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A home loan fintech has developed a tool to help borrowers take control of their home loans, after a survey showed that 53% of borrowers did not know their rate.
In results which show why the continuing relationship of a mortgage broker is so important to customer, 26% of people said they were not confident they had the best deal and 31% said they never compared their loan to the market.
Uno Home Loans said it wants to “empower” customers to monitor their loan and compare it to the rest of the market. It has now introduced loanScore, a free tool to help them do that.
Every month, loanScore rates how a customer’s loan stacks up against thousands of real time deals and provides steps to improve their current loan, such as increasing repayment frequency.
uno Home Loans CEO Anthony Justice said, “Loyal customers overpay thousands of dollars by staying on the same deal for years and are often unaware there is a better option.
“LoanScore gives the power back to the customer by proactively letting them know each month whether or not they are on a good deal.
“Having this information, in the palm of their hand, helps customers move from ‘setting and forgetting’ to actively managing their loan on an ongoing basis.”
Customers can sign up to the tool and provide their current loan details, nominating what is important to them in a loan such as lender type, structure, and optional features such as offset account, redraw facility or extra repayments.
LoanScore will then rate the existing loan between one and 100 based on how the cost compares to other deals in the market that fit their preferences.
