Staff discounts are not what they used to be

Back in the day, when it came to home loan interest rates, banks were very generous to their staff. In the 1980s, bank staff were eligible for home loan rate discounts, up to 55% from the standard variable rate.

Bank staff were saving up to 7 per cent.

Now, I’m old enough to remember the “bad old days” of home loan rates of 17.5%, but for the sake of calculation lets use 13.5%. Home loan interest rates hovered around this level for several years. Bank staff were entitled to a home loan rate of 6.5% – that’s a huge saving of 7% off the lending rate.  No wonder banks were considered such great employers.

In saying this, it was still well regulated and there were sensible restrictions on the amount a staff member could borrow.

Fast-forward to December 2014. I was fortunate enough to still be employed by one of the major banks – and enjoyed the benefit of a modest staff discount on my home loan. When I left the bank in January 2015, I was pleased to learn that my staff discount would be maintained. Now fast-forward again to May 2016 – to the date of Joust’s launch.

Taking control of my home loan.

I’m going to be one of Joust’s first customers. Why, you ask… when I’m already saving more than most? And it’s not just because I’m Joust’s Managing Director.

With my old staff discount, I’m currently paying an interest rate of 4.68% per annum. Yes, I am in a better boat than most, but there’s something I’m even more certain of – things change, and so do home loan interest rates. I’m confident that the best lenders in South Australia will compete hard for my home loan business.

Joust makes it easy for everyone to save money on their home loan rates… not just ex-bank employees.

I’m predicting I’ll be able to save as much as 0.60% per annum. I look forward to sharing with you all how much I’ve saved by refinancing my home loan using Joust – or as we like to call it “jousting my home loan.”

May your best rate win!

To see if Joust is right for you, click here. And if you’ve got any questions, fill in a contact form and we’ll get back to you shortly.

Mark Bevan, Joust Founder.