Why are Australian homeowners rushing to refinance their mortgages?

Record numbers of Australian homeowners are rushing to refinance their mortgages to take advantage of steep drops in interest rates over the past few months. In May, a record 21,000 Australian homeowners refinanced $10 billion worth of home loans by moving to different lenders.

“I’m feeling really stressed and overwhelmed, maybe i need to do a better job of looking after myself…but how do I do that?” *Types furiously into Google*Trust me, Google doesn’t have all the answers. You definitely don’t need another scented candle or that new surfboard. Could it be that you’re feeling a little beaten down by money worries? Financial stress can adversely impact your sleep, self-esteem and your energy levels so rather than spending money, why not look for ways you can get on top of it and even save some? Here are our 5 of our favourite tips for financial self care.

#1 Accept your past money mistakes

We have all been there – perhaps it’s a car that you can’t really afford, or making one too many Iconic purchases each month (guilty!). Or maybe it’s not planning better for retirement or just living paycheck to paycheck. Well, it’s time to forgive yourself and make a promise that you will do things differently from today. Maybe you don’t know a lot about financial planning – that’s ok too. Many banking institutions offer financial planning services, maybe it’s time you picked up the phone and had a quick chat? There are also some great financial planning apps and tools to help you get started on a new budget or consolidating your banking info, like PocketBook or Money Brilliant. But, a really great place to start is just simply printing off your bank statements and going through them to tally up what you are really spending, and on what. Knowledge is power and a great way to understand your habits and behaviours with spending, so you can start to make a change.

#2 Get to know your spending habits

Our friend Olivia White from House of White is a budgeting goddess. Not only has she tackled a renovation and purchase of a new home in the last year, she’s made it look so easy. And now we know why. Olivia’s has created her own approach to setting a budget which is a simple and most importantly a quick way to get on top of what you’re spending. A quick print off of your bank statements, a highlighter and her step-by-step guide will have you ticking this off in no time. She has even created downloadable spreadsheets so you’re not having to fiddle around creating your own, plus they are so beautifully designed, it makes doing a budget pleasurable.

#3 Find ways to save big

Think about some of the biggest expenses in your life, these are probably the best ones to tackle first as they can often reap the biggest savings. Take for example, your home loan. It’s likely to be the biggest expense most of us will have in our lifetime. Did you know that Aussies are costing themselves more than $4.2 billion a year by not shopping around for a better deal on their mortgages? With rates so low and such a competitive lending market, there are tools available to help you find out if you could be on a better rate. One quick way to check is by using a refinancing calculator, such as loanScore. All you need is a few bits of information about your home loan and in two minutes you can see how much you could be saving, and decide whether you want to take action.

#4 Protect yourself from the unexpected

Why not set up an emergency fund – this can help you from borrowing money when unexpected costs pop up. You can always start with small amounts of money, perhaps even just setting aside $20 a week which can really add up (that’s $1,040 a year!). It might also be worth thinking about some sort of insurance, whether that’s for your health, your employment, your life or even your pets. Knowing there is a safety net in place for when things don’t go to plan can help take some of the stress and burden off your shoulders.

#5 Budget for something that truly makes you happy

I know, “budgeting” certainly isn’t a super fun sounding word. But, what if I told you if you started to think about budgeting less like a chore, and more like empowering happiness that it might help you pursue the life you want and the things that really matter. Cheesy, I know. But changing the way you think and speak about things can often lead to you changing the way you feel about it and look at it. Why not take some time out today to write down some of the things that make you happy and make sure you’re building out time and money in your budget/life to do these. Need some motivation? Why not check out some of these cool apps to get you started.

