The Joust Idea.
Mark Bevan began his career in banking with Commonwealth Bank of Australia in 1981. Between 2002 and 2012, Mark ran finance company divisions for two of Australia’s largest banks – as well as a specialist leasing company.
It was during these 30 years that Mark witnessed first-hand the increasing reliance that lenders were having on third party origination channels and the prominence of mortgage and finance brokers.
In seeking competitive advantage, banks had continually tried to innovate what were otherwise relatively simple lending products – such as mortgages.
Banks introduced new features, special offers, packages, special pricing, honeymoon rates, new fees and break costs. This has made mortgages seem extremely confusing – increasing the need for advice from accountants and brokers.
Joust: Cutting out the middleman – the confusion
Joust was created to solve a problem: to uncomplicate the residential mortgage lending process. The mortgage lending process is not complicated or confusing. At least, it shouldn’t be.
Good consumers with good credit ratings, stable employment and reasonable equity in their homes should get the best home loan rate. It’s as simple as that.
Joust’s vision is to have the banks bidding for the loan business of consumers on a mobile device, in a live, totally transparent environment. It has been described as ‘Tinder’ for home loans, if you like!
Building the Team.
Mark sought advice from software and technology experts and was encouraged to keep pursuing his idea. He approached friends and former bank colleagues Richard Hockney and Greg Abel in an attempt to validate his idea. Mark found his new Co-Founders.
The team naturally had a terrific network of connections with senior bank executives around Australia. This helped facilitate positive discussions with lenders – particularly the “challenger brands” who were looking for new ways to compete with the larger players.
As with any start-up, a lawyer was needed. Mark presented to Martin Lovell of Adelaide-based law firm Laity Morrow in May 2015 and shortly after, Joust had its lawyer – and a new investor and member of the Joust Advisory Board.
Potential investors continued to show interest, and Joust successfully completed an Angel Investment round of equity raising to fund Joust through to launch.
Founder Mark Bevan puts enthusiasm for Joust down to the unique features of the business model.
The Joust platform empowers consumers to achieve a fantastic outcome in their mortgage and it removes all the barriers to refinancing, shopping around and creating competitive tension.
Joust effectively connects consumers with the lender who is best suited and most interested in that specific consumer.
Never before have lenders had the technology to directly pursue qualified opportunities with consumers that meet their own individual growth and client strategies.
It’s a win-win!
The Joust revolution begins in South Australia in May 2016.