How to make cash out refinance work for you

Australians are on the whole a pretty health-conscious nation. Not just in the way we live and eat, but more so now as we all take steps to keep ourselves, our families and our loved ones safe and healthy during COVID-19.
Meredith Williams

Australians are on the whole a pretty health-conscious nation. Not just in the way we live and eat, but more so now as we all take steps to keep ourselves, our families and our loved ones safe and healthy during COVID-19.

But Aussies’ bodies aren’t the only thing we should treat as a temple that needs regular check ups — we should think the same way about our home loan.

Why? Because saving money on your home loan might be what allows you to actually buy a temple one day.

So we can all agree, we know what a healthy body looks like – but do you know what a healthy home loan looks like?

Here are a few indicators you should be evaluating to ensure your home loan is still fighting fit.

Make sure you have a good rate

With the recent RBA announcement keeping the cash rate on hold at a historic low of 0.25%, now is the time to refinance. But never assume this means you automatically have your lender’s best rate, or the best rate on the market for that matter.

To give you an idea, lenders on our panel are offering super competitive rates currently starting from 2.19%1 (2.61% comparison rate)2.

You can easily find out if you could be on a better rate and saving money by refinancing in just a few minutes, simply by using our refinance calculator.

Make sure your signed up to receive notifications of rate changes

Don’t settle for the ‘set-and forget’ approach to your home loan. If you sign up to our loanScore and opt in for rate change notifications, we will send you an email every time your lender’s rate has changed so you can take action.

But it’s also so much more than this.

Think of loanScore as a free check-up for your home loan. It helps you understand whether your home loan is in good health. The lower your score, the higher the chance that you could save.

Getting your loanScore is super easy and only takes 2 minutes (less than the time it takes to blend a green juice!). All you have to do is:

  • Fill in your loan details
  • Get your loanScore
  • See how much you could save
  • Set a savings threshold for alerts
  • Take action easily

Sign up to loanScore here.

Take advantage of available home loan features

Does your home loan offer features like a mortgage offset account, which helps you pay less interest? Does it offer a redraw facility or even let you make additional payments on your home loan without being charged a fee?

Maybe you don’t have the features you need? There might be plenty of other products out there that will deliver, so why not shop around? Speak to one of our brokers today to find out if there is a better solution to meet your needs and goals.

Are you actively managing your home loan?

The answer is probably no – who has the time?

We do. In fact, that is all we do here at uno. Our job does not stop when we refinance, renegotiate or settle a home loan for our customers. If we find opportunities where customers can save, our experienced brokers can help negotiate better deals for them. So, why not let us manage your home loan?

Contact one of our brokers to find out how, here.

If you follow these easy check-up rules, you can be sure you’re never paying more than you should on your home loan, spending less time worrying about it (and more time at F45!).

Meredith Williams
* 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.