Active Home Loan Management Terms & Conditions

(v2.0 1st Nov 2020)

Introduction

These terms and conditions apply to uno Active Home Loan ManagementTM Services operated by or on behalf of Planwise AU Pty Ltd (ACN 609 882 804, Australian Credit Licence 483595) (uno) and its related bodies corporate (‘we’, ‘us’ ‘our’ and ‘uno’). By using the Services, you accept these terms and conditions, our Website Terms & Conditions, Privacy Policy, disclaimers and any other terms and conditions relating to the Services, which may change at any time without notice. If you disagree, you must not use the Services.

These terms & conditions should be read in conjunction with the FAQ’s

Terms & Conditions

By registering with uno’s loanScoreTM and for the whole period you remain registered, you agree to the following terms and conditions (as updated from time to time) applying to uno’s Active Home Loan ManagementTM Service:

1. While registered with loanScoreTM, uno will provide the following services, subject to clauses 2 to 7 below:
   1. uno’s unique algorithms will actively analyse the data you input via loanScoreTM against available loan data from uno’s lender panel, and estimate the net 3-year savings that could be made by either switching to other lenders on uno’s panel (Switching) or renegotiating your rate with your existing lender (Renegotiating), based on the rates they have on offer available to uno at the time (Analysis). Uno will use its best endeavours to analyse your data on a daily basis and will complete this Analysis no less frequently than monthly.
   2. Based on that Analysis, uno will give your home loan a loanScoreTM to help you understand the health of your current loan, and as an indication of how close your loan is to any better available deal with new lenders or your existing lender on uno’s panel (loanScoreTM).
   3. uno will then provide you with an email update on your loanScoreTM along with any updates to the potential estimated savings which our Analysis identifies you could achieve by Switching or Renegotiating at least quarterly. Where you have also specified in the system a target savings amount over a three-year period and / or to receive alerts if your existing lender changes rate, uno will use reasonable endeavours and the information available to us, to also alert you when our data shows there may be deals available that could meet this savings target or your lender has changed rates (Alert). If after receiving an Alert you wish to continue to receive proactive alerts you will need to reset your preferences to specify a savings threshold and/or to receive lender rate change alerts.
   4. If after receiving an Alert or at any time you decide to explore Switching, uno will first conduct an assessment to ensure that any move is right for you and will then, where appropriate and at your direction, take action to help you Switch your home loan (Action).
   5. If after receiving an Alert or at any time you decide to explore Renegotiating, uno will assist you to contact your existing lender and submit a request to reduce your rate. A suitability assessment will not be completed as uno is not providing you with credit assistance, and as a result is not suggesting you remain in your current home loan as part of providing this service (Renegotiation Service), (together, uno’s Active Home Loan ManagementTM Services or Services).
2. uno’s Analysis and loanScoreTM services will commence from 23 July 2019 for all existing and newly registered users of loanScoreTM who provided a valid email address, and Alerts will begin 30 days after that date (for existing customers) or after registration (for new customers). Uno’s Active Home Loan ManagementTM Services will cease when a customer chooses to unsubscribe from loanScoreTM, or for all customers if uno chooses to withdraw the Active Home Loan ManagementTM Services, or any part of it, at any time in its absolute sole discretion.
3. Customers who settle a home loan through uno will be automatically subscribed to the Active Home Loan ManagementTM Services. Once a customer has settled a loan with uno, the loanScoreTM and Alert services will be automatically paused for a period of up to 6 months given the customer has recently taken Action on their home loan.
4. uno’s Active Home Loan ManagementTM Services are provided at no charge to customers. Uno reserves the right to introduce fees for these Services in the future, with reasonable prior notice to customers to your nominated email address, so that you have an opportunity to unsubscribe.
5. uno calculates your potential estimated savings over 3 years by analysing the loan amount outstanding, interest rate and remaining loan term on your current loan and comparing that to loans on uno’s panel matching the characteristics you requested through loanScoreTM with an equivalent loan amount and term outstanding and assuming monthly repayments. The calculations provide an estimate, including switching costs (other than fixed break costs) and offers available, of the potential savings you could make over three years depending on a number of factors including without limitation interest rate and type, availability of features such as offset accounts and redraw facilities, repayment frequency, type and timeliness of payment, loan term and loan type. Whether or not you will actually be able to save this amount depends on a number of factors including the accuracy of the data you provided, your loan conduct and eligibility and lender approval for the particular loan.
