Category: Applying

December 15, 2019

How To Use Your Good Credit Score To Your Advantage

In the US and the UK most people know their credit score and are able to use it to negotiate more favourable loan terms. Right now in Australia – we are way behind.

Very few of us know what our Credit Score is and until Joust arrived in the Australian home loan market – there wasn’t a smart way for customers with good credit scores to obtain the home loan interest rate they deserve.

Right now in Australia – we are way behind

Consumers can now visit GetCreditScore.com.au which is a free service that allows Australians to obtain their credit score from Equifax. Go ahead – and check them out.

The home loan market in Australia is extraordinarily large. It is estimated to be worth $1.4 trillion and approximately 800,000 new home loans are settled in Australia every year. However, the Home Loan market in Australia is far from perfect. 

800,000 new home loans are settled in Australia every year

Good Customers

Good customers who have stayed with the same bank for many years may be paying too much, whilst lower quality customers who represent a higher risk for banks frequently do not pay enough.

Here is where digital technology and a truly transparent online market place can fix these imbalances. Consumers with a good credit score can input their details to Joust and within minutes have Banks around Australia bidding for their home loan business – straight back to their mobile.

When good customers discover the fully transparent digital market place created by Joust they can benefit from their good credit history. Banks love good customers with an excellent payment record. Via Joust – these customers are being rewarded with live competition resulting in discounted interest rates offered on home loans. This results in an optimal outcome for the customer and an optimal outcome for the Banks. A marketplace that delivers optimal outcomes for all market participants is the definition of a “perfect market”.

World First Technology

Joust is extremely proud of it’s “world first” technology that creates a digital market place for home loan customers and lenders in Australia. So get on and use your good credit score to your advantage. Ultimately every customer should obtain the price that they deserve in a perfect market. The Joust platform continues to resonate with customers and the banks. Joust is leading the next revolution in retail lending in Australia.   

Make sure that if you have a good credit score – you are not missing out. To find out more about how joust works – click here.


How Joust Protects Your Credit Rating

Building a healthy credit rating and then maintaining your credit score should be a very high priority for all Australian home loan consumers.

Every credit provider wants to know the likelihood of customers repaying a loan. So, the higher your credit score, the more confidence they will have that you will repay a loan in terms of the credit agreement.

image of a man with a crown and cape to show how to protect your credit rating

Usually, when you apply for a new loan or credit facility, the provider will complete a full credit check with reputable credit bureaus such as Equifax. However, in many instances, these full credit checks can serve to negatively affect your credit score, so you always need to be vigilant. The last thing you want is to have an exemplary credit score that then gets marred by multiple full credit checks. All that hard work and diligence on your part would no longer shine through.

At Joust, we understand that you need to protect your credit rating. We therefore subscribe to the Equifax Access Seeker service, which does not have any negative impact on your credit score.

In fact, once you have submitted a Joust, you are the only person who will ever know that you have used Joust.

image of a knight on a horse jousting to show that Joust are jousting to protect your credit rating

We perform an Equifax inquiry to extract your credit score, representing it in the form of a credit score band to the Joust panel of lenders. This will never be visible to any credit providers. So, they won’t be able to see that you are shopping around for the best home loan interest rate.

You are our number one focus, and we always strive to help you get the best home loan interest rate possible.

For more information on how Joust protects your credit rating via the Equifax Access Seeker product visit our Terms and Conditions. Or, to learn more about Equifax, visit https://www.equifax.com.au 


Transparent Variable Rate Home Loans – It Is Possible

Deciding which home loan to choose can be tricky business, particularly when it comes to the stability of a fixed-rate or the flexibility of a variable rate.

Variable rates have traditionally been attractive due to their initially low rate, but how do you know if that rate will remain low? Banks have significant control in the setting of loan rates, and there is little transparency surrounding how these rates are calculated. 

This week, the House of Representatives Standing Committee on Economics has weighed into the discussion of offering tracker mortgages through the four major Australian banks.

Tracker mortgages have rates which fluctuate in line with the official cash rate, so there is transparency regarding how the rate is calculated and fluctuates. However, according to bank executives, it wouldn’t all be good news if this type of loan is introduced.

Brian Hartzer, chief executive of Westpac, and NAB chief executive, Andrew Thorburn, stood opposed. They said that excessive premiums would be attached to tracker mortgages due to the high risk associated with them for the banks. This, in turn, would be unappealing for consumers, who generally opt for a fixed rate on their loan if they are after more security. Mr Hartzer went on to say that if banks offered loans with that much risk, they would be in serious trouble if the cost of funds spiked.

On the other hand, ANZ Chief Executive Shayne Elliott and Commonwealth Bank of Australia Chief Executive and Managing Director Ian Narev, were open to the idea – despite the high risk. Both agreed, however, that they wouldn’t be certain there would be much demand for tracker mortgages due to the high premiums.

They also wondered if the introduction of another loan option would make it more confusing for the consumer.

Finding the best home loan rates can be confusing, especially when you consider the many options and the general lack of transparency associated with many banks and mortgage brokers. Joust removes the confusion and provides unrivaled transparency, which makes the decision process much clearer for consumers.

We bring the banks to you with their best offer and the most relevant information on the table, which means no hidden fees and far less confusion. Providing a marketplace where you and the banks are able to see other offerings provides full transparency, which is often difficult to find when purchasing a home loan. This process is what makes Joust the simplest and most competitive platform to use when shopping for your mortgage.

Find out how Joust works and let the banks come to you with their mortgage offer.


Choosing a Home Loan shouldn’t be as hard as choosing a home

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 doesn’t really matter who you get your mortgage from!  Increasingly, what matters is the price at the pump.

couple signing documents to apply for their new home loan

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 into 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 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 into 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.