Choosing a home loan doesn’t need to be complicated. Here, we’ll answer all of your questions with this comprehensive list of FAQs.

How Joust works

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

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

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

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 info@joust.com.au. We’ll get Joust up and bidding again for you.

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. The winning lender will contact you within 24 hours after the conclusion of your auction to start a discussion on their product offering.

If you select a lender or broker and complete your home loan with them, Joust receives a one-off 0.20% success fee from them. This success fee is significantly less than the average mortgage broker up-front fee and trailing commission.’ 

How Joust is different

Here are the top 3 Reasons:
1. 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.
2. Joust is a complete market place including banks, brokers bidding on behalf of banks and non bank lenders. If the winning bid is from a lender that bids directly on Joust, you can cut out the middleman and the broker trail commission. You choose whether you proceed to apply for a loan with the winning lender.
3. it’s fun and easy. You can start your Joust auction while relaxing at home, on the bus, anywhere, anytime!

Comparison rates

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.

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.


There’s every chance that your existing mortgage interest rate is higher than what could be available in the home loan market right now.

Regardless if you have a fixed or variable interest rate, you may be paying more than you need to on your current home loan. Joust helps you find lower home loan rates. 

Credit score

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

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.

A healthy credit score is a great first step to finding the ideal home loan rate. Joust uses your Equifax Credit Score to help determine whether or not you are eligible to Joust. Your credit score is a number that represents the information contained in your credit report. It will give lenders an idea of how financially responsible you are. Your Equifax Credit Score is a credit rating between 1 and 1200 summarising the information in your credit report into one easy-to-understand number.

Factors like your credit liability, length of credit history, types of credit in use, credit-seeking activity, and repayment history contribute to your Equifax Credit Score.

You can check your Equifax Credit Score here to get a better idea of where you stand. Or, you can go to free websites such as getcreditscore.com.au to conveniently check your Equifax score.

If you check your credit score and notice that it could be better, don’t despair. Over time, your credit score will improve with good financial behaviour. You can read more about improving your credit score here.

Equifax operates the leading credit bureau in Australia and has been the trusted custodian of Australians’ credit histories for over 47 years. Equifax offers the most comprehensive and current data source for more than 16 million active consumer credit files. An Equifax Credit Score provides the most complete picture of a person’s creditworthiness and has been used by the vast majority of credit providers for almost two decades.

If your credit score is below 500, Joust may still be able to assist in your best home loan interest rate search. While credit scores are used to evaluate a customer’s likelihood to pay their debts on time, some individuals may have unique circumstances that make them good customers for specific lenders. You may want to speak to a mortgage broker direct to further discuss your options if you don’t qualify for a Joust. Joust has an arrangement with national broking group Keylend to accommodate these circumstances, where the process will be explained in detail once you attempt to submit your Joust.

Whilst you are inputting your personal information, you will be asked to authorise Joust to access your Equifax credit score. Joust requires that you have a minimum Equifax credit score of 500, in addition to a steady income and a minimum 10% deposit for property purchases or 20% equity in the home property you are refinancing. Joust uses credit score bands to represent your credit quality so that lenders can easily identify the type of customer they’re looking for.

Personal information

The information Joust requires helps us get you the best home loan rate. After entering your basic details, including full name, address, year of birth, occupation, salary and employer, we provide a de-identified profile along with your Equifax credit score band to the lenders. They’ll review your information and customise their bid to your needs.

No, not during the Joust. Once you have chosen a winning bid, the successful lender will contact you to discuss full details of their home loan product and then seek to arrange a formal application, which will include getting your consent to access a full credit report. The same process applies if you don’t choose a winning bid and Joust provides a full copy of your bid request to the bidder with the lowest comparison rate that has opted in to receive non-declared leads from us.

During the Joust, lenders will only have access to basic information, which cannot identify you. When you choose the winning bid, only that lender will receive your personal information. In the event that you do not choose a winning bid, we may provide your personal information to the bidder with the lowest comparison rate that has opted in to receive non-declared leads from us. Please read our Privacy Policy Statement for further details on the secure collection and storage of your personal information.