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

Could you get a better mortgage deal and save a bunch of money without all the unnecessary hoopla? By refinancing, absolutely.

One of the simplest steps to shaving years off your mortgage – and potentially saving thousands of dollars in the process – is to refinance. Yet many homeowners are missing out on the huge benefits that switching lenders can deliver. Refinancing can cost as little as a few hundred dollars and take just two days to complete. And while the cash rate is at a record low, lenders are more competitive than ever, offering lower rates to homeowners. UNO Home Loans has calculated that the average Sydneysider can save $3408 a year through refinancing. For Melburnians, it’s $2532. UNO’s head of home loans Jason Azzopardi says UNO has made it quick and easy for customers to refinance. “From the moment we receive proof of income and identification and a few other details from our customer, we can have the application lodged the same day,” he says. “The turnaround time to refinance is about two to four days, depending on the lender.” Azzopardi says it’s a mystery why more Australian mortgage holders don’t refinance to unlock a better deal. “It could be that they can’t be bothered refinancing or may have a misconception that it’s expensive,” he says. “Banks used to charge customers significant fees when they refinanced but, fortunately, regulation has removed exit fees in most cases. It can now cost as little as a couple of hundred dollars to refinance a variable rate loan.” How much can I save by refinancing?Use UNO's calculator to estimate your savings. Calculate Savings

How UNO helped a customer shave thousands off their mortgage

UNO recently helped a couple who were two years into their mortgage. Starting on a fixed rate with ING, the couple’s fixed period had ended and they’d been moved to a standard variable interest rate. The couple had taken out a personal loan for a car and had four credit cards. The interest they were paying on their car coupled with their credit card debt was higher than the interest they were paying on their home loan. UNO helped the couple by switching their lender to MAS and got them a new, lower interest rate. UNO also consolidated their debts. The couple was able to reduce their monthly expenses quite considerably, get rid of their credit cards – and they had enough cash leftover to pay off their car loan. “Because we’d only paid off two years of our 30-year loan term, going back on a 30-year loan wasn’t a big deal to us,” the customer says. “We have no credit card repayments or car payments, are in a better financial situation and are able to save a lot more money and put it back on the mortgage.”

What many people don’t know

At the completion of the fixed rate term, lenders generally automatically switch their customers to their much higher “standard” variable rate. Borrowers should be aware of this if they want to avoid paying a higher rate than they need to be. UNO actually has reminders built into its system to alert customers about the end of their rate term and check if they want to stay with their current rate or move to a different one – and a different lender. UNO takes the face-to-face element out of refinancing, making it easier for people with busy lifestyles to learn about their options. A UNO adviser will find the loans that suit an individual’s needs and make the application on their behalf. “The benefit is people don’t have to come into an office when refinancing and have their day disrupted,” says Azzopardi. “At UNO, we do all the work for you to find a more affordable rate. Our technology accesses 95% of the Australian home loan market.”

Review your mortgage frequently

Azzopardi encourages homeowners to regularly consider refinancing. “People look at their mobile phone bill and credit card bill every month but don’t assess how much their home loan costs, so it’s important to have an annual review of your loan to see if it’s still competitive. “There is no point paying more than you have to for a home loan under any circumstances,” he adds.

Reasons to refinance:

  • Lower your mortgage repayments
  • Pay your mortgage faster
  • Get rid of unwanted loan features
  • Debt consolidation
  • Unlock equity in your home

What to do next

UNO will do the refinancing calculations and assess your unique requirements to see if you will come out on top when switching loans. Ask about how refinancing will improve your financial situation and suit your goals as well as how much you’ll save over the course of the loan. A loan with the lowest rate will not always have the right conditions and may cost more in the long run – we can help decipher the ins and outs for you.

Top tip

Here are

two good ways to refinance according to UNO’s CEO Vincent Turner:

  1. Look at loans on the same loan term as your current existing mortgage and compare rates; or
  2. Look at your existing monthly repayments and calculate what those would be with the new loan. Chat with a UNO expert to find out more.This information is general in nature and you should always seek professional advice when making financial decisions. Book 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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Rod
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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December 6, 2023
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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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