Why UNO is helping Australians fight home loan waste

The UNO Household Financial Waste Report details the insights and trends we have uncovered in our analysis. It discusses how this story might unfold from here as consumers embrace technology and data becomes a powerful force for the good of borrowers.

Three years ago, UNO set out to disrupt and digitise the mortgage broking process. In that time, we have learnt a considerable amount about the barriers to simplifying the process of getting a home loan – whether it’s the loan a consumer takes when they buy a home, or the process of improving their position by refinancing. Around 60% of consumers take their home loan through a broker. This makes great sense: brokers offer access to a wide range of lending options and help consumers through the process of securing a suitable and competitive loan. But we believe consumers deserve more than can be offered by a traditional broker. UNO has gone about breaking down this process and applying technology solutions to some of the tasks that are needed to secure finance. Collecting income and expense data digitally, for example, enables us to see how much a consumer can afford to repay. Likewise, being able to check identity or property values digitally empowers us to speed up what used to be very manual processes.

Barriers for consumers

What’s become apparent as we have developed our business is that consumers face a number of barriers when it comes to ensuring they acquire and stay on the best loan. For most of us, a home loan is the biggest financial commitment we ever make, and we spend a large proportion of our adult life paying it off. Our research has uncovered some uncomfortable facts about how little action most borrowers take to maintain a healthy home loan.

59% of consumers have never asked their lender or broker for a better rate since they took out their loanFor example, we found that 59% of consumers have never asked their lender or broker for a better rate since they took out their loan. We also estimate that most Australians stay with the same home loan product for more than five years. When it comes to owning property, five years is a long time. A customer’s risk profile might change, the property value is likely to fluctuate, interest rates will move up or down and new home loan products will most certainly become available in that time. Upon releasing its Residential Mortgage Price Inquiry last year, the Australian Competition and Consumer Commission (ACCC) said, “There are many existing borrowers who remain with a lender that does not offer them the best deal and earns higher profits as a result of the loyalty of those borrowers.” Call it loyalty or inactivity, either way it’s costing Australians billions of dollars each year in interest payments, which, with a more proactive approach, they could potentially be saving.

Checking your loan

Twelve months ago, we set out to address this problem. Firstly, we wanted to create a simple way for borrowers to assess if their loan is healthy. Secondly, we wanted to be able to update them regularly on the health of their loan. ’s new Active Home Loan Management service is founded on acting in the best interests of home loan customers. UNO can proactively manage the home loans of Australians on their behalf, so consumers don’t have to worry about it.

Customers get regular updates on their loanScore so they can see if they could be getting a better deal, either with their existing lender or with a different one. To do this, we launched loanScore – an innovative tool that enables customers to analyse how their loan compares to others in the market and see how much they might save if they take action to switch it. Customers get regular updates on their loanScore so they can see if they could be getting a better deal, either with their existing lender or with a different one. In just a few months, thousands of Australians have signed up to this free subscription service. Some have found peace of mind upon learning their loan is in good shape. Others were able to quickly take action to improve their position. loanScore has also given us some incredible insight into how much Australians could save on their loan repayments and the amount of savings it generally takes to prompt a consumer to take action.

Much to gain

We’ve since deepened our research. Using UNO’s loanScore insights, and in collaboration with global consulting firm A.T. Kearney, we’ve analysed the amount Australians are potentially wasting on their home loans in unnecessary interest and avoidable fees. Conservatively, we estimate this to be $4.2 billion per year. To put this in perspective, $4.2 billion a year is roughly half as much as we’re wasting on food – and more than double what we throw away on unused gym memberships. It also reveals a great deal about how much there is to save on home loans, if we reverse this wastage. The UNO Household Financial Waste Report details the insights and trends we have uncovered in our analysis. It discusses how this story might unfold from here as consumers embrace technology and data becomes a powerful force for the good of borrowers. At UNO, we’re excited about the possibility of fighting home loan waste. We believe in giving the consumer the power, so they have the option to pay the least interest possible over the life of their loan so they can enjoy their hard-earned income to the maximum. We’ll help Australians fight home loan waste today and for the whole time they have a home loan.

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What our customers are saying

Kyle Richards
October 10, 2024
Absolute legend, helped me through the first home buyers scheme, explained everything in a way that made sense, was very knowledgeable and a joy to work with.
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Chloe S
October 8, 2024
Mike Parsons made it possible for us and the in laws to get 2 pretty complicated home loans. He helped us through everything and we'd be happy to use Mike and the team again for anything we needed. Thanks again!
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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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