Key Features of the Best Home Loans

UNO home loans

Some loans are better than others, but the difference isn’t always obvious. Learn what makes a good home loan – from competitive rates to mortgage offset accounts, these features make all the difference.

Key Features of the Best Home Loans

Buying a home is probably the biggest purchase you’ll ever make. It’s important to consider every aspect of your home loan and not leave anything to chance. Here are some key features that can help you choose the best home loan.

Competitive Mortgage Rate

If a home loan provider gives you a fixed rate, you know precisely what your monthly repayments will be. Variable rates can go up and down, increasing and reducing your repayments. Mortgage rates can be as low as 3.5% and easily climb past 4%. Using a mortgage calculator can help you discover what an impact different rates can have. Even a 0.05% difference can genuinely increase your monthly repayments. On a $550,000 mortgage, it can mean a difference of $80 per month (assuming the interest rate and minimum monthly repayments remain the same and there are no ongoing fees). Everyone wants low interest rates on their mortgages. While the interest rate is often the key factor when choosing a mortgage, it’s not the only one. Need a home loan?UNO. The new way to get a better deal. Get Started

No Fee for Extra Repayments

If you make extra payments, you can pay off your mortgage more quickly. Unfortunately, many lenders punish mortgage holders for extra repayments by charging fees. Let’s assume you have a $350,000 home loan for 30 years. If, after 5 years, you increase your monthly repayments by $250/month, you can save over $40,000 in interest over the life of the loan (again, assuming the interest rate and minimum monthly repayments remain the same and there are no ongoing fees). However, extra payment fees can discourage people from making quicker payments. If you plan to make extra payments, a no-fee mortgage can help you repay the loan faster.

Redraw Facility

Some home loan providers will allow you to withdraw your extra repayments. For some home owners, it can be a valuable financial safety measure. Let’s say you’ve been making extra repayments on various occasions, but you’re now short on cash. With a redraw facility, you can withdraw the extra repayments you’ve made. Be warned, however, that the home loan provider may adjust the interest, so you may be paying more on future payments. To avoid this, read all the small print on your mortgage agreement documents or consult a licensed professional to make sure you know the terms and conditions of your mortgage. How much can I borrow?Use UNO's calculator to estimate your borrowing capacity. Calculate Now

Loan Portability

Some lenders allow you to bring your mortgage with you when you relocate to a new property. This can mean considerable cost-savings when you sell one property and buy another. You are less likely to incur fees and don’t have the headache of applying for a new mortgage. Paying off one mortgage early and starting a new one for a new property will likely cost you money. But some home loan providers don’t mind if you switch a loan from one property to another. Look into your loan portability if you think there’s a chance you may relocate within the term of the mortgage.

Mortgage Offset Accounts

Some home loan providers offer mortgage offset account options. This can mean considerable savings for the duration of your mortgage. The balance in your offset mortgage savings account is set against the loan principal. The home loan provider then recalculates and reduces your interest payments accordingly. For many new homeowners, this can be a good way to save money. The information in this article is general in nature. Please seek advice from a licensed professional when making financial decisions. Book a call in with UNO

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What our customers are saying

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!"

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.

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.

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

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.

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.

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

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

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.

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.

Olivia Gill

July 18, 2024

We recently used UNO Home Loans to assist us with securing our new mortgage in AU (had moved here from NZ). We had Mike Parsons as our mortgage broker and he was extremely responsive and helpful the whole way through the process. Was a great experience and definitely recommend :)

Yash Karma

July 18, 2024

Andrew Wyers and team have been amazing. Andrew is very knowledgeable, offers practical advice and he has been pivotal in helping me secure a mortgage at a very competitive interest rate. He was highly responsive to my queries and,being a new immigrant to Perth, he was very patient with my many many questions. An added benefit for me was his knowledge of how superannuation here works. A hec of a great guy to work with, reliable and he goes above and beyond. I would recommend highly recommended him, especially for new immigrants. In fact, I will be using him again very soon!

Key Features of the Best Home Loans