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

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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