How is Joust different to a Mortgage Broker?

Joust is a digital marketplace for good consumers. We connect you directly with our panel of lenders to ultimately be offered some of the lowest home loan rates available in the market place.

With Joust, you can go online and start the process of getting a better home loan interest rate in approximately 3 minutes. You can do this from a desktop, phone or tablet. You don’t have to leave the house, or use a mortgage broker.

The top 3 differences

1. Mortgage brokers are paid a trail Commission

When using a mortgage broker, banks have to pay them high upfront fees (up to .65% of the loan amount) and a trailing commission that is paid each year. The lender often has to keep paying the mortgage broker a commission each year the loan continues. If the home loan is for 30 years, this can add up to be a very large amount.

With Joust, lenders don’t need to allow for the high front end fee and trailing commission associated with a mortgage broker.

If you select a bank and complete your home loan with them, Joust receives a one-off 0.20% success fee from the bank. This success fee is significantly less than the average mortgage broker up front fee and trailing commission, Without a middleman involved, many lenders are bidding with great rates and without those annoying fees. 

2. Banks can now find new customers with less reliance on brokers

Our lenders want to find new customers. Lenders spend millions on infrastructure, staff, branches and advertising to try and find you.

Joust acts as a home loan marketplace for good customers and lenders who can evaluate how attractive your home loan is based on your:

  • Requested loan amount

  • Existing equity/deposit

  • Equifax credit score

  • Postcode of your property

  • Year of birth

  • Occupation

If your profile is attractive to lenders then you are more likely to receive great home loan rate bids.

Joust saves our lenders time and money by finding customers who fit their marketing and growth strategies all in one market place. This creates competitive pressure between the bidders. The advantage is with the consumers. You set the rules and reap the benefits.

3. Joust gives you the power

Joust rewards good customers. Customers with a good credit score, a steady income and a minimum of 5% equity or deposit are ideal for banks because they want reliable and low-risk customers. Therefore lenders are more likely to be more aggressive in their bidding to win these customers.

Joust provides you with the ability to create competitive tension. When you start a Joust you are telling lenders that you’re focused on finding the best home loan rate available.

You stay in control and select how long the Joust bidding process lasts, from between a minimum of 24 hours to a maximum of 3 business days.

How Joust helps you find the best home loan rate

The search for the best home loan rate can be an exhausting and utterly confusing process. Endless meetings with banks and mortgage brokers, pamphlets and jargon...how do you know whether you have truly received the best rate?

At Joust, we understand the struggles you go through when you’re searching for a home loan. That’s why the Joust platform was created - to simplify a complicated process so that you can get the end result you’ve been hoping for.

So, how does Joust help you to get the best home loan rates?

Home Loans made simple

With Joust, you're comparing apples with apples. That's one of the great things about Joust versus using comparison websites. Because you are rate focused, bids are only displayed on your Joust leaderboard ranked from the lowest rate to the highest rate. Real auction rules apply so banks can only submit a new bid if it is lower than the current leading bid.

If you have a brand allegiance, the second lowest bid on your leaderboard after conducting a Joust might be your favourite bank. With Joust, you're absolutely free to choose a bank that might be second, third, or fourth on your leaderboard - it’s completely up to you.

Joust is a totally transparent digital market place for home loans.

We're simply trying to connect good consumers like yourself with lenders to help you obtain a great mortgage interest rate.

There's no obligation on either you or the lender. Think of us as a matchmaking service for customers trying to get the best rates.

We remove the confusion, and the middleman

The banks have complicated the home loan market over the last 20 years by adding so many different features and products. It's simply too confusing to try and understand the differences between the thousands of home loan product variations available.

It can be extremely difficult to understand the actual benefit of having all these different features. This is why people often approach a mortgage broker or an accountant, so they can act as a translator to help you find the best home loan.

But, if you’re just interested in finding the best home loan rates available, you don't need to be bombarded by all the different features. With Joust, the banks are competing on a normalised home loan product - either with or without an offset account included. 

