the Lenders Mortgage Insurance into the loan amount. âYou just have to show you have 5 per cent â even if itâs borrowed, via credit card or personal loan,â Jiang says. How much can I borrow?Use UNO's calculator to estimate your borrowing capacity. Calculate Now
Notable feature: Temporary residents can borrow up to 95% of property value to buy their first home with an Australian spouse/partner. âIt has to be a couple â even those in a de-facto relationship,â Jiang says. âItâs the only one we know that does it.â Readers should seek advice before making any financial decisions. Photo: Getty *Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rate is calculated on the basis of a loan of $150,000 over a term of 25 years. Book a call in with UNO
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