6. Without limiting the above clauses, the provision of uno’s Active Home Loan ManagementTM Services is subject to the following additional terms and conditions:
   1. All Switching loan applications or Renegotiations are subject to approval by the lender;
   2. The Analysis, loanScoreTM, Alert and Action stages of our Active Home Loan ManagementTM Services do not constitute a suggestion or recommendation to take any particular action, and are subject to uno complying with our responsible lending obligations before making any formal suggestion to Switch, or assisting you with a Switching application;
   3. All Alerts will be provided by email or SMS to your specified email address or mobile number, and it is your responsibility to check your emails and phone regularly (including Spam and Junk folders in the case of email) to receive the Alerts and any updated Alerts from uno;
   4. uno may vary (in any way) or withdraw our Active Home Loan ManagementTM Services at any time in our absolute discretion, with reasonable prior notice by email to any current registered loanScoreTM users at that time. For any variation, by continuing to be registered for the Active Home Loan ManagementTM Services after notification has been received, you are deemed to have agreed to the updated terms and conditions;
   5. All information provided under the Active Home Loan ManagementTM Service are estimates only, based on the data inputted by you and lender data available to uno. In generating a loanScoreTM and subsequent Alerts, uno relies on the customer providing accurate and up to date information in the loanScoreTM system;
   6. Any property valuation data relied upon by uno to estimate the value of your security property will be updated using uno’s chosen valuation service provider, which is also inputted into the loanScoreTM and estimated savings calculations;
   7. Any loanScoreTM, estimated potential savings, or other information provided to you through the Active Home Loan ManagementTM Services should be used as general information only, and should not be relied upon to make any decision for any reason. Uno recommends that before making any decision to Switch to or Renegotiate a home loan, you first speak with one of uno’s qualified mortgage advisers;
   8. you acknowledge and agree that uno can only compare a customer’s existing loan against the lenders available on our panel at any point in time. There are other lenders and loan products available in the market which uno does not have access to compare or recommend. Please contact us for information about our lender panel;
   9. uno is not a mortgage manager and will not manage any other aspects of your home loan, other than as specified as Active Home Loan ManagementTM Services. Please contact your lender for any post-settlement servicing queries;
   10. uno will not take any Action on your home loan or provide its Renegotiation Service without your express instruction and consent;
   11. to the extent permitted by law, uno limits its liability in respect of, and makes no guarantee:
       • that it will be able to find you a better home loan on our lender panel than your current home loan, either by Switching or Renegotiating, as interest rates and home loan deals may change at any time without notice to uno, and approval of any Switch or Renegotiation is in the lender’s sole discretion;
       • for the accuracy of third-party data sources uno uses in the course of making calculations, including but not limited to property valuation services and customer financial information which is received from third party systems; and
       • that any data input by you into the loanScoreTM system, or any information provided by us to you including without limitation the loanScoreTM, estimated savings and Alerts, under or in relation to the Active Home Loan ManagementTM Service, will be accurate or up-to-date.
7. By registering and continuing to be registered for uno’s loanScoreTM, you acknowledge, accept, direct and agree:
   1. to being an ongoing subscriber to uno’s Active Home Loan ManagementTM Service and to these Terms and Conditions;
   2. to uno collecting and using the personal information you supplied and to us, and disclosing it to our valuer service providers and uno lenders, for the purposes of providing you with the Active Home Loan ManagementTM Services and any other permitted purpose in accordance with uno’s privacy policy; and
   3. that uno has the right, but is not obliged to, speak to lenders on uno’s panel on your behalf, including your current lender, for the purposes of fulfilling the Active Home Loan Management Services.