We understand that with all the home loan calculators, mortgage brokers and banks complicating your search for the best home loan rates, clarity and simplicity are incredibly valuable.

We want to help you to find the best possible home loan rate. And, through our no-obligation, free to use platform, you can do just that.

If you would like to learn more about how to find the best home loan rate, we have a great free eBook you can download called “19 Secrets to Finding the Best Home Loan Rate”. It’s packed full of expert industry knowledge to help you.

What is a comparison rate?

A comparison rate includes both the loan interest rate and the associated fees combined into a single percentage so there is complete transparency to you.

A comparison rate is determined by the following:

  • The amount of the loan

  • The term of the loan

  • The repayment frequency

  • The interest rate; and

  • The fees and charges connected with the loan such as establishment fees, annual package fees etc.

When comparing any finance offers you need to know all the fees and charges you are currently paying or will be charged. If an offer has the same advertised rate and comparison rate then you know that there are no hidden fees or charges.

Joust removes confusion for customers by only allowing its panel of lenders to submit a bid if their comparison interest rate is lower than the previous best comparison interest rate bid.

That means that all lenders are bidding on the same "best comparison interest rate" basis. This feature is what makes Joust truly revolutionary and unique as you don't need to seek any independent advice to determine which is the best interest rate bid.

Would you like to learn more about how you can find the best home loan interest rates? If so, download our free eBook "19 Secrets to Finding the Best Home Loan Rate". 

3 Ways Joust simplifies your search for a better home loan rate

Researching the best home loan rates Australian lenders currently offer can be a headache and incredibly time consuming.

At Joust, we are dedicated to helping you find the best home loan rates banks can offer you. We have created a digital marketplace that provides transparency and empowerment in your search for a mortgage, but we have also optimised the process for your convenience.

Here are three ways Joust simplifies your search: 

1. Access a digital marketplace through the convenience of your mobile device

When you begin using Joust, you start by building a quick online profile.

Lenders can view your de-identified profile, so they can quickly bid with their best home loan rate based on your profile.

This means you don’t have to worry about making face-to-face appointments with multiple lenders. Instead, you no longer waste your time in long consultations with a sales representative and have the most competitive bids sent directly to your mobile device.

Enjoy the convenience of receiving less complex and targeted rate bids - all through the convenience of your mobile phone.

With Joust, you are able to search for some of the best Australian home loan rates no matter where you are.

2. Joust Saves you time from having to compare home loan lenders

Joust is much more than a home loan comparison site or a home loan calculator.

The best offers for residential mortgages can often be fleeting and limited by time bound conditions - but you deserve access to the best home loan rates on your terms.

We have created a digital marketplace that saves you days of researching what some of the best current rate offers on home loans are.

By bringing potential lenders all to one place, you save valuable time that would have been spent going from bank to bank, or meeting with a broker.

We give you power as a buyer and flip the pressure of time back onto the lenders. When you create a profile with Joust, you are able to choose a time frame for banks to bid on your loan. Watching the bidding action on your live leaderboard is great fun. Once this period has closed, you get to see which banks have offered you their best home loan rates.

3. Avoid time consuming negotiations and receive home loan rate bids that reflects your true value

Find some of the lowest home loan rates that banks can offer you. When you use Joust, you avoid having to deconstruct the complexities of a home loan by yourself, obviating the need for help from your accountant or a mortgage broker.  

Joust provides an innovative digital platform where good consumers get the opportunity to have a customised auction for their home loan.

Under the competitive tension we create between lenders in this unique bidding environment, Joust opens up opportunities for interest rates you may not otherwise have access to.

This is made possible not only through the competitive tension, but by cutting out the middle man.  

Using your basic profile information, banks can do more than assign you to a pre-existing, standard deal or rate. They are incentivised to cater to your profile and to compete with their best interest rate bids.

19 secrets to finding the best home loan deal

Discover Industry Secrets to Help You Find the Best Home Loan Rate

Are you searching for the best home loan rates?

