Chris refinanced to pay for renovations

“All I was doing was servicing my old loan. I didn’t know I was allowed to use the equity to buy other things.”

When Chris La Fou met UNO founder Vincent Turner in a bar one night, the two got chatting about what most people chat to Vincent Turner about: home loans. There was a lot Chris didn’t know. The Sydney electrical network operator was frustrated as he’d been itching to renovate his Dolls Point home – but there was no flexibility in his mortgage. As interest rates went up, his mortgage repayments got indexed accordingly and he was unable to access any extra funds. “[My rate] went up to something like 8 or 9% at one stage,” he says. “I was paying that interest rate return but the current interest rate was only [around] 4.79%.”

“All I was doing was servicing my old loan. I didn’t know I was allowed to use the equity to buy other things.” Like many homeowners, Chris hadn’t considered refinancing his home loan. It wasn’t really something he knew much about. He didn’t know, for example, that one reason borrowers refinance their loan is to access the equity in their home. Borrowers often do this to renovate a property, consolidate debts – even to access money for a holiday or big ticket purchase. “All I was doing was servicing my old loan. I didn’t know I was able to do certain things or allowed to use [the equity] to buy other things,” admits Chris. “I thought it all had to go into your property.” Aside from the renovations, Chris also wanted to buy a car. And, if he was being perfectly honest with himself, the former surfer wouldn’t have minded a trip to Hawaii. He’d said no to the boys on multiple occasions but next time, he was determined to join them. Chris logged onto unohomeloans.com.au. After having a chat with UNO home loan adviser Paul Sealey, he switched lenders altogether from National Australia Bank to MAS.“The streamlining of that was smooth and once it all went ahead, it took a process of around four weeks to do,” says Chris. “Within a week [of settling] I had access [to the equity].” While Chris admits he found the process of refinancing online a little disconcerting at first, now that he’s gone through the whole process, he would definitely do it again. He enjoyed having a chat with Paul and settling with Crystal Bowman who offered support on the phone, which sped up the process and made the experience more personal, he says. uno customer Chris La Fou, centre, with uno adviser Paul Sealey and home loan support, Crystal Bowman.“UNO was actually quite upfront with regards to the process because with refinancing, a lot of institutions can delay the process with stalling tactics. Crystal was pretty spot on with regards to the timeframes.” Chris is now driving a Subaru Levorg and plans to start renovating his house after Christmas. He wants to give the place a paint, put down new carpet and bench tops and add a splashback to the kitchen. And he’s even said yes to the boys’ next trip to Hawaii. “I’ve got enough for the count now with something like $50,000 dollars on the side that I can use that for a trip away and for renovations that I actually want to do personally to my house. I’ll probably put plantation blinds up and then I’m thinking of getting an interior designer in. “All my debt now is tied into the one product, which I’m quite happy about. I consolidated all my debt into one. And I have a better rate of interest.” Chris says when he explained the situation to his mum, she thought he was a bit fruity. “She was really concerned. I said, ‘I’m actually getting a loan for my car. Instead of Paying 12 or 13% on a personal loan, in the end, you’re paying south of 4% on the mortgage.” He now pays a lot more attention to the market and interest rate movements. “I do take more notice now because inflation’s going to rise by the end of the year and [I’m considering] an investment property – maybe in the future.” Chris refinanced his loan over 25 years but plans to be out of debt in 8-10. “It’s allowed me to do a lot of things I didn’t think I could do,” he adds. “I’ve achieved everything I wanted to achieve.” If you'd like to talk to a UNO broker about how a refinance can help your renovations book a call with our customer care team today. 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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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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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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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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