Most Aussies feel they got a dud deal on their home loan

Half of all Aussies aren’t confident they have the best home loan deal, and yet, 63% haven’t bothered to shop around for a better rate. Sound familiar?
uno home loans

Over half of Australians aren’t confident they have the best home loan deal, but they’d rather bury their head in the sand than deal with the refinance process, new research has found.

The study by CoreData, a leading global research house, found that 52% of Aussies aren’t confident they have the best home loan deal. But, despite their lack of confidence, 63% haven’t refinanced. Does this sound familiar?

Graph showing how many Australians think they already have the best home loan

If more than half of existing mortgage holders believe they can get a better deal elsewhere, why aren’t they doing anything about it? To put it bluntly, they can’t be bothered. Of those who haven’t switched, 74% of Aussies haven’t because they are turned off by the effort.

The cost of apathy is huge! It’s estimated that on average, the Aussie borrower is paying an additional $14,000 over the life of the loan*. It’s no wonder the major banks report record profits year in, year out.

“If you’re unhappy with your current home loan deal but stay anyway, you’re effectively paying an inertia tax,” says Vincent Turner, founder and CEO of uno Home Loans.

uno Home Loans, an online mortgage broker that connects the powers of smart tech and expert advice, has just launched a new online platform that’s changing the way Australians refinance their home loans. Refi.com.au takes a customer through to the deals they’re eligible for online in under 10 minutes. Customers can do it on their mobile phone on their way to the office.

Find a deal

So how does it work?

It all starts with a goal. Simply tell the system what you are looking to achieve by refinancing. For instance, are you looking to lower your monthly repayments or do want you want to pay off your loan faster?

Next, enter the address of the property you are looking to refinance. Refi.com.au is built on some seriously impressive tech. The system will recognise your address and pull back your current home loan interest rate and repayments, plus, an estimated value of your property!

Refi.com.au takes a customer through the refinance process online in under 10 minutes and they can do it on their mobile phone.

Now it gets really interesting. Refi.com.au will compare your existing home loan against thousands of loans across the market and return the best products for your unique situation and needs.

Easily verify your financials and identity online and, in only a few minutes, you’ll receive a personalised shortlist of loans. Then choose which one suits you best. No paperwork is required. It will not impact your credit score and you’ll have access to expert advice when you need it.

“The research is clear, people don’t refinance because the existing process is time-consuming, onerous and stressful. Refi.com.au flips the process on its head,” Turner says.

Take a look for yourself. It may have taken you longer to read this than it will to save $14,000.

Source: CoreData mortgage holder survey on behalf of uno Home Loans n=1,500. Savings calculations based on a $500,000 principal and interest home loan. Average loan is $500,446 according to the AFG Mortgage Index January.

It’s important to note that the information we give here is general in nature – no matter how helpful or relatable you find our articles. Even if it seems like we’re writing about you, it’s not personal or financial advice. That’s why you should always ask a professional before making any life-changing decisions.

uno home loans
* Three year fixed rate, owner occupier, P&I loan with a maximum LVR of 95% and a loan amount >$150,000. Lender rates and products may change. We cannot suggest you remain in or switch to any loan until we complete our assessment. Fees and charges apply. ^ WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rate is calculated on the basis of a loan of $150,000 over a term of 25 years. ± All loan applications are subject to uno assessment and lender approval. uno does not guarantee that it will be able to find a customer a better loan than the one they currently have or to save them money.