At Joust, we are Australian home loan experts. Acting as your personal home loan calculator, we provide a free marketplace for lenders to competitively bid for your business.

We understand that finding the best home loan can be a difficult and long process. But at Joust, we want to make the journey as stress-free and easy as possible. 

By downloading our free eBook "19 Secrets to Finding the Best Home Loan Deals", you will discover:

  • The easiest ways to find the best home loan rates

  • Why a mortgage broker can make your home loan more expensive

  • The truth about honeymoon rates

  • Fixed vs. variable rates

  • Bigger Banks vs. challenger banks

  • How you can exit a home loan and how much it will cost

  • How to shorten your home loan shopping from weeks to days

  • A free site to check your credit score

  • How to move banks along with your home loan

  • And much, much more!

Download our free eBook today and get the industry insights you need to access lower home loan rates for you and your family. 

How Joust works

You’ve probably browsed home loan calculators and mortgage rate comparison websites to compare mortgage rates. But that’s about as far as you went. Joust goes a whole lot further…lenders compete directly against each other with their best home loan rates – Jousting specifically for you - direct on your preferred smart device. 

Here’s how Joust works.

Set up a Joust

How do I Joust? It’s easy – and free! Simply click on Joust now and enter basic information about your desired loan and your personal financial situation. Lenders use this information to determine how aggressively they will chase you with their best home loan rates, so it’s an important step.

 

Watch the lenders Joust

Find the one… Joust will introduce you. This is the fun part. Sit back and watch on your digital leaderboard as lenders bid against each other to drive down your home loan rate. This is a live, exciting and revolutionary way to potentially save thousands on your loan.

 

Choose a victor

Once the Joust is over, it’s time to choose the winning home loan rate. We will connect you directly with the lender to sign on the dotted line. There’s no middleman and no hoops to jump through – just an easy and interactive way to slash your home loan rate.

Choosing a home loan doesn’t need to be complex

Buying a house is one of life's biggest decisions

Over the last 30 years Banks have made home loans way too complicated. Honeymoon rates, fixed rates, packages, free credit cards, frequent flyer points, redraw, fees for this and fees for that. If you are a customer with good equity saved and a good credit rating – a home loan is just a simple commodity.  Good home loan borrowers can now think of a mortgage much like petrol.  It doesnt really matter who you get your mortgage from!  Increasingly, what matters is the price at the pump.

“A home loan is just a simple commodity

Buying a new home is one of the biggest decisions in a person’s life – but don’t be fooled in to believing that choosing a home loan is anywhere near as significant. As competition increases in the home loan market in Australia, good customers are discovering that mortgages are becoming more and more portable. The fees associated with switching Banks are getting lower and increasingly, much of the work can now be done online.

Joust has sliced out the middle man

If your home loan needs are complicated by a poor credit history, unpredictable or low income or you only have a low amount of equity – advice in respect of your home loan options could be very helpful. A good Accountant, Bank Manager or Mortgage Broker can play an important role in helping you find the right home loan. But if you know you have a good credit history and you have got good equity in your home you are considered a “prime” home loan customer and the cost of “advice” doesn’t need to be factored in to the home loan value chain.

Joust is allowing good customers to choose from some of the best banks in Australia who are bidding with their best home loan rates, without the cost of advice being included in the interest rate ultimately offered. For the first time, there is now a “non-advice” home loan market place available to “prime” home loan customers and for the most competitive Banks to come together. The cost of advice always turns up somewhere. Whenever there is a “middle-man” earning trail commissions, the price inevitably goes up. For those customers who need advice, it is fair enough that the cost will be slightly higher. For those good Australian customers who deserve to be offered lower interest rates on their home loans – there is now a “non-advice” model delivering unrivaled competitive tension straight to your mobile phone and with 100% transparency.

Joust is allowing good customers to choose the best banks

Joust has “sliced” unnecessary costs out of the home loan market in Australia and as Banks battle it out on Joust – customers are winning.