What is a home loan bidding platform?

A home loan bidding platform an online platform that allows borrowers to compare and apply for home loan products from a variety of different lenders. 

These platforms typically provide a range of tools and resources to help borrowers research and compare different loan options, and to easily apply for a loan online. 

Essentially putting the control back in the hands of the borrower for the benefit of their financial future. 

How home loan bidding platforms work?

Home loan bidding platforms in Australia typically work by allowing borrowers to submit their loan application and financial information to the platform, and then connecting them with lenders who are willing to offer them a loan based ont their specific requirements. 

The borrowers can then review the loan offers from the lenders and choose the one that best meets their needs and preferences.

Benefits of a home loan bidding platform?

One of the key advantages of a home loan bidding platform in Australia is that it provides borrowers with a convenient and efficient way to compare and apply for home loan products specific to their requirements. 

By using the platform, borrowers can easily access information about different loan options, and can compare the terms, fees, and interest rates offered by different lenders. This can help borrowers to find the best loan for their needs and save money on their home loan.

Another advantage of a home loan bidding platform in Australia is that it can help borrowers to access a wider range of loan products and lenders. By using a platform, borrowers can connect with a variety of lenders, including banks, credit unions, and other financial institutions, and can compare the loan products they offer. This can give borrowers more choices and more flexibility when it comes to their home loan.

Joust - Australia’s only home loan bidding platform

Gone are the days where you would spend hours on different comparison and lenders websites trying to compare home loans and find the one most suited to your specific needs. Joust has revolutionised the home loan comparison process by putting the control back in the consumers hands, enabling them to find the most competitive home loan offers on the market which are generally not available on the lenders websites.

When comparing home loan offers, it's recommended to avoid just going with the first offer you see as you could be stuck with a higher interest rate. That's why the Joust Live Auction platform allows you to put your mortgage on the market and letting the banks and lenders put forward their best offers in a auction style process. Saving you both valuable time and money. It’s completely free to use, a transparent process, and only takes 3-minutes to setup.

Example of Joust Live Auction

Here is an example of how a home loan bidding platform in Australia might work:

• A consumer is looking to purchase a property (new home or refinance) and wants to compare home loan options to find the best deal.
• The borrower visits a home loan bidding platform and submits their home loan requirements, including details about the property they want to purchase and their income, assets, and debts.
• The platform connects the borrower with a variety of lenders who match their specific requirements.
• The borrower reviews the loan offers from the lenders and compares the terms, fees, and interest rates of each loan.
• The borrower chooses the loan that best meets their needs and preferences, and progresses to discuss their loan requirements further with the lender.

Case study of a borrower using Joust Live Auction

Here is a case study of a borrower who used a home loan bidding platform in Australia to find the best home loan:

• Sarah is a first-time homebuyer in Australia, and is looking to purchase a new home. She wants to compare home loan options to find the best deal.
• Sarah visits a home loan bidding platform and submits her information and requirements, including details about the property she wants to purchase and her income, assets, and debts.
• The platform connects Sarah with a variety of lenders who are willing to offer her a home loan with their most competitive rates.
• Sarah reviews the loan offers from the lenders and compares the terms, fees, and interest rates of each loan.
• Sarah chooses the loan that offers the lowest interest rate and the most favorable terms, and a request to discuss the loan further with the lender.

How do I get started with Joust Live Auction?

Before getting started it’s important that you have all the information on hand to make the process easier, such as details of the property, your personal details and income information. By providing your personal information, this helps us get you the most suited home loan rate. 

Get started today, it takes less than 3 minutes to complete. 

If you have more questions about the process, visit our Frequently Asked Questions.

Get the home loan interest rate you deserve

It’s important to stay ahead of the curve to ensure you can manage your cost of living efficiently and avoid paying unnecessary tax. It’s a good idea to review your home loan interest rates regularly as this can help reduce your monthly repayments. 

Create your free home loan profile in just a few minutes and have lenders bid for your home loan with their best offer. In some cases, Joust Live Auction users were able to reduce their home loan rate by as much as 1% on average. 

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*The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Joust recommends that you consider whether it is appropriate for your circumstances. Joust recommends that you seek independent legal, financial and taxation advice before acting on any information in this article.