ASIC – is the abbreviation for the Australian Securities & Investments Commission. ASIC is an independent Australian government body that acts as Australia’s corporate regulator. ASIC’s role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors.
Best Home Loan rates – Joust has been created to allow consumers access to the best home loan rates possible. Traditionally lenders advertise their standard rates that are available to all customers without taking into account individual circumstances. The information you provide on the Joust platform allows lenders to reward you for having good equity, a steady income and good credit by bidding with their best home loan rates, not just their standard rate.
Bid Request – A Bid Request occurs when you complete and submit the form for the Joust Auction.
Bid Offer – When a Provider provides a specific interest rate and home loan product as part of the Joust Auction.
Home Loan Comparison site – is a website service that compares the price of various lender home loan products. These websites rely on static information which is updated by lenders usually only when there are changes in interest rates. Joust is a unique home loan matchmaker and helps you find the right relationship…which a comparison site won’t necessarily do.
Home Loan Calculator – a home loan calculator factors in the repayment of interest and principal on the loan to determine how long it will take to pay off. This is also very useful for potential borrowers to use to see if they will be able to afford the monthly payment on the loan. Click on the following ASIC Moneysmart weblink to try out their mortgage calculator https://www.moneysmart.gov.au/borrowing-and-credit/home-loans/interest-rates#Comparison
Competing Bids – Joust is the only completely transparent home loan auction site in Australia. Best home loan rates are openly provided by lenders fighting it out to win your business on a live and dynamic digital platform. Competitive bidding stimulates lenders to offer you their lowest interest rate possible without you having to do all the legwork.
Concierge Form – The form used by Customers to request a call-back from our Customer Success team to assist them in creating a Bid Request or a Joust Instant Match application, or to get a custom solution for a more complex need.
Credit score (Equifax) – In Australia, customers have access to credit scores as well as credit files that both you and lenders can access. It is important to understand what your credit file is and what kinds of information it contains. You will have a credit file if you have applied, within the past five years, for a credit card, loan or even a mobile phone plan. Your credit file, which is also known as a credit report, can be one of your most valuable assets. It records certain dealings with credit providers and contains a history of credit applications and repayment reliability.
Lenders, or credit providers, make enquiries to credit bureaus such as Equifax (who hold a record of such enquiries on your credit file). They can then access your credit file to assess your suitability for a loan. They will do this against their own set of specific criteria, and may use a score as part of the application assessment.
Creditworthy – this is a term lenders use to describe your suitability to receive credit, where they especially take into account your past track record in paying money back.
Digital leaderboard – your Joust digital leaderboard shows the list of all lender bids from commencement through to completion of your Joust.
Equity – is the difference between what your home is worth and how much you owe on your mortgage. For example if your home is worth $300,000 and you owe $100,000, you have $200,000 equity.
Honeymoon rate – also known as an Introductory rate. Some lenders offer low-interest rates for the first 1 or 2 years of your loan. These low rates are sometimes called ‘honeymoon’ rates. Before taking up this option, find out what the interest rate will be when the ‘honeymoon’ period ends. Otherwise, you could be in for a nasty surprise according to ASIC’s Moneysmart website – https://www.moneysmart.gov.au/borrowing-and-credit/home-loans/interest-rates#types
The Joust lending panel will not be offering rates that only apply for a Honeymoon period so you can be assured of being offered their best home loan rates for the duration of the loan.
Instant Alerts – this is a feature where Joust offers you the option to receive either a SMS or email notification immediately a lender makes a bid that has taken top position on your digital leaderboard.
Joust Auction – The service where Customers submit the form and create a Bid Request and Providers place Offers in an auction-like format where they compete against other Providers over a certain period of time (eg. 1-3 days). Find out more here: https://joust.com.au/marketplace/
Joust Instant Match – The product where Customers create an application and instantly receive up to 3 Offers from Providers matched to them instantly and automatically. Find out more here: https://joust.com.au/instant-match/
Joust – a fun, easy, free, independent, live and revolutionary home loan auction platform
Jouster – a customer that uses Joust and loves it so much they tell all their family and friends to use it
Lending partners – these are the lenders on our panel that will be bidding for your business with their best home loan rates.
Mortgage – a home loan is commonly referred to as a mortgage. A mortgage document is the legal agreement between a lender and customer which provides the lender with security over the property during the term of the loan.
Mortgage Brokers – a mortgage broker is someone who specialises in home loans and negotiates with banks, credit unions and other credit providers on your behalf to arrange loans. Mortgage brokers can offer you a variety of loan options and can help you select a loan and manage the process through to settlement.
Offer Response – A Provider’s offer to a Customer’s enquiry in the Joust Instant Match service.
Our lenders – see Lending partners above
Personal financial situation – is an outline of an individual’s financial position at a given point in time. This will be assessed by lenders who typically focus on income and expenditure as well as total assets and liabilities.
Providers – third party participating financial institutions and mortgage brokers.
Refinance – is described as replacing an existing loan with a new loan offering better terms which could potentially save you $1000’s over the term of the loan. Interest rates get a lot of attention and for good reason, they determine the cost of your home loan and what you pay back each month. Even a small difference in interest rates can make a big difference to your repayments. Joust provides customers with the perfect opportunity to find the best home loan rates available in the market place to maximise savings.
The Site – All pages and services that are available at the web address www.joust.com.au, including sub-domains, the Joust Auction, Joust Instant Match and the Concierge Form.
Smart device – any mobile device such as IOS and android mobile phones, tablets and laptops
Standard variable rate – most lenders have a standard variable rate which is their benchmark rate or the interest rate they use to advertise their products.
Static data – when you visit a home loan comparison website you will find information such as lender interest rates which rarely change so this is considered static data. Joust Auction is a dynamic platform which contrasts against static comparison sites since our lending partners will provide live bids with their best home loan rates to win your business.
Top position – this is the winning bid at any time during the Joust Auction which will be displayed at the top of your digital leaderboard.