Why brand loyalty will get you nowhere

If there’s one thing that frustrates me more and more the older I get, it’s money wasting. I’m talking about frittering away funds on things that can be avoided: parking tickets, speeding fines, credit card late fees. The other thing that really erks me, partly because, like many people, I’ve become something of an eco warrior in recent years, is energy waste. My kids are terrible offenders. I’ll walk into a well-lit room at home with the TV blaring, only to find there’s no one in there. It’s a complete waste of electricity – and money that would be better spent elsewhere. I’m the first person to shop around at the supermarket to make sure i’m getting the best price. If Yorkshire tea is on sale one week, I’ll buy Yorkshire tea. If its Twinings the next week, I’ll happily switch to Twinings. A friend of mine bought Vanish stain remover for years to keep his shirts white, only to discover the supermarket home brand actually works a helluva lot better – and costs a fraction of the price. Whereas brand loyalty used to be huge, these days I think it’s fair to say we’re not as faithful as we used to be. We’ll happily swap Sultana Bran for Bran and Sultanas from Aldi if it’ll save us a couple of bucks; Mars bars for Titan bars. I loved it when the UK supermarkets brought out basket matching. They’d price match your goods with those from all the competitor supermarkets – your shampoo, cereal, soft drink etc. – and if your basket was found to be cheaper at the competitor, they’d knock the difference off your bill. Families can’t afford to be brand loyal these days. The cost of living is high – electricity prices rose by a steep 72 per cent between 2003 and 2013, and have increased a further 50 per cent in the past five years. Gas prices have also steadily increased, leading many households to turn to solar and battery power in a bid to cut costs (and save the planet!). The thing about loyalty is, it’s not always rewarded. As the chief executive of UNO Home Loans – an Active Home Loan Manager that brokers and helps you manage your home loan for the entire time you have a loan – we regularly come across people who are still on the same home loan they took out 10 or 20 years ago. Our research found one of the biggest drivers of household financial waste – up there with electricity and food waste – is home loan interest, which we found Australians are wasting an estimated $4.2 billion on each year. Home loans are a great example of where brand loyalty is not always a good thing. For people who have been on the same loan for 5, 10 or 20 years, it’s likely a lot has happened in that time. The value of their property has probably increased, interest rates have definitely fluctuated, and there’s now a whole lot more lenders out there offering competitive rates on home loans. Now I know plenty of people who keep regular checks on their electricity bill and who have no hesitation in switching providers. I have friends – probably more than those who are likely to admit it – who have been hit with a hefty speeding or parking fine. And did they change their behaviour? You bet. Yet when it comes to what is most likely their largest outpouring of waste – interest on their home loan – they set and forget, because this is what people have been doing for years and years. Our research found 53 per cent of borrowers don’t know what their current interest rate is (so they don’t know if it’s any good or not) and 59 per cent of borrowers have never asked their lender or broker for a better rate since getting their loan. At UNO, we’ve pioneered a way to save you money on your home loan. As an Active Home Loan Manager, we can find and broker the right home loan for your situation; monitor your existing loan and let you know whether it’s still the best rate available to you (even if you didn’t get it through us); help you renegotiate with your current bank or lender; and help you make the switch to a new bank or lender, if your current one won’t come to the party. We recently helped a couple drop their interest rate from 3.75 to 3.33, cut their loan term from 20 years to 14 and save $117,600 over the life of the loan – by switching lenders and consolidating their debt. UNO was able to find them a better deal and will continue to monitor their loan and let them know the next time a better deal becomes available. That couple can now spend their savings on something they really value. I’m all for spending money on items you know you’re going to appreciate – or experiences that create memories, like family holidays or a nice bottle of wine to celebrate a special occasion. For years I’ve coveted a swish pair of brogues, for example, and the other day I finally purchased them. Instead of having to replace my shoes every year, I now have a beautiful and sturdy pair of dress shoes that will last a lifetime. It’s interesting how we place value on some things and not others. What do you waste money on and what do you value? I’d love to hear your thoughts. And in the meantime, check out UNO’s loanScoreTM tool – it’s like a health ceck for your home loan and only takes two minutes. It won’t stop you speeding or parking in a no parking zone, and it won’t stop your kids leaving the lights on, but it could save you a great deal of money. Check your loanScoreBook 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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