How to Get a Discount on Your Home Loan

It’s a question all borrowers ask: How can I get the best deal on my home loan? UNO’s chief financial officer and head of home loans, Jason Azzopardi, shares his home loan hacks with customers looking for the best deal.

It‘s a question all borrowers ask: How can I get the best possible deal on my home loan? With thousands of loan configurations available from mortgage lenders in Australia, it can be difficult to know which one is the best for you. The truth is, home loan offers change constantly. When it comes to deals, today’s caviar can quickly become tomorrow’s fish paste. But there are some fundamental rules borrowers can follow to position themselves to take advantage of meaningful discounts. UNO Home Loans was established in 2016 to make transparent the information that has kept buyers in the dark for decades. UNO’s chief financial officer and head of home loans, Jason Azzopardi, offers some advice for customers looking for the best deal.

1. Compare rates and features

Thanks to technology, home loan hunters now have access to information that was once tightly held by banks, accountants, mortgage brokers and financial advisors. Loan seekers can choose the features they want, put their financial details into calculators to see what they might pay – and compare the full range of options to decide which best suit their needs. They can apply for and have their loans approved online, and they can do it all on a handheld device. “At UNO, we find a range of owner-occupier and investor loans from major and specialist lenders and allow you to compare rates and features,” says Azzopardi. “Our staff work on your behalf to find the ideal mortgage package every time. UNO’s mortgage experts are also available seven days a week to offer advice via phone, email or live chat, and negotiate with mortgage lenders.”

2. Find out your loan-to-value ratio

Financial institutions look at a number of factors to determine the deals they offer customers. The first variable is the loan amount, which is divided into segments – usually “up to $500,000”, “$500,000 to $750,000” and “$750,000 plus”. The larger the loan size, the more bargaining power you have. The next part of the equation is your loan-to-value ratio (LVR). You’re in a good bargaining position if the amount you’re borrowing is less than 80% of the value of the property you are looking to buy or refinance. So, if you have an LVR of less than 80% and you’re looking to borrow more than $750,000, you’re in a prime position to negotiate the best possible deal. Another factor is how you plan to make your repayments – either principal and interest (P&I) or interest only (IO). “Loans that are interest only, where borrowers are not required to pay anything off the principal for a predetermined period, sound attractive for those with short-term cash flow issues or investors wanting to claim a tax deduction,” says Azzopardi. “But UNO has developed a calculator that shows how P&I loans with a lower interest rate can actually be a much better option in some circumstances – even for investors, who benefit from income tax deductions on the interest component.” Tip: If you have a larger home loan or a low LVR, know that you might have more bargaining power to get a highly competitive deal.Need a home loan?UNO. The new way to get a better deal. Get Started

3. Learn the truth about refinancing

Banks don’t enjoy losing customers and for this reason their retention tactics are often quite aggressive. They’ll often match a customer’s new offer to persuade them to stay – because moving involves a lot of paperwork and hassle. “Expect a call from your old bank offering a ‘better’ deal than the one you left for,” says Azzopardi, who adds customers are often their worst enemies in these situations. “They can convince themselves that, because their transaction accounts, credit cards or personal loans are with a particular financial institution, it would be too complicated or expensive to move their mortgage to another lender – even if staying is costing them more money each year.” Azzopardi says it’s a myth that people must shift all their accounts if they move their mortgage elsewhere and suggests customers test the market by comparing what other lenders are offering. Tip: Be open to having your transaction accounts with a different lender to your home loan. It could save you thousands a year.

4. Get your financials in order

Those seeking a home loan can push hard for a bargain by ensuring they have a good credit rating. If you only have a 5% deposit, this will need to be “genuine” savings – not dependent on your brother selling his car or a loan from a friend, says Azzopardi. “These are the things that make lenders nervous. If you’re in good financial health, and you can prove it, you’ll be in a much stronger negotiating position.” The goal is to be more than just “approvable”. Having enough savings to cover a minimum 5% deposit is just the start as you’ll also need to cover stamp duty and legal fees. Tip: Check your credit rating and, if needed, make changes to improve it before you go deal-hunting.To download the complete UNO eBook, How to Get a Discount on Your Home Loan, click here. How UNO can help To find out more, visit, book in a quick call with our customer care teamBook a call in with UNO

