Frequently Asked Questions about Home Loans

Got questions about getting a home loan using Joust?

We've got answers.

How do I start a Joust?

Grab your smartphone, tablet or laptop and open Joust. Add the bookmark (insert navigation tool) on your screen while your Joust auction is running. You can also use Joust on a desktop if you’d prefer.

Why is Joust better than using a broker?

Here’s the Top 3 Reasons -

First, you are in control. You see every bid live on your digital leaderboard during your Joust auction as lenders compete against each other with their best home loan rates – driving the rate down.

Second, Joust cuts out the broker middleman….the broker trail commission …..the hassle… You choose which bid you like the most –the lowest rate or a preferred lender.

Third, it’s fun and easy. You can start your Joust auction while relaxing at home, on the bus, anywhere, anytime!

Also, did we mention that there’s no pressure to accept the best home loan rate offered… but why wouldn’t you?

What is a Broker Trail Commission?

According to the Business Insider, “Mortgage brokers make their money from the commissions paid by the banks to send business their way. The bigger the commission the better”.

“The broker gets an average upfront rate of 0.633% on the value of the mortgages it organises. Then it gets an average trailing commission of 0.193% on the value of the home loan each year for five years if the mortgage remains in place”.

When you apply through a broker, lenders pay broker trail commissions so this means those lenders can’t always offer you the lowest rate possible.

Joust is not a broker and does not receive trail commissions.

Is Joust free to use?

Yes, absolutely! It’s free, fun to use and there’s no obligation or pressure. Go on… get Jousting!

Can I access Joust on any smartphone?

Yes. You can access Joust on any smartphone by visiting Bookmark the website, so you can easily check the digital leaderboard of lender bids during your Joust auction.

What is a Joust digital leaderboard?

The Joust digital leaderboard shows the list of all lender bids once you have commenced your Joust. Click here to learn more .

Is Joust only offering Variable Rate Home Loans?

Joust helps secure the very best Variable Home Loan rate. In the near future we’ll add Fixed Rate Loan auctions as an option. Stay tuned!

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.

What is the difference between advertised rate and comparison rate?

The advertised rate is simply the loan interest rate. The comparison rate includes the loan interest rate and any additional fees and charges. Joust only allows lenders to place new bids if the comparison rate is lower than the previous winning bid. This removes any confusion around which bid is the best rate.

Why use Joust to refinance your current mortgage?

Joust is so easy to use, it’s a fun and hassle-free way to check if you are getting the best home loan rate possible. No appointments, no pressure – just grab your smartphone or any digital device and start your Joust auction now!

Why does Joust look so simple to use?

Joust was created to be simple and fun, dynamic and accessible. If you’re a straightforward customer looking for a better home loan rate, the process should be simple too. Lenders have made the process complicated but it doesn’t need to be rocket science.

Joust’s panel of lenders have agreed to bid on the same basis and can only bid if their comparison rate and fortnightly repayment are lower than the previous bid. It’s that simple!

Am I committed to a loan application once the Joust ends?

No, not at all. Joust presents the rates and highlights the fortnightly repayments as each bid appears. Our goal is to save you money, not lock you into something you’re not sure about. Take your time. Once you click ‘Accept’, the winning lender will contact you.

How many times can I use Joust?

Once you have submitted a Joust, you will need to wait a minimum of 30 days to use the platform again. However, if under special circumstances, you were unable to complete your Joust through to settlement, please contact us at We’ll get Joust up and bidding again for you.

Why do I need to provide basic personal information?

The information Joust requires helps us get you the best home loan rate. After entering your basic details, including postcode, occupation, salary, year of birth and drivers licence number, we provide a VEDA credit score band to the lenders. They’ll review your information and customise their bid to your needs.

Why does Joust access my Equifax credit score band?

Joust only provides lenders with your credit score band. E.g. Between 700 and 750. Lenders will then bid for your business, based on your overall profile. The better your credit score band, the better the bid.

Will Joust accessing my Equifax credit score band have any impact on my score?

No. When Joust accesses your credit score band it will not affect your credit score and the enquiry will not be visible to any party other than yourself.

Will the successful lender access my credit file?

No, not during the Joust. Once you have accepted a lender bid, it’s now in the hands of the successful lender. They’ll contact you to arrange a formal application, which will include getting your consent to access a full credit report.

What happens to my personal information?

During the Joust, lenders will only have access to basic information, which cannot identify you. When you accept the winning bid, only that lender will receive your personal file. Please read our Privacy Policy Statement for further details on the secure collection and storage of your personal information.

Joust Home Loan Marketplace Calculator