This Valentine’s Day, play the field with your interest rate and trade up to a lender that loves you back

When couples cheat, it’s usually seen as scandalous. But when it comes to home loans, being unfaithful can actually be a good thing. Double-crossing mortgage holders – that is, those who shop around for a better deal – pay 30 basis points less on their home loan than those who stick to their current interest rate, UNO Home Loans has found. Research conducted by Core Data on behalf of UNO found 70% of Australian men and 60% of women ‘play the field’ and look for better offers than their current lender can provide. Those who do, ultimately end up paying less over the life of the loan ($1,092* per year on a $500,000 mortgage or $32,760* over a 30-year loan) than those who stay faithful. “Banks don’t always love you back for blind loyalty and not looking over the fence can have a significant cost,” UNO Home Loans chief executive Vincent Turner said. The survey of 1500 Aussie mortgage holders found homeowners who compare their rate against the market every six months tend to have an average interest rate of 4.27% compared to the 4.58% interest rate paid by those who resist the temptation to look elsewhere. Interestingly, male homeowners are more likely to cheat on their lender than women: 70% having a wandering eye compared to just 60% of female homeowners. Turner said the suitability of a home loan can change depending on a customer’s circumstances so it’s important for home owners to review their rate periodically to ensure it’s still suitable. “You may have drifted apart from your lender over the years and they may not suit your current needs – it happens,” he said. “Interest rates are sitting at low levels, so it’s a great time to play the field with your home loan rate and trade up to a lender that loves you back.” Find a deal

Key research findings**

  • 65% of Aussie mortgage holders compare their home loan interest rate against the market while a faithful 35% say they never compare
  • 70% of men look at other options compared to just 60% of women
  • Average interest rate of homeowners who compare their rate every 6 months: 4.27%
  • Average interest rate of homeowners who compare their rate every 12 months: 4.39%
  • Average interest rate of homeowners who never compare their rate: 4.58% *Calculation by UNO Home Loans comparing the mean interest rate of 4.27% among mortgage customers who compare their rate every six months with the mean rate of 4.58% among those who never compare using a $500,000 principal and interest loan over a 30-year period**Research conducted by Core Data on behalf of UNO as part of a study of 1,500 Australian mortgage holders.Book a call in with UNO
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I only have praise from my Uno experience! I was a broker sceptic, having done all of the hard work myself for my first two property purchases and sale. I'm now a proud broker advocate having used UNO (Karis Churchill) for two refinances and purchase. The value add Karis brought cannot be underrated! Not only has Karis got me the best rate, with a bonus cash back (nearly unheard of in this climate), she has done it with the least back-a-forth and with the least administrative burden on me (the thing that can deters people from refinancing to begin with). Karis is always on top of everything. Karis knows her stuff. She is the most responsive of any professional service provider I've ever used (my banker never text with an update at 7pm on a Sunday) without being overbearing. You know she's got your back and in my experience the value speaks for itself. Thank you to the whole UNO team, thank you especially to Karis.
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Leanda Cawdry
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Very pleased with the outcome of this process, Michael Parsons and his team at UNO were helpful, communicative, and took all the stress out of the process of finding me a refinance deal that met my needs. Would definitely recommend Michael and UNO, and I already have!
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Regarding UNO Home Loan services. I had great experience with uno home loans, Michael parsons was my broker for UNO Home Loans we had excellent communication throughout the whole home loan application. If I had any questions on home loan application which were many were answered in great detail. He had the time to assist me in filling out endless application forms at anytime through the day or night which made the application process stress free. So I would strongly recommend Michael parsons from UNO Home Loans to try his services you will not be disappointed. Thanks to Michael parsons I have the lowest home loan interest rate I could ever hope for which I particularly ask for. It’s was a pleasure working with him. And will be using his services in the near future.
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