New laws could mean easier and faster home loans

But did you know that getting a mortgage or refinancing your home could soon be even easier thanks to planned changes in the credit laws? Here is what you need to know.

You have probably already heard of loanScore and are signed up to get alerts for when you could be saving money on your home loan by refinancing. Check your loanScore nowBut did you know that getting a mortgage or refinancing your home could soon be even easier thanks to planned changes in the credit laws? In an effort to boost lending and get the economy moving again, the government is freeing up lending laws, which it says are out of date. “These changes will make it easier for the majority of Australians and small businesses to access credit, reduce red tape, improve competition, and ensure that the strongest consumer protections are targeted at the most vulnerable Australians,” Treasurer Josh Frydenberg said when he announced the changes last week. The current rules are “overly prescriptive, complex and unnecessarily onerous on consumers”, Frydenberg said. The changes will remove the ‘one-size-fits-all’ approach to lending, and ensure loan applications consider the individual needs of the borrower and the type of loan they want. Want to see what loan is right for you? Start your application online nowFor example, lenders at present are required to obtain and verify extensive information about borrowers’ expenses, irrespective of the type of loan product or the borrower, but this will be reduced for some less-risky loans. As a result, lenders will be able to simplify their credit assessment process and get loans to consumers faster.

Simplifying loan applications

At present, lenders are required to check the information provided to them by borrowers in their loan applications and are responsible for this even if the borrowers have misled them. The government says this has made lenders overly cautious and restricted the number of loans they offer. Under the changes, lenders will be able to rely on the information provided by borrowers, unless there are reasonable grounds to suspect it is unreliable. The change will also speed up the loan application process, the government says. “As lenders can rely on the information provided by borrowers, the need for extensive verification procedures, which can often account for half the loan application process, will diminish,” the government said in its fact sheet on the proposed changes. “This will significantly simplify the loan application process for borrowers as they will no longer need to hand over superfluous amounts of information to lenders.”

Changes yet to come

The government says borrowers will continue to have strong consumer protection, by requiring lenders to be members of Australian Financial Complaints Authority. The changes haven’t been passed into law by Parliament yet and are not 100% guaranteed and we haven’t seen the fine print, so it would be unwise to plan to rely on them for a mortgage application. But for people currently saving for a home deposit, it’s good to know they’re in the pipeline. Book in a quick call with our customer care team.Book a call in with UNO

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Eden Harris
August 20, 2025
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Paul was awesome and handled my 1000 questions and follow ups like a pro. Happy with our home and loan :)
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Liam Johnson
August 9, 2025
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Fantastic service and great outcome. I have used Scott Wilkinson twice (initial finance and a subsequent refinance) and have found him to be responsive, reliable and knowledgeable - secured me a circa 1% rate reduction with minimal work involved from my end. Highly recommend.
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Birgit-Katja
August 7, 2025
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What a smooth, hassle free and stress free refinance with Jake. He took a very complicated loan from one bank to the other and not only saved us a lot of money but we basically also didn’t have to lift a finger in the entire process (apart from the basic paperwork needed). I am extremely impressed with Jakes knowledge and how he was able to answer questions and explain complications. Thank you Jake and the entire staff at UNO :)
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Justin Butcher
July 28, 2025
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PROFESSIONALISM PLUS Jake was very helpful in helping us achieve our dream. He is a very professional and informative person who goes out of his way to help his clients through a stressful time whilst making the whole process seamless. On top of this he can also help get better Insurances and is happy to assist where he can. We would absolutely recommend choosing Jake to help you! Thanks for everything it was a pleasure dealing with you.
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Aurora Tang
July 21, 2025
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Had a fantastic experience with Paul. He was knowledgeable, responsive, and made the whole process smooth and stress-free. Highly recommended.
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Just Abby
July 18, 2025
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My dealings with Scott Wilkinson at UNO, have been nothing short of exemplary. My refinance involved a bunch of moving parts due to a business debt, and Scott didn't stop until we got an excellent result! Great communication, easy online portals for data collection and, from all accounts, a great team working together to get results for their clients. I really can't thank Scott enough, for going the extra mile(s) to make this happen for me. 10/10 would recommend his services to anyone looking at a restructure, and I won't hesitate to reach out again, should I be in the position in the future.
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Matt Rose
July 11, 2025
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We’re incredibly grateful to Mike Parsons for his outstanding support and expertise. Mike took the time to genuinely understand our unique situation and demonstrated a deep level of knowledge and insight throughout the process. His ability to assess our needs and apply tailored solutions made all the difference. Thanks to his thoughtful approach and professionalism, we were able to achieve an ideal outcome that perfectly suited our circumstances. We highly recommend Mike to anyone looking for a knowledgeable and client-focused professional who truly goes the extra mile.
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Get About Guy
July 10, 2025
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The UNO Home Loans team provided a great experience. I'm an expat Aussie living in the UK who was looking for an investment property back home in Australia. Mike and the team guided me through the whole process from giving me an initial indication of how much I could borrow, to finding me a lender with an appropriate loan that met my needs, and finally through the settlement process with the bank. The team were always available to answer my questions very promptly. The whole experience was very easy and hassle free.
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Kylie Morgan
July 8, 2025
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Scott and the team were amazing. The entire process was so simple and so fast! Thank you!
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Gillian Kearon
July 6, 2025
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I highly recommend Mike Parsons as a mortgage broker. I couldn't fault the service provided by UNO. Thanks Mike!
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John Carlo Penaflor
June 24, 2025
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Amazing service from Scott. Efficient, clear and fast. Got my homeloan refinanced in record time.
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Rebekah Tolmachoff
June 24, 2025
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We had a fantastic experience working with Paul at Uno. From start to finish, he was professional, attentive, and genuinely cared about us and our situation. He kept in touch throughout the entire process, always keeping us informed and making everything feel simple and stress-free. Nothing was ever too much trouble, and his support made a big difference. Highly recommend Paul to anyone looking for a reliable and caring broker!
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