3 reasons to act now before the return to better times

It’s easy to get caught up in the doom and gloom of the COVID-19 crisis. But for those who are looking to save money on their home loan, invest in a property, or even buy their first home – there are good reasons to act now.

It’s easy to get caught up in the doom and gloom of the COVID-19 crisis. But for those who are looking to save money on their home loan, invest in a property, or even buy their first home – there are good reasons to act now. Book in a quick call with our customer care team.

1 – Refinance

With interest rates at record lows, there are big savings to be made on your home mortgage. If you’re in a position where you can refinance you may be able to get a lower rate and to take advantage of generous cash back offers of $2000 to $4000 from lenders, which may be more than enough to cover the cost of refinancing. UNO home loans adviser Paul Sealey has calculated the sorts of savings that are possible using the below example as an illustration. Someone with a loan of 600,000 with 28 years left to pay at an interest rate of 3.5% is making monthly repayments of $2,820. If they refinanced their rate to 2.8% then their monthly repayments would drop to $2,578, and they would save $75,780 in interest over the life of the loan. Alternatively, if they refinanced to the lower rate but kept their repayments the same, they would pay off their loan in 25 years and save $116,000 in interest. The actual rate that you are able to secure will depend on your circumstances.

2 – Renegotiate

You might prefer not to gather the paperwork and deal with the loan discharging that comes with refinancing to a new lender. Alternatively, your income might have dropped and refinancing might not be a viable option. In which case, renegotiating with your current lender could be a good option. While savings might not be as large, a lender will often reduce your interest rate when challenged to do so. This is something UNO helps customers with all the time, speaking directly with a customer’s lender on their behalf. “You could get the interest rate savings without having to go through the whole process of a refinance,” says Sealey. Furthermore, the option of refinancing might still be available down the track when your circumstances change. UNO offers this renegotiation service for free.

3 – Get ready for an investment property

The housing market has largely come to a standstill, but if you’ve been thinking about buying an investment property, this could be the time to make sure you’re ready for when the property sector gets going again. With some analysts forecasting falls in property prices, if an investment purchase is right for you, you may be able to acquire an investment property at a lower price than before. As and when we can all start safely going to open houses, you could at least get pre-approval for your investment loan so you’re ready for when they do. Most lenders’ loan approvals last for three months and you can apply to extend for another three month period. Additionally, lenders are now adapting and are making it easier for borrowers to prove their identities from home, rather than having to visit their lender. It’s a good idea to consult a mortgage broker, who can help collate the necessary documents. You should also contact your financial advisor, who will be able to help you understand how the investment will work for you and the most tax-effective way to structure the purchase. If you take action now, you could set yourself up to execute your investment strategy. We do understand that there are also a lot of people who have lost their jobs and livelihoods while others have seen the value of their assets and investments shrink or even disappear. If this is you, we have some articles that can help you understand your options in our Newsroom which we recommend you check out. There is a lot of helpful information to understand what options are available to you and to help you make the best financial decisions for your situation. It’s easy to get caught up in the doom and gloom of the COVID-19 crisis. But for those who are looking to save money on their home loan, invest in a property, or even buy their first home – there are good reasons to act now.

1 – Refinance

With interest rates at record lows, there are big savings to be made on your home mortgage. If you’re in a position where you can refinance you may be able to get a lower rate and to take advantage of generous cash back offers of $2000 to $4000 from lenders, which may be more than enough to cover the cost of refinancing. UNO home loans adviser Paul Sealey has calculated the sorts of savings that are possible using the below example as an illustration. Someone with a loan of 600,000 with 28 years left to pay at an interest rate of 3.5% is making monthly repayments of $2,820. If they refinanced their rate to 2.8% then their monthly repayments would drop to $2,578, and they would save $75,780 in interest over the life of the loan. Alternatively, if they refinanced to the lower rate but kept their repayments the same, they would pay off their loan in 25 years and save $116,000 in interest. The actual rate that you are able to secure will depend on your circumstances.

