How home loan digitisation is helping homeowners and investors

UNO home loans

The home mortgage is moving into the digital age and has been sped up as a result of coronavirus and many borrowers will benefit from this with easier and more convenient loans and more borrowing options.

The home mortgage is moving into the digital age and has been sped up as a result of coronavirus and many borrowers will benefit from this with easier and more convenient loans and more borrowing options. Many lenders have responded to the social distancing rules required by COVID-19 by allowing the online verification of customers’ identities rather than requiring them to meet personally every time. Lenders are also accepting e-signatures and doing online property valuations, which means a cheaper and faster process for the customer. Vincent Turner, Founder at UNO Home Loans, says that taking away some of the manual steps for getting a home loan lets customers switch lenders more easily and will help ensure they always are on a great deal.

No need to visit a bank branch

UNO has been using digital IDs of customers for a long time, but when it came time to sign the loan, many lenders insisted the customer come into a branch for Verification of Identification, or VOI as it’s known. The COVID-19 crisis has changed that, with more lenders accepting a digital ID provided by the client’s broker. It’s a simple process (3 key steps) and is designed to ensure we protect your identity and avoid any risk of fraud:

The client sends a photo or scan of their ID document like a passport or driver’s license to the broker.
Next during a video call between the client and their broker on Skype, Zoom, Google Meets or any other meeting app, the broker saves a screenshot of the client holding up their photo ID to confirm they are who they say they are
The final step is for the broker to confirm the ID document is genuine At the same time more and more lenders are accepting the use of e-sign signatures on application forms and mortgage documents instead of paper signatures. Taken together, these developments mean more and more property owners can complete their mortgage application and signing without having to leave home to visit a bank branch.

The age of the automated property valuation

Property valuations – which banks require before they will lend against a property – are also changing. Lenders are using more automated valuations, where a computer algorithm assesses the value of a property, and more desktop valuations, where an analyst does an online valuation by using publicly-available information such as the size of a property and its location. While lenders still require in-person valuations for some properties, the digital valuations are becoming more common and mean borrowers don’t have to go to the trouble of coordinating times with the valuer and letting them into the property.

Easier switching for a better loan deal

For Vincent Turner, making home loans easier and more convenient is a key part of UNO’s offering, because it removes barriers to switching lenders and negotiating a better loan deal. Getting the great deal isn’t just about the start of a mortgage, it’s also about making sure you have a great deal throughout the life of your loan, and that’s why borrowers need to have the option of easily switching lenders, Vincent says.

Digital tools to calculate the real cost of home ownership

Having digital tools at your fingertips like online mortgage calculators and home loan health check tools is something that we have been pioneering since we started 4 years ago. If you’re already a homeowner you might be interested in one of our most regularly used tools is loanScore. It’s an online tool, completely free – and once you’ve signed up it regularly alerts you when you could be saving money by refinancing or changing lenders. Check your loanScore here.We also have a number of online calculators like our How Much Can I Borrow?, Calculating Stamp Duty and Home Loan Repayments Calculator ensure that you are well informed before you start the home loan process. We also have online tools such as our Mortgage Holiday Calculator or our Newsroom that offers loads of helpful information, tips and advice online. Wherever you are in your journey, we encourage you to seek out all the great digital tools and resources out there at your fingertips so you can be informed, take action quickly and easily. Book in a quick call with our customer care team.Book a call in with UNO

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TESTIMONIALS

What our customers are saying

Nadine Steffens

April 19, 2024

Scott and the team at Uno are absolutely 💯 amazing. I don't think I could have done my loan on my own. They are highly motivated and I do recommend them.

Andrew

April 16, 2024

Dealing with Scott Wilkinson was an absolute delight. Scott is tenacious, hard working and readily available. He made a very stressful process for me and my partner smooth sailing. Would highly recommend.

Liam Sugiono

April 15, 2024

Amy and her team were efficient and knowledgeable as our broker. They were easily contactable and ensured all our needs were met.

Mike Vincent

April 10, 2024

Andrew is the best broker I have worked with and one of the few people who understands the investment journey from both a personal and professional standpoint. Andrew is an asset to anyone from a first home buyer to a seasoned investor.

Yu Su

April 9, 2024

Amy was very help and quick respond when I have questions. Really recommended.

John Cahill

March 7, 2024

Scott Wilkinson was my broker last year when I sought finance for a new property investment and refinance for my property port folio. He was an absolute delight to work with. He was always professional, on time and always available to talk at a moment's notice to discuss my credit options and give well considered advice; usually this was very much after-hours due to my work commitments during the day. He was always happy to talk. I had not used a mortgage broker in a long time opting to do the re-financing myself. This was primarily due to disappointing experiences I'd had with mortgage brokers in the past. However with the increasing complex nature of dealing with credit providers, I could see that I needed a good advocate to act on my behalf for this particular refinance. In all honesty I did not hold much hope that in the current credit environment I would be able to secure the finance I required for the new property investment I was wishing to secure. Scott found a way however and was able to secure the finance along with the refinance of my portfolio. I have since referred friends to Scott and I know they have been very happy with his work. He is ideal for property investors who have busy day-jobs and need someone who understands property investment strategy and is able to tailor credit advice and options to their needs. Scott provides this advice and information in a way that is clear and concise. He kept me up to date continually during the application process. He made what could have been a very stressful and frustrating process easy and straightforward. I could not recommend Scott and the team at UNO Home Loans more highly. They are all a delight.

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.

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.

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.

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.