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Sally Mackenzie
February 19, 2024
We chose Uno Home Loans from their impressive web site knowing we were going to find it hard, on many fronts, to qualify for a home loan. We were incredibly fortunate to be assigned Mike Parsons as right from the get-go, despite the complexities, he hit the ground running for us. He was incredibly knowledgeable, with years of experience but what was immediately apparent and impressive was that he was totally invested in getting us over the line, doing absolutely everything possible, including working around the clock. Despite it being a relatively small loan in the order of things, Mike never missed a beat, getting docs ready, following up and answering every request from the proposed funder immediately. He kept us informed on progress the minute anything happened, and again if anything needed to be done, he was right on it. In short, we highly recommend Uno, and Mike, knowing what a remarkable job he did, over many weeks, to get us our loan. He got us a great deal, with far better rates than we expected, so we couldn't be happier. In fact, without doubt, you'd be hard pressed to find a more personable, sharp, hard working, dedicated professional who clearly prides himself on getting his customers standout results.
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February 13, 2024
Scott and his team were just A-mazing. We felt supported through the whole process with the greatest quality and care. Every question answered right in time, or even before we asked. The process was smooth and we got the best outcomes we could have wished for.
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Angela Biddle
February 6, 2024
Our mortgage recently came up for renewal, and with interest rates skyrocketing we were looking for ways to minimise the impact. Michael and his team were proactive and attentive. Michael spent time with us to understand our circumstances. He found mortgage options that worked with our current financial situation and longer investment plans. He presented clear options, providing guidance where needed. He and his team were helpful and responsive - streamlining the process and keeping us updated through the negotiations. In the end, Uno did the heavy lifting and secured a significantly better rate than our current bank offered, all with friendly, personal service. We would highly recommend UNO Home Loans.
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Fotis Bikas
January 15, 2024
I cannot help but congratulate Scott Wilkinson of UNO Home Loans for being an absolute credit to both his company and the entire loans industry. Scott is a truly rare gem of a broker in that he will not only go the extra mile to achieve for each customer the very best deal, but his knowledge of all and sundry within the industry is unsurpassed (you will see what I mean if you speak to him). Additionally, Scott has a clear passion for imparting his wealth of information with each customer, whereas the conversation with most other brokers would simply be over if they could not get you the best deal. For me, Scott Wilkinson of UNO Home Loans stands head and shoulders above the competition and I feel privileged to benefit both from his expertise and professionalism whenever it is time for a refinance or new loan.
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Tomoharu Matsui
January 11, 2024
Michael Parsons helped me a lot when it's difficult to establish my capabilities in loan.
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Gillian Kearon
January 9, 2024
I highly recommend Mike Parsons as a mortgage broker. I couldn't fault the service provided by UNO. Thanks Mike!
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Taner T
December 20, 2023
Thank you Eren Tan for the amazing service and support. Our Loan was a little tricky and complex for other lenders but Eren managed to get it over the line in record time. His professionalism and dedication to our needs was exceptional. If you need a Loan no matter how complex your situation, make sure you contact Eren at UNO Home Loans.
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Karaipu Brown
December 20, 2023
Buying & selling a house at the same time is very stressful but Scott Wilkinson from UNO home loans made sure we knew what was happening & took most of the stress away. He always kept us up to date and if we had a concern or wanted clarification on something we were able to call him, if he didn’t know the answer straight away he will find out and contact us back.. now we are enjoying our new house and turning it into a home :)
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Chris Anderson
December 18, 2023
Just completed my first loan with UNO which was so much easier than with other other brokers I have used in the past. Our broker MIKE PARSONS always had time for me and broke things down for me in the simplest of terms and was very patient with my silly questions and my constant changing of plans. I wish I had used them in the past as I wouldn't be in the situation I'm in now. Can't recommend them highly enough. Thanks UNO and Thanks MIKE 😊
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Stephen Broomfield
December 11, 2023
To be able to recommend Scott Wilkinson for your mortgage broker was a privilege. We had deals fall through but Scott supported, guided and stuck with us, proper partnership. The whole team at UNO helped us and supported us right through to after settlement. Made sure everything was correct and how we are progressing. Communication was amazing and straightforward and easy to understand. Transparent. We can not Recommend Scott and the team as Uno high enough. Use UNO with confidence.
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Tarek Hussain
December 6, 2023
Can't thank Amy enough for her hard work, dedication and determination on getting multiple loans completed for me. I wouldn't hesitate in recommending Amy and the Uno team to any of my associates. Will definitely be back in the near future!
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November 3, 2023
If you’re looking for a trustworthy, thorough, reliable & knowledgeable Mortgage Broker then you must call Anita Callaghan! I can’t even imagine how stressful this process would’ve been without her. Anita went above and beyond to make sure she answered every question, responded to every text (even on weekends/after hours), and followed up on every detail to ensure we had all the info we needed. Anita is a true people person who is warm, empathetic, kind and supportive. You can tell she loves helping people and loves what she does, which is probably why she’s so good at it! Can’t thank you enough Anita, or recommend you more highly! You’re the best!
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