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Q: My partner and I are earning good money, 120k and 80k and pay $1,100 a week rent. We have found a property we like and want to ask if it is possible to borrow 100% of the property, about $820,00?
A: Hey, while technically not possible if you are able to borrow some money, even a pretty modest amount to cover the fees and have a bit left over then there is some lenders who will look at this if everything else is solid (pay, no credit defaults, security is good etc)
Normally I'd say just go to unohomeloans.com.au and go from there but this is a pretty far edge case so best to reach out directly. Just jump on the site and ping us via chat I'll jump in and connect you with an adviser
Q: I’m a first home buyer and would like to know how to plan ahead for rate increases. Is there a way to calculate or budget to make sure I can still make the repayments?
We have a calculator that can be used to model the future impact of rate rises. You can also use a basic repayment calculator such as
And simply model the impact of your monthly payment by putting everything in then comparing a new loan with a potential rate
We can also help you model the impact of fixing vs not, but don't have a customer facing calculator that yet!
Q: Today the RBA decided to leave the cash rate at 1.5%.
The cash rate has not moved since August 2016 yet the banks have repriced a number of their loans in Dec 16, March 17 and again in June 17. The three rate increases (most recent by 0.30% on interest only loans) will conservatively generate in excess of $150M in additional revenue annually for each bank.
We all, along with the federal government need to be asking why? It'd be good to generate some discussion.
A: Tend to agree with Richard, if you were asked (as a bank) by APRA to solve those two issues and your cost of funding had changed (although it's not definitive that it has, certainly not by this much, then this course of action is a neat solution to all 3.
The banks tend to be conservative in the pricing and lending policy compared to overseas equivalents, a reasonable part of the reason we didn't see as big of a downturn in the GFC here. IO is almost the one that slipped through, but APRA pressure and bank response should slowly wind back this lever.
Q: Looking to borrow about $670,000 and a broker has quoted options of 1.3% off one of the banks standard rate and rate from a non bank called loanave. There doesn’t seem much difference between the loan but the rate is 0.26% lower - is it a safe decision to go with the non bank?
We actually did a blog post covering this exact topic which you can read here
The risk of going with a small lender is largely over blown. One thing to consider is how often they move their rates out of sync with the RBA. Smaller lenders tend to be rebadging someone else's money so don't control (as much) their cost of funds, which can sometimes work in your favour (like now) but sometimes not (like during the GFC)
You can search for products across all 20 lenders we deal with at any time at unohomeloans.com.au
Q: Can we split our home loan into 2 accounts... one as principal and interest and the other interest only. Can the interest rate be the same for both as the advice we have received is a little confusing... some say we can and other say the rates will be different?
A: Hi Shaun
While it is true that major lenders and ADIs (banks) have, thanks to the APRA ruling got a premium for IO products (vs PI) this is not the case with all lenders. I can provide at least 2 examples of lenders where these are the same, both you would have heard of.
If you want to run some numbers for yourself you can do this via our platform (unohomeloans.com.au) - this front end is powered by the same technology our advisers use, you see what we see. If you want any advice past that you can reach out to us via the platform. We're available till 10pm weekdays, 6pm on the weekends
Q: I often see banks and car loan providers advertising their comparison rates. What exactly is a comparison rate and is it the best way to compare mortgages and loans?
A: Ultimately the thing you should care about isnt rate and it isnt comparison rate but (assuming you have a loan that has all the features you need) you should care about total cost.
Debt shouldnt cost you any more than it needs to so you should focus (once your needs & objectives are met) on
a) who will approve you for the amount you need to borrow for the person you are for the property you wish to buy
b) for the least amount of total cost
But total cost over what timeframe is the question? 1 month? 30 years? ... people tend to think 3 - 5 years ahead in our observation. So ensure whoever you talk to (or whatever platform you use if you use a digital broker) can provide you with an estimate of total cost over the timeframe that suits your horizon. I say estimate as if you pay it down faster, the variable rate changes etc.. the numbers in reality will of course change
Q: If I go for a 2 or 3 year fixed rate, what happens to the rate when it finishes?
A: Loans have what is called a 'revert to rate' - often it is the standard variable rate but in plenty of cases it is something else. This is why you will see plenty of fixed rate loans with high comparison rates (comparatively) as the revert to rates are much higher than the fixed parts.
However, you don't need to stay with the lender post the fixed rate period so it may end up being a moot point anyway.
If you do product searches at unohomeloans.com.au and drill into the product details pages for an individual product you will see the revert to rate in there in most cases. If not you can ask us for that information also
Q: hi, with a new investment property is now a good time to be fixing rates and can you fix an interest only loan?
A: Hi, a little late to the party on this one but we covered a lot of this topic/question in this post here. https://unohomeloans.com.au/learn/is-now-the-right-time-to-fix-your-mortgage-interest-rate
However the best thing to do is to understand the impact to you if you don't fix and rates go up. We have a calculator that can model this, it's just not live on the web yet so feel free to reach out if you still want to run through the numbers there.
Q: We are currently looking at a 4 bedroom home in Engadine for $940,000 and have $150,000 to cover deposit, stamp duty and legal fees. My husband’s income is income is $136,000 and I work permanent part time and earn about $67,000. We have 2 kids under 10….. no other debts and would like to know how much we might be able to borrow, thank you?
A: Hi, probably a bit late now. But this borrowing power calculator that we have is actually back ended by the same technology our own advisers use when we do early analysis of borrowing power for our customers. Compared to what is on the internet on bank and comparison rate websites it is *highly* accurate
Like all calculations it is only as good as the data you put into it and the devil is in the detail here. You would need to provide documents like payslips etc to ensure the inputs are right to get a definitive answer
Q: Our home loan is with one of the major banks and we have been discussing refinancing to get a better rate. In our search, it seems the best rates are with credit unions and lenders we have never heard of. We would like to know what the risks are to move away from the bank?
A: We actually got our compliance manager to properly research this and write a great article so people truly understand the risks of getting a loan through a small lender (spoiler alert, not much!)
Check it out at
Q: Thinking of refinancing my loan from cba to loans.com.au. Big interest rate savings- worked out that I would recoup refinancing costs in 7 months. What are your opinions of loans.com.au? Any negative press I should be aware of?
A: Loans.com.au are actually super sharp on rates in certain segments. Under < 80% LVR with not a lot of complexity in income or loan structure. If this is you, they are definitely worth a look.
The main caveat about going to any single lender is obviously that they can only sell you their own product. If your needs (current or future) are outside their policy or feature set they have no capability or incentive to help you with that.
Are they a stable, reputable company? As someone who has spent 15 years in the industry at the exec level, I can say they are yes. Are they right for your needs? I would talk to them and at least one broker. If you like the digital broker experience we (unohomeloans.com.au) may be able to help.
All the best
Q: If you have a variable home loan and interest rates increase, does your repayment amount stay the same and just the interest portion of the repayment amount increase?
A: Hey Bill, you can actually model the impact (before and after) using this calculator
This presumes the same amount each month, in reality a variable loan is calculated daily and so months with different days will have slightly different monthly payments.
We also have a fixed rate calculation that can show you the longer term impact of not fixing if this is your real concern. It's just not web enabled yet, so you'll need to reach out to us directly.