  • Track Your Happiness – Invented by Matt Killingsworth during his doctoral research at Harvard University, the App sends you questions about what you are doing and feeling at the moment. For every 50 responses, you will get a happiness report so you can recognise exactly what makes you feel the happiest.
  • Headspace – this App aims to help you live a healthier, more rested, and happier life with its mindfulness meditation and exercise guides.
  • Happify – Founded by three entrepreneurs in New York City in 2012, Happify aims to change people’s lives by providing ways to become happier. Life can be stressful. There are a lot of things to worry about, including work, kids, home, and a million other things. But despite all the obstacles and challenges that life may throw at you, remember that there is always a reason to be happy. And there are always tools and advice out there to help you make sure you’re living the best, and happiest life possible. Book in a quick call with our customer care teamBook a call in with UNO
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What our customers are saying

John Carlo Penaflor
June 24, 2025
5 stars for our service reviews from clients
Amazing service from Scott. Efficient, clear and fast. Got my homeloan refinanced in record time.
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Rebekah Tolmachoff
June 24, 2025
5 stars for our service reviews from clients
We had a fantastic experience working with Paul at Uno. From start to finish, he was professional, attentive, and genuinely cared about us and our situation. He kept in touch throughout the entire process, always keeping us informed and making everything feel simple and stress-free. Nothing was ever too much trouble, and his support made a big difference. Highly recommend Paul to anyone looking for a reliable and caring broker!
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Sally MacKenzie
June 10, 2025
5 stars for our service reviews from clients
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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Dylan Aubrey
May 31, 2025
5 stars for our service reviews from clients
Jesse did a great job with helping me secure my loan, will be using him again in the future
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Tom Deal
May 30, 2025
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This is the second time I’ve worked with Mike Parsons, and I wouldn’t go anywhere else for mortgage advice. He’s extremely knowledgeable, responsive, and always happy to help. Mike takes a consultative approach, presenting clear options and making the whole process stress-free. Friendly, professional, and genuinely invested in getting the best outcome. Highly recommend and will definitely use him again!
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ShelleyGawith Functional Nutrition
May 27, 2025
5 stars for our service reviews from clients
Paul was amazing to work with. He went out of his way to help us with every last question. He sorted everything out for us, was a wealth of knowledge in terms of who else to use to support us in the buying process. He made moving from New Zealand so easy. He explained everything to us in an easy to understand way. He really worked for us!!! Plus he's such a lovely funny guy, super approachable. Super responsive, has a great team. Totally took care of us in the whole process. I can't wait to use Paul again and would recommend him to every kiwi moving over and all our aussie friends :)
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Matt Carter
May 21, 2025
5 stars for our service reviews from clients
Paul from Uno has been amazing. Made it so easy! Highly recommend and made the finance process much more enjoyable experience for us.
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Timothy Semsarian
May 17, 2025
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UNO went above and beyond to help my wife and I with our home loan and settlement. Couldn’t recommend them enough - Jake Wood was an absolute legend! Kept us informed during the whole process and was very thorough with his work, even with a very tight timeframe. Thank you again for all your help, and looking forward to continue using your services!
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Patti Jo Mogensen
May 16, 2025
5 stars for our service reviews from clients
100% Rockstar. We found Paul and Uno Home Loans from recommendations from people who had used his services. We know understand why he comes so highly recommended. We definitely put Paul and his team under pressure due to an oversight our end which meant that he had to don his superman cape and work miracles for us. We didn't appreciate the very very short window we created for ourselves (think less than two weeks for settlement). Paul was able to wave his magic wand, come up with multiple solutions to our situation and make it all happen seamlessly. It goes without saying then, without reservation that we recommend Paul and his team as our trusted mortgage advisor! Thanks again Paul. *****The limoncello is on route we promise :)
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Lani Wards
May 13, 2025
5 stars for our service reviews from clients
Paul Davey worked very hard to get us the mortgage we required for our investment property. He is knowledgeable and approachable. Thanks Paul!
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Michael Badham
May 13, 2025
5 stars for our service reviews from clients
Our entire process with Uno went very well. We had a unique set of requirements for our loan and our super friendly broker Mike Parsons managed to secure us the perfect outcome. Mike also worked above and beyond our expectations to make sure the whole process of completing the documentation of switching banks went smoothly.
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Vanessa Koster
May 13, 2025
5 stars for our service reviews from clients
The service recieved from Paul was fantastic. He made the whole process stress free & easy. We started the process from NZ & Paul had everything ready for approval as soon as we landed in Aus. I would highly recommend Paul if you require a mortgage. You won't be dissapointed.
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