2 – Renegotiate

You might prefer not to gather the paperwork and deal with the loan discharging that comes with refinancing to a new lender. Alternatively, your income might have dropped and refinancing might not be a viable option. In which case, renegotiating with your current lender could be a good option. While savings might not be as large, a lender will often reduce your interest rate when challenged to do so. This is something UNO helps customers with all the time, speaking directly with a customer’s lender on their behalf. “You could get the interest rate savings without having to go through the whole process of a refinance,” says Sealey. Furthermore, the option of refinancing might still be available down the track when your circumstances change. UNO offers this renegotiation service for free.

3 – Get ready for an investment property

The housing market has largely come to a standstill, but if you’ve been thinking about buying an investment property, this could be the time to make sure you’re ready for when the property sector gets going again. With some analysts forecasting falls in property prices, if an investment purchase is right for you, you may be able to acquire an investment property at a lower price than before. As and when we can all start safely going to open houses, you could at least get pre-approval for your investment loan so you’re ready for when they do. Most lenders’ loan approvals last for three months and you can apply to extend for another three month period. Additionally, lenders are now adapting and are making it easier for borrowers to prove their identities from home, rather than having to visit their lender. It’s a good idea to consult a mortgage broker, who can help collate the necessary documents. You should also contact your financial advisor, who will be able to help you understand how the investment will work for you and the most tax-effective way to structure the purchase. If you take action now, you could set yourself up to execute your investment strategy. We do understand that there are also a lot of people who have lost their jobs and livelihoods while others have seen the value of their assets and investments shrink or even disappear. If this is you, we have some articles that can help you understand your options in our Newsroom which we recommend you check out. Book in a quick call with our customer care team.There is a lot of helpful information to understand what options are available to you and to help you make the best financial decisions for your situation. 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.Book a call in with UNO

