A couple of months ago, Lee and Danny Lythgo were shopping for rates online. The couple were nearing the end of a fixed loan term with one of the Big 4 banks and wondering if there were better loan options available to them.
uno Home Loans came up in their feed and Lee clicked on the link. As an Active Home Loan Manager, uno not only brokers loans from 30 lenders (including the Big 4), it continues to monitor customers’ home loans and lets them know when there are better loan options available.
This was great news to Lee and Danny, who were keen to lower their interest rate and consolidate their debt. With a number of credit cards and personal loans, the Lythgos had accrued some additional debt to their loan they were eager to pay off as soon as possible.
Refinancing to pay off debt and get a lower rate
After uno’s loanScoreTM technology identified some better rates in the market, one of uno’s customer service team got in touch with Lee to find out more information.
“Maria was lovely and understanding of our current situation. We were in a fixed rate arrangement with one of the Big 4 banks for another month or so. We arranged to make contact again a couple of weeks prior to the expiry of the fixed term so some investigation could be undertaken,” says Lee.
From there, the Lythgos were introduced to one of uno’s brokers over the phone to go over some details: current interest rate (3.88%), current lender (Westpac), years remaining on the loan (20), value of the property etc. “Akin was also terrific to deal with,” says Lee. “He spent about one and a half hours speaking to us to gauge our current situation, what we were hoping to achieve by refinancing, as well as our longer term plans. He was very thorough and understanding.”
As the only Active Home Loan Manager in Australia, uno proactively keeps an eye on its customers’ home loans to make sure they’re still the best fit for their situation. Interest rate movements, fluctuating property prices – and personal changes such as pay increases – can all affect how ‘good’ someone’s home loan is. Because the Lythgos had been on a fixed rate for a few years, it was likely there were now better interest rates around.
uno can negotiate with your lender – or switch you to a new one
The thing that sets uno apart from other brokers is its Active Home Loan Management proposition. uno can help customers refinance their home loan by negotiating with their current bank or lender for a better rate. Or, if their current bank or lender won’t come to the party, uno can also help customers switch over to a new bank or lender – a process many people find daunting or awkward.
For the Lythgos, having uno actively involved in refinancing meant removing a lot of the stress from the process – and also freed up their time to spend on something they’d rather be doing.
“Remonda’s role was to guide us and help us through the refinancing process with CUA (Credit Union Australia), who were identified as having the best refinancing option for our purpose,” explains Lee. “The amazing responsiveness of Remonda’s communication and guidance, assisting me in getting all the ‘ducks in a row’ was impeccable.”
With the help of uno, the Lythgos were able to switch lenders from Westpac to Credit Union Australia (CUA) and get a better rate, now reduced by 0.42%. They sliced their remaining loan term from 20 years to 14 – and reduced their monthly repayments by $700. By consolidating their credit card and personal debt into the same loan, the repayment they’re making each month is now more manageable and not only paying for their home, but paying off their debt as well. Plus, uno was able to save the Lythgos $117,600 over the life of the loan.
As Australia’s only Active Home Loan Manager, uno can:
- Help you get the right home loan for your situation
- Monitor your loan and let you know whether it’s still the best loan available to you (even if you didn’t get it through us)
- Help you renegotiate with your current bank or lender, if your current loan is no good
- Help you switch banks, if your current bank or lender won’t come to the party
All this ensures you are winning at home loans, all the time.
As a loanScoreTM subscriber, what do I get?
- A dedicated mortgage adviser who you can ask anything home loan or property related. Their job is to ensure you win at home loans and spend less time thinking and worrying about this stuff.
- loanScoreTM, our unique technology that monitors your home loan/s daily to know if you’re getting a good deal or not (even if you didn’t get the loan from us).
- Amazing tools including property reports, borrowing power calculators, education and articles, checklists and more.
What does it cost?
uno doesn’t charge a fee to customers to actively manage their home loans.
Who is uno?
uno is Australia’s first active home loan management service helping Australians to broker a better home loan and stay on a better home loan as long as they have one. uno uses the power of technology, a smart digital platform helping customers find and apply for a home loan across 30 top Australian lenders, and a team of home loan specialists helping customers negotiate with lenders and navigate the home loan process. uno is different because they are proactive in finding savings for customers via a three stage Active Home Loan Management System, analysing home loans every day, alerting customers when they can save and acting on their behalf to either renegotiate a better deal with their current lender or switching them to a new lender.
This information in this article is general only and does not take into account your individual circumstances. It should not be relied upon to make any financial decisions. uno can’t make a recommendation until we complete an assessment of your requirements and objectives and your financial position. Interest rates, and other product information included in this article, are subject to change at any time at the complete discretion of each lender.