The Active Home Loan Manager


Who is uno?

 

Getting a home loan with the help of uno

 

loanScoreTM

 

Who owns uno


What is uno?

uno is an Active Home Loan Manager, meaning we not only help find a great home loan deal from 29 Australian lenders (including all the majors and smaller lenders) but help keep you on a great deal. Here’s how we get active on your home loan. 

We analyse your home loan daily using our unique technology, loanScoreTM.
We alert you when your home loan is wasting money with regular updates and proactive alerts when your potential savings reach a threshold you set.
We act on your behalf to negotiate with your current lender or help you switch you to a winning deal. (Subject to lender assessment and approval)

Click here for our Active Home Loan Management Services Terms and Conditions.


Do I have to pay for Active Home Loan Management?

No. uno do not charge customers to have their home loans actively managed, for instance using loanScoreTM. If customers take out a loan or refinance their home loans with uno, we earn commission paid by lenders.

Click here for our Active Home Loan Management Services Terms and Conditions.


Do I have to have a home loan through uno to access Active Home Loan Management?

Absolutely not. We want all Australians to be able to have their home loan proactively managed to fight home loan waste and save. A good place to start is using loanScoreTM to analyse your current loan and see what options you have to save.

Click here for our Active Home Loan Management Services Terms and Conditions.


What is home loan waste?

We estimate Australians are wasting more than $4 billion in unnecessary home loan interest every year.* This is what we call home loan waste. Another way to think about it, is the cost of not taking action on your home loan. That’s why uno is here to fight home loan waste for you. 

*uno Home Loans Household Financial Waste Report July 2019, available here.


I’ve heard uno will renegotiate with my current lender. Is that correct?

Yes. Sometimes customers tell us they would rather stay with their current lender. However you can often get a better deal by renegotiating. With your authority, we are happy to help renegotiate your home loan deal.

Click here for our Active Home Loan Management Services Terms and Conditions.


How does uno make money?

Like other mortgage brokers, we get paid a commission when we settle a home loan and an ongoing trail commission every subsequent year a customer has that loan. But we’ll only present home loan lenders and products that match a customer’s needs, not based on how much commission we could get.

Click here for our Active Home Loan Management Services Terms and Conditions.


Does starting a home loan process with uno affect my credit rating?

No. Your credit information is only formally required and requested when you make an application with a lender. Using loanScore or supplying your personal and financial information to uno will not affect your credit rating at all.


What information do I need to provide to get a home loan recommendation?

uno has smart technology helping our brokers make recommendations on home loans that meet your needs. This process relies on some key information including: 

  • Your income & expenses
  • Any liabilities you have
  • Property details
  • Your credit history (we can get this without affecting your credit rating)
  • We have invested significantly in making this as easy as possible to provide. You can do it all from your phone or computer, typically in under 15 minutes.

What is loanScore?

loanScore is the cornerstone of Active Home Loan Management. It’s a simple way of seeing if your home loan is a good deal or not. loanScore analyses your home loan every day against 1000s of home loan options in the market.  Because the market is constantly changing, a good deal can quickly be not so good. The good news is, we’ll alert you when you can save simply by you notifying us of your savings threshold.

Click here for our Active Home Loan Management Services Terms and Conditions.


How does loanScore work?

Using the information you give us, we calculate a score based on how the loan you have compares with 1000s of loans from 29 Australian lenders. We give you a score out of 100 to indicate how good your current loan is. The higher the score, the better the deal. We’ll also show you your potential net savings over 3 years.

Click here for our Active Home Loan Management Services Terms and Conditions.


Am I guaranteed to get the savings loanScore shows me?

loanScore does not necessarily tell you whether you would be approved for loans with a higher score. Calculating a loanScore does not assess your credit record or ability to make the loan repayments, for example. Each lender has its own lending criteria, so it is possible that loans with a higher score would not be available to you.

Click here for more information on loanScore, how savings are calculated and our Active Home Loan Management Services Terms and Conditions.


Do the potential savings take into consideration my fees and costs if I change lenders?

The net savings number shown for refinancing is over 3 years and takes into account

  • Interest saved
  • Upfront costs including discharge fees, application fees and even LMI if applicable
  • Ongoing fees for the new lender
  • Lender rebates / cash backs (if any)
  • Any other rebates (if present)

It is an estimated number as future rates and ongoing fees may change. It does not take into account any ongoing fees you’re paying to your existing lender.

Click here for more information on loanScore, how savings are calculated and our Active Home Loan Management Services Terms and Conditions.


What if I don’t think the savings are worth the effort of switching?

No problem. We’ve added a savings alert  that lets you decide how much you’d want to save before you would consider switching. Once you have a loanScore you will see how you can set this threshold. We’ll only alert you if your potential savings hit that number.


What alerts and communication do I get from uno as part of Active Home Loan Management?

By signing up for loanScore you will get the following communication from uno, which you can change anytime in your online preference centre. 

  1. A regular monthly update of your loanScore and property value via email. (based on the latest information provided by you)
  2. Alerts when your potential savings hit your threshold amount.
  3. Alerts when your current lender offers a better rate in the market

Click here for our Active Home Loan Management Services Terms and Conditions.


How do lender alerts work?

We think it’s important to let you know if your lender makes changes to their interest rates. These may or may not affect you but it’s worth knowing so you can check. Some lenders are not proactive so you may not be able to rely on getting a notification from them.

When we update a rate from your lender in our platform we send you an email alert if you have this feature turned on. 

We recommend you check your online banking with your lender or next statement to see if your rate was affected. We then encourage you to go back into loanScore with this new information and score your loan again.


What if my current lender isn’t on uno’s panel?

We have 29 lenders on our panel, so chances are your lender is.  If not, we can still give you a loanScore and show what you could save with a better deal from our panel of lenders.


Who owns uno?

Vincent Turner is the founder and owner of uno, with Westpac as a majority shareholder.

Westpac backed the vision for uno to be the most customer-focused home loan service in Australia. Their support enables uno to continue to innovate to achieve our goal of growing prosperity for all Australians by helping them find, and stay on, the best home loan for them the whole time they have a loan. 


Does uno settle more loans to Westpac because of Westpac’s shareholding?

No. uno is built on the principle of matching customers to the right home loan for their situation.


Are uno brokers incentivised to favour some lenders over others?

No. uno brokers work on salaries. While uno gets paid a commission for loans settled, you can have confidence that uno brokers do not themselves receive any commissions or incentives from lenders.