Category: Refinancing

July 6, 2020

Why Use Joust to Refinance Your Current Mortgage?

Joust can help you obtain lower home loan rates to refinance your home.  When you use Joust, you avoid having to wade through the complexities of unnecessary or low-value home loan features. 

This means you may not need help from an accountant or a mortgage broker.  Many of our Banks bid with great interest rates with those annoying hidden fees and costs removed. 

At Joust we believe good customers should be rewarded. Why do new customers receive lower home loan interest rates than existing long-term customers? 

Many banks offer ‘honeymoon rates’ to new customers. These honeymoon rates are introductory rates and only last for a certain amount of time. 

We believe it’s a great time to Joust – when you have an existing home loan.  To benefit the most from the competitive tension that Joust creates, you’ll ideally have a reasonable credit score, a steady income and at least 5% equity in your home, or a 5% deposit.

Joust is saving good customers thousands of dollars every year by cutting out the middle man. Banks are bidding with great interest rates with most of those annoying fees and costs removed.

Under the competitive tension created by the Joust live auction environment, Joust opens up opportunities for lower home loan rates than you would normally have access to otherwise.

Using your profile information, banks can often do more than quote you a pre-existing, standard deal or rate. They are motivated to consider your profile then compete in real-time and beat rival offers.

Convenience and Transparency In the Search For a Home Loan Lender

The prospect of changing banks can be daunting. It seems like a long and complex process – but this doesn’t have to be the case.

There’s a general perception that it is very difficult to change banks. We need to reconstruct this image because the banks benefit and you’re not getting the best home loan rate you deserve. One of our ambitions at Joust is to give you complete transparency. This process has become possible with digital technology, and we can help you find a new lender and get the best home loan rates in Australia.

Finding The Right Home Loan For You Has Never Been More Convenient

At Joust, we want our digital platform to show you how easy finding a new lender has become.

Obtaining a better rate is easy through Joust. We have created an innovative competitive marketplace that is no longer time consuming or confusing.

The effort of researching and negotiating the best home loan rates is greatly reduced by using Joust. Experience the convenience of using Joust on your mobile device, and watch the lenders Joust for your business in a competitive, live transparent bidding environment.

From the comfort of your lounge or on the tram on the way to work, Joust eliminates the need to meet with various lenders to negotiate the best deal.

The small effort required to create a profile and interact with your home loan leaderboard is greatly surpassed by the benefits you are rewarded with. Experience the best home loan rates Australia has to offer you without the need for appointments or a mortgage broker.

Joust Gives You Transparency in the search for a better Home Loan Rate 

Mortgages and home loan rates can be difficult to get your head around. Especially when you have to collect all the information about the current home loan rates by yourself. 

But it can become even more confusing when you’re getting hard sells from multiple lenders, and different statistics from various home loan comparison sites. Not to mention all the different home loan calculator options.

Joust helps you move past the chaos of conflicting advice and gives you the concise, accurate answers you need, directly from the lenders.

When you start a Joust, lenders will bid based on your basic profile information. Joust removes the need for a mortgage broker and cuts to the chase. In a time-bound bidding environment, lenders present you with the information you want to hear, and we present it to you directly to your personal leaderboard.

Finding your new lender has never been so easy. Don’t be apprehensive in your search for the lowest home loan rate in Australia. Joust removes the struggle and provides you with the easy to use and accessible marketplace that brings the banks to you. 

Home Loan Myths Busted!

What are the biggest myths that could be hindering your home loan experience?

Fake or fact image to help explain some home loan myths

There are many myths surrounding the home loan and refinancing process that can create an overwhelming feeling for consumers who are looking to secure a better home loan rate.

These myths are often created through confusing or misunderstood information in the financial services sector.

In this article, we bust the three most common home loan myths.

Myth 1:  It’s too difficult to switch banks

Home loan shopping shouldn’t be that hard. In fact, a home loan should be one of the most convenient and transparent shopping experiences. As competition increases in the home loan market in Australia, good customers are discovering that mortgages are becoming more and more portable. The fees and efforts that are associated with switching banks are getting lower and increasingly, much of the work can now be done online. 

You can check your loan agreement to see if your lender charges a discharge fee when you repay your home loan account. A Discharge Fee can typically range between $150 and $500. Allowing for government charges, you can expect to pay in the order of $1000 in total. It can make sense to discuss with your lender to explore ways to minimise the costs or speed up the process of discharging your mortgage. 

With Joust, good customers are now able to choose from some of the best banks in Australia – who will battle for your home loan with their best rates.

Once you complete an auction of your home loan on Joust and declare a winning bank, your new bank will complete the switching process with you. 

Myth 2:  A home loan is a difficult and long process!

Buying a house is one of the biggest decisions in life, choosing a home loan isn’t! 

A good home loan customer can think of a mortgage much like petrol! There’s plenty of choices out there and it doesn’t really matter where you get it from. What matters to most customers is the price at the pump.  The same logic can be applied to choosing a bank for your mortgage.

Over the past 30 years, banks have intentionally created a perception around the home loan process being difficult, confusing, long and extremely complex.  The reality is that for good quality customers, the process is actually quite straight forward.

Joust removes complexity from the home loan process by insisting that the bank’s bid based on its best rate.  This means home loan borrowers don’t get distracted by a myriad of unhelpful and irrelevant “specials,” packages” and “features.”  Joust takes away all the running around and research for customers – allowing you to simply submit your home loan profile online and sit back and watch the banks battle in a genuine auction experience on your mobile device.  Then, with a single click – you can choose the winning bank.

Myth 3:   I need a mortgage broker to get a good deal on a home loan

Out of the three myths that we have discussed, there is no greater myth than you need a mortgage broker to get a good deal on a home loan. 

An intermediary or a “middle man” is a popular option in today’s society, but one that often comes with a hidden expense.  Mortgage brokers who act as a middle man between a customer and their home loan deal don’t charge the client directly, however they make their money through large front-end fees and trail commissions.  Increasingly, there is independent research and public investigations that suggest that the home loan a mortgage broker recommends to you, may not always be in “your” best interest.

By auctioning your home loan business on Joust, you: 

  • Can be confident that you’re getting the best rate relevant to your profile. 
  • If you have an attractive home loan profile for lenders, then banks are likely to bid aggressively for your loan.
  • Then, you can select the lender and home loan rate that you want. 

Hopefully, busting these myths can shed some light on the dark secrets and some of the mysteries within the financial service industry.

Take control of your home loan journey and watch banks bid “live” for your business.