Preparing your home loan for the worst in the coronavirus crisis

The coronavirus crisis has already cost many people their jobs or sliced hours off their working week. But even if you’re one of the lucky ones who still has full employment, it’s a good idea to be prepared in case your circumstances change in this fast-moving crisis. Here are three things you can do now to prepare you home loan in case your financial circumstances change:

1 Build up a buffer

If you can afford it, make extra payments into your mortgage to build up a buffer in case things take a turn for the worse. Any extra cash you put into the mortgage can be used for your mortgage payments if need be and can help tide you over in tough times. You might be spending less by not going to restaurants or the cinema or on shopping trips, so you could put the extra cash into your loan.

2 Renegotiate your loan

Now is a good time to ask your lender to lower your loan interest rate. This could pay off in two ways. Firstly, your repayments are lower and secondly, the extra money you are saving on the repayments could be put towards building a bit of a buffer for the future. We suggest you talk to a UNO expert to see how they can help you renegotiate your loan.

3 Refinance

Refinancing your loan with another lender which is charging a lower interest rate is another effective strategy. As with renegotiating your loan, this will lower your repayments. And now is a good time to refinance. Lenders are offering generous cashbacks of anywhere up to $4000, which can certainly make a switch worthwhile. But if you’re thinking of refinancing, don’t wait too long as the current good deals might not last too long. Lenders’ policies are changing quite quickly as they adjust to the coronavirus crisis. They are currently reviewing their lending policies, including the borrower’s required income level and how much they will lend against each property. Some people are worried they won’t get access to the banks’ mortgage repayment holidays if they need it after they switch lenders. But UNO home loan broker Paul Sealey says changing banks doesn’t affect eligibility, even if someone has only been with their new lender for a week. By following these steps, you’ll be in better financial shape to help withstand any money pressures. And if your circumstances stay the same, as they hopefully will, you’ll still be better off. 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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Matt Rose
July 11, 2025
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We’re incredibly grateful to Mike Parsons for his outstanding support and expertise. Mike took the time to genuinely understand our unique situation and demonstrated a deep level of knowledge and insight throughout the process. His ability to assess our needs and apply tailored solutions made all the difference. Thanks to his thoughtful approach and professionalism, we were able to achieve an ideal outcome that perfectly suited our circumstances. We highly recommend Mike to anyone looking for a knowledgeable and client-focused professional who truly goes the extra mile.
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Get About Guy
July 10, 2025
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The UNO Home Loans team provided a great experience. I'm an expat Aussie living in the UK who was looking for an investment property back home in Australia. Mike and the team guided me through the whole process from giving me an initial indication of how much I could borrow, to finding me a lender with an appropriate loan that met my needs, and finally through the settlement process with the bank. The team were always available to answer my questions very promptly. The whole experience was very easy and hassle free.
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July 8, 2025
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Scott and the team were amazing. The entire process was so simple and so fast! Thank you!
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Gillian Kearon
July 6, 2025
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I highly recommend Mike Parsons as a mortgage broker. I couldn't fault the service provided by UNO. Thanks Mike!
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John Carlo Penaflor
June 24, 2025
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Amazing service from Scott. Efficient, clear and fast. Got my homeloan refinanced in record time.
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Rebekah Tolmachoff
June 24, 2025
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We had a fantastic experience working with Paul at Uno. From start to finish, he was professional, attentive, and genuinely cared about us and our situation. He kept in touch throughout the entire process, always keeping us informed and making everything feel simple and stress-free. Nothing was ever too much trouble, and his support made a big difference. Highly recommend Paul to anyone looking for a reliable and caring broker!
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Sally MacKenzie
June 10, 2025
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We chose Uno Home Loans from their impressive web site knowing we were going to find it hard, on many fronts, to qualify for a home loan. We were incredibly fortunate to be assigned Mike Parsons as right from the get-go, despite the complexities, he hit the ground running for us. He was incredibly knowledgeable, with years of experience but what was immediately apparent and impressive was that he was totally invested in getting us over the line, doing absolutely everything possible, including working around the clock. Despite it being a relatively small loan in the order of things, Mike never missed a beat, getting docs ready, following up and answering every request from the proposed funder immediately. He kept us informed on progress the minute anything happened, and again if anything needed to be done, he was right on it. In short, we highly recommend Uno, and Mike, knowing what a remarkable job he did, over many weeks, to get us our loan. He got us a great deal, with far better rates than we expected, so we couldn't be happier. In fact, without doubt, you'd be hard pressed to find a more personable, sharp, hard working, dedicated professional who clearly prides himself on getting his customers standout results.
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Dylan Aubrey
May 31, 2025
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Jesse did a great job with helping me secure my loan, will be using him again in the future
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Tom Deal
May 30, 2025
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This is the second time I’ve worked with Mike Parsons, and I wouldn’t go anywhere else for mortgage advice. He’s extremely knowledgeable, responsive, and always happy to help. Mike takes a consultative approach, presenting clear options and making the whole process stress-free. Friendly, professional, and genuinely invested in getting the best outcome. Highly recommend and will definitely use him again!
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ShelleyGawith Functional Nutrition
May 27, 2025
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Paul was amazing to work with. He went out of his way to help us with every last question. He sorted everything out for us, was a wealth of knowledge in terms of who else to use to support us in the buying process. He made moving from New Zealand so easy. He explained everything to us in an easy to understand way. He really worked for us!!! Plus he's such a lovely funny guy, super approachable. Super responsive, has a great team. Totally took care of us in the whole process. I can't wait to use Paul again and would recommend him to every kiwi moving over and all our aussie friends :)
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Matt Carter
May 21, 2025
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Paul from Uno has been amazing. Made it so easy! Highly recommend and made the finance process much more enjoyable experience for us.
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Timothy Semsarian
May 17, 2025
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UNO went above and beyond to help my wife and I with our home loan and settlement. Couldn’t recommend them enough - Jake Wood was an absolute legend! Kept us informed during the whole process and was very thorough with his work, even with a very tight timeframe. Thank you again for all your help, and looking forward to continue using your services!
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