loanScore is the only mortgage innovation to have ever won a Good Design Award. It solves a fundamental question that people ask which is 'is my current loan any good or not?'
This might sound like a simple question with a simple answer but the challenge is 'well, it depends' is really the answer. The loan you have reflects your financial situation and preferences so without factoring these in trying to work out if your current loan is any good or not leads to false comparisons.
Only loanScore takes into account over a dozen datapoints about your current loan, finances and preferences then builds complex financial models for not only your current loan but all the potential loans that align to these factors.
Only then can we run a financial comparison and our proprietary algorithm to return a net savings (factoring in switching costs, lender cashbacks, upfront & ongoing fees as well as interest costs) and our unique score out of 100.
There are a few copycats but loanScore is the OG
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It’s free if you’re a client of UNO, otherwise it’s a measly $15 a year. The $15 covers the cost of open banking and ensures we can continue to invest in improving the product.
Over 30 lenders, that collectively have around 95% of Australian’s as customers
Nup. It’s always an option but if you want to sign up to loanScore without using a UNO broker then go right ahead
What are the ingredients in Coca Cola? There is some magic in the background but the part we can share is that we look at your current loan and build out a financial projection for this. We then take your inputs and preferences around what you want in your new loan to build a picture of the home loans that make sense to compare. We then build out financial projections for all of these loans, this might be hundreds of individual products! From here we look at the comparison in costs (including interest & fees, switching costs and even LMI fees if applicable) and use this to determine where your current loan sits and the NET savings from the cheapest one that meet your preferences. Our loanScore algorithm then turns this into a score out of 100.
Green, you’re probably fine. Orange, you should probably do something. Red you should DEFINITELY do something.
We maintain the pricing data for 30 of the biggest lenders in the country who cover around 95% of the market in terms of customers. So we wont not be able to alert you if you have your current loan with a lender not on our list.