Proptech Carpool – What is uno home loans? ft. Vincent Turner

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Here’s the transcript of the video:

Vincent Turner from uno home loans, thanks so much for joining the Carpool series with Soho.
Thank you. Awesome. Stoked to be here.
Hey, I heard you're really good on the karaoke.
Is that true?
That's not entirely true.
I did used to sing though, I went to a music school.
Oh lovely, wow.
I got a singing scholarship.
Oh, true?
Yeah, absolutely
Oh my god.
Outside of singing, you’ve set up this thing called,
uno Home Loans.
Yes.
So yeah, tell me a little bit more. How does it actually work?
So uno is an Active Home Loan Manager.
Now that's not a thing that anyone's going to know what that means.
But our sort of observation is that most people are asleep at the wheel with the loan they have
and everyone's trying to get everyone to refinance.
And what we've sort of cottoned on to is this idea that,
if you have a loan, if you were better at managing it then
you would be out of debt sooner, you would pay less on your debt.
Yeah.
And so we've developed technology that means
that we can be what we call an Active Home Loan Manager on your behalf.
So you basically don't have to do anything.
You didn't even need to get the loan with us.
You just come to us and say you take care of it.
And we help to make sure you don't pay any more than you have to.
So you've got this thing called loanScore.
So what is loanScore? And how does that actually work?
Yeah, loanScore is an innovation that we,
I guess, technology that we created earlier this year and what it does is it says,
you know what, tell me a bit about your loan
and tell me what you're looking for
like, in lenders or whatever
and I will give your loan, your current loan, a score out of a hundred.
And what it's addressing is the problem that we uncovered about a year and a half ago,
which is most people have no idea whether their current loan’s any good or not.
Like forget like ‘uhh you got to refinance’
Just, you know what? Let's just establish whether you even have a good loan or not.
Yeah.
And I think the cool thing about it is, if you sign up to it which takes like a minute
and you don't have to give a lot of data away
and you have to give your phone number, no one’s going to call you.
Then it monitors it every day.
And so you never have to worry about it.
And as all the market changes around you, if your loan, which was fine when you got it, gets worse,
then we just let you know and then that's all you need to worry about
then we take care of it in the background.
Okay. So after that gets, after we figure out that we want to change
what happens there? Does my mortgage broker take care of that? Or you guys do that?
We take care of it. So the service at the back end basically says there's two ways we can fix it for you.
We can either help you with your current bank,
which no bank’s ever going to ring you and go ’I've decided to give you a discount’, right?
But most of them can give you a better price, especially if your property value’s gone up
or you've paid it off a bit
so you’re a lower LVR or rates generally have changed.
So we can help you negotiate with your current bank.
Even if we didn't get you the loan originally.
Or if they don't come to the party then we'll help you change bank as well.
So we do that, both of that. And all that’s done digitally, you don’t have to come and see us or anything.
Gotcha.
So you've got this thing called loanScore.
So what is loanScore? And how does that actually work?
Yeah, loanScore is an innovation that we,
I guess, technology that we created earlier this year and what it does is it says,
you know what, tell me a bit about your loan
and tell me what you're looking for
like, in lenders or whatever
and I will give your loan, your current loan, a score out of a hundred.
And what it's addressing is the problem that we uncovered about a year and a half ago,
which is most people have no idea whether their current loan’s any good or not.
Like forget like ‘uhh you got to refinance’
Just, you know what? Let's just establish whether you even have a good loan or not.
Yeah.
And I think the cool thing about it is, if you sign up to it which takes like a minute
and you don't have to give a lot of data away
and you have to give your phone number, no one’s going to call you.
Then it monitors it every day.
And so you never have to worry about it.
And as all the market changes around you, if your loan, which was fine when you got it, gets worse,
then we just let you know and then that's all you need to worry about
then we take care of it in the background.
Okay. So after that gets, after we figure out that we want to change
what happens there? Does my mortgage broker take care of that? Or you guys do that?
We take care of it. So the service at the back end basically says there's two ways we can fix it for you.
We can either help you with your current bank,
which no bank’s ever going to ring you and go ’I've decided to give you a discount’, right?
But most of them can give you a better price, especially if your property value’s gone up
or you've paid it off a bit
so you’re a lower LVR or rates generally have changed.
So we can help you negotiate with your current bank.
Even if we didn't get you the loan originally.
Or if they don't come to the party then we'll help you change bank as well.
So we do that, both of that. And all that’s done digitally, you don’t have to come and see us or anything.
Gotcha.
I guess, how is the buying, how’s the experience different with uno compared to I guess, some of the big four banks?
I guess how’s the buying experience?
So the home loan waste thing is very focused on someone who has a property
and has a loan and is trying to save money on that.
But we also help people who are trying to do new things as well
and look the typical approach when going to a bank or even a traditional broker - there’s a lot of face-to-face,
there's a lot of paper,
and what we've done, I mean we're effectively a technology company.
We've digitised a whole bunch of that.
Now that's not for everyone.
But if you're the type of person that’s like
‘I don't really have to go anywhere. I don't want to have someone come into my home,
and I also want to be able to see everything.’
Then the distinction for our process really, sort of, lies in those three things.
You can jump online, you can use our tools to see what we see effectively
and then from there, you still get a person, you still get a dedicated broker.
You just don't have to go and see them in an office and have come to your home.
And then look, we still work with a bunch of banks.
We have like 29 lenders including all the majors.
Yeah, but we also then work to take it all the way through the settlement.
So in some cases depending on the lender, you've still got to go
and do like a verification of identity.
So you still end up in the lender process, which is kind of frustrating in a way
but we've got customers who are like,
you know what? I just don't want to deal with a bank if it means if I have to go to Australia Post.
Alright, well that gets rid of all these lenders.
And so you sort of get visibility to the kind of lender you're going to want to deal with as well.
Vincent Turner thank you so much
for joining the Carpool series with Soho.
Absolute pleasure.
Cheers mate.