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Sam Rezai
October 2, 2024
I have gone through 6 different mortgage brokers prior to meeting Andrew Wyers. He is the most patient mortgage broker I’ve encountered and also the most knowledgable about the bank’s lending process and products available. It took me 1 year to find a house I was happy with and Andrew was always there to assist with any issues or questions I had; he always return my phone call, even on the weekends or when his away on holidays. The loan process was smooth and I had no complications. The process with Andrew was again nice and easy, he took the time to find and put together the right package that was suited to my situation. I have recommended Andrew to my family & friends and everyone have been grateful and completely satisfied with his service.
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S Wilko
September 23, 2024
I had not dealt with Scott or UNO before finding them on the internet. Even as an Australian citizen living and working overseas, I knew obtaining a loan would be difficult. However, Scott went above and beyond what I expected from a mortgage broker. I genuinely don’t think you could find another company that works as hard as they did to get my home loan approved. I cannot recommend them highly enough. Everyone I dealt with at UNO were extremely professional and helpful. If you are looking for a broker, you would be mad not to give them a go. Thanks to Scott Wilkinson, Dalby Bajwa, Jena Lasquite and Andrew Pacini. Shaun.
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Shan Liao
September 3, 2024
I had an outstanding experience with Tian Liu. He was incredibly professional and attentive, going above and beyond to meet my needs. His expertise and dedication made the entire process smooth and stress-free. Tian's deep knowledge of the market and commitment to finding the best solutions for his clients truly sets him apart. He was always available to answer my questions and provided invaluable guidance throughout. I highly recommend Tian Liu to anyone in need of a reliable and skilled broker!"
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Nathanael Chin
September 3, 2024
Tian Liu provided exceptional service throughout the entire process. His professionalism and keen attention to detail were evident from the start. Tian consistently kept us informed and offered insightful advice that made us feel confident in our decisions. He truly cares about his clients and works tirelessly to ensure the best possible outcome. We couldn't be happier with his assistance and highly recommend Tian to anyone looking for a trustworthy and knowledgeable broker.
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Patrick Winters
August 14, 2024
For the past three years, it has been an absolute pleasure to work with Mike Parsons. He has consistently helped us navigate commercial property loans with skill and efficiency. Mike’s timely and professional responses to our inquiries have been invaluable. We have built a strong, reliable relationship with him and eagerly anticipate continuing our collaboration in the future. We highly recommend his services.
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Lee Robibaro
August 6, 2024
I am so thankful and grateful to have Scott Wilkinson as my broker. He not only looked after me every step from start to finish he gave me confidence and I was able to trust him and his expertise. My children and I are now happy in our new home and very appreciative of Scott's help. I will definitely be only having Scott as my broker from here onward as there is no mucking around and straightforward answers. Thanks again
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Steve Mav
August 6, 2024
Scott and the whole team at uno have been amazing. Super responsive and helped us achieve a result that we couldn’t have possibly achieved on our own.
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Thien Pham
August 5, 2024
Scott, Dalby and Jena were awesome to work with for my recent Home Loan, they are responsive and knowledgeable - which helped ensure a smooth purchase from pre-approvals to settlement. This is the second property I've purchased with UNO as my mortgage broker and would definitely recommend their services. Thanks again to the UNO Team for the awesome support.
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Scott Hutchinson
August 5, 2024
I am writing this summary in support of recommending Mike Parsons as a Mortgage Broker. At the time of writing this, I have known Mike for 4 years and he has executed 4 mortgages deals for me (including 2 refinances) over that time. Mike has provided me incredible service as a mortgage broker as follows : - Works painstakingly on getting the scenarios together to provide you options that optimize your position. - Works inordinate hours on the detail necessary to support the scenarios. - Mike keeps you updated on the status and progress of the applications and also helps you work through answering questions and any complexities that may arise. -In my cases, given the complexities and timings of my situations , these application processes would take many weeks to finalize . Mike never gave anything other than utter commitment and focus to getting the job done. Mike acts as a true business partner throughout this whole broker /mortgage journey. I simply would only go to Mike for any future dealings on getting a loan from a bank (and as will my kids in the future !) . There is no way a bank (I have seen anyway) would provide this kind of time nor service to a customer. You can rest assured that once Mike has done the deal, you have ended up with the most optimized position taking into account all the variables/scenarios in play. Scott Hutchinson
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Jason Seam
August 5, 2024
I've worked with Scott Wilkinson for my last 2 properties and he's been excellent. He sourced multiple options and didn't push a specific bank, tailoring his recommendations to me based on my requirements. I was specifically requesting a "medico loan" and Scott could navigate that extra requirement with expertise. When I was initially working with Scott, I was also trialling 2 other brokers and neither of those 2 had the same breadth of lenders, or could provide the same deals. I've referred multiple buyers to Scott and his team; one of them said to me after working with him, "how'd you find this guy, he's so good compared to all the other broker's I've worked with!" I'm going into my next purchase with Scott as my broker partner again. I recommend him to everyone
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Tina Anderson
July 29, 2024
My experience with Mortgage Broker - Scott Wilkinson, and his team - exceeded my expectations! I couldn’t be happier after settlement - in this current financial climate. He listened to what my requirements were in a loan and then devised a suitable plan for me moving forward. Which was something I didn’t think was possible to achieve. I strongly believe that Scott’s qualifications and previous experience in the Finance Sector - sets him apart from other Mortgage Brokers as he has more insight into the industry and the needs of the customer. Scott was professional, provided solid options, was timely with communication and gave great advice. I will definitely be using Scott’s services in the future and I highly recommend him to anyone as a Mortgage Broker.
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Marlon Baena
July 22, 2024
Karis dedication to assisting with our home loan, even while I was on holidays, truly exemplifies a commitment to excellent service. It's the small things that often make a big difference, and it seems Karis attention to detail and clear communication were key to our smooth home purchase. I highly recommend using UNO and Karis for your home loan needs.
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