November RBA announcement

Looking for good odds this Melbourne Cup? While most Australians will be focussed on finding a hot tip for today’s race, we’re on the hunt for ways we can help you win at home loans over the long-term. Today, the RBA chose to keep the cash rate at 1.50%. Pop the champagne! (Although I’m sure you don’t need encouragement on today of all days.) Another reason to celebrate might be yesterday’s announcement by the NSW government to overhaul residential stamp duty in New South Wales by July 1 next year. The change comes amidst ongoing concerns of housing affordability, especially in Sydney. Although the stamp duty reform won’t come into effect until mid-2019, it’s expected to help more Aussies achieve the dream of owning their own home. It’s a small step in the right direction. So, that’s a win, right? And, with NSW shaping to be the first state to index stamp duty brackets to the consumer price index, other states might follow their lead. Get in touch if you’re in the market to purchase soon. We’ve got the whole stamp duty thing sorted and can help you get started on your search. But maybe you already own a home, so who cares about stamp duty changes? Don’t drop the bit, there’s some good news for you too. We’ve done our homework. Well, we found a way you could save thousands of dollars on your loan in minutes and has an 84% success rate*. (Odds like that, even the mug punters would be backed off the map.) And the crazy thing is, two-thirds of us don’t use it! It sounds wild, but we discovered that 67% of Australians who have a home loan haven’t asked their bank for a rate drop. Are you one of those people? If so, your best bet for today might be to make a simple phone call to your bank and demand (that’s right, demand!) they drop the price on your home loan. UNO Home Loans CEO Anthony Justice said, “When it comes to home loan discounts, it’s a case of don’t ask, don’t get.” “Your bank is infinitely more likely to give you a discount if you put the heat on them and demand a better deal. Lenders save their best deals for their toughest customers.” So what tricks do the toughest customers use to take on their bank and win? More than 15% got heavy handed and threatened to dump their bank, 12% used an offer from a rival lender and 12% asked a broker to take on their bank for them. But you might be a little shy and a bit scared. That’s okay. It’s actually fairly common to feel like you’ll just end up being rejected because you’re not eligible for a discount or the whole thing is just too awkward. You’re not alone. From what we found, 30% of people don’t feel entitled to a discount and another 20% felt too uncomfortable to ask. That’s where we come in. Like I said, we’re always looking for ways to help you win at home loans. If that means checking in with your current bank or looking for a better deal somewhere else, we’re here to help. If you don’t know how to ask or just haven’t got around to it, drop us a line and we’ll race to your side. For now, back to that champagne! It’s important to note that the information we give here is general in nature – no matter how helpful or relatable you find our articles. Even if it seems like we’re writing about you, it’s not personal or financial advice. That’s why you should always ask a professional before making any life-changing decisions.*Survey of 1,500 Australian mortgage holders conducted by CoreData on behalf of uno Home LoansBook a call in with UNO