Have you ever noticed how loyal some people are to specific brands? Fierce debates rage on over the superiority of Apple or Android; entire extended families may choose to own only a single brand of car.
Most Australians wouldn’t even consider bringing a Vegemite knock-off into the home, and some people refuse to drink a cola that isn’t Coke. Studies have shown time and again that we as consumers show a marked preference to companies, even when we can’t point to something as distinct as taste.
For many people, that brand loyalty extends even to our banking. Whether you’ve been with the same bank since high school, or the tellers all know your name, loyalty to your bank can be a great thing. It’s nice to deal with familiar faces, easy-to-use apps, and see our balances grow with favourable interest rates.
But have you ever wondered how much your bank values you as a customer? Whilst their tellers may like you, big decisions like loan terms and credit approvals rest on the hard numbers. Unfortunately, this doesn’t always work in your favour.
This is especially true for home loan applicants. When shopping for a home loan in Australia, you’re probably tempted to start with your personal bank. After all, they already know you, right? Your bank should love to have your business!
Interest rates are often based on the national average rather than your individual worthiness. That means that even strong applicants with excellent credit and employment history are offered rates based on the masses which includes a pool of customers who may not have been as responsible as you.
This could be one of the reasons why so many people have previously chosen to use a mortgage broker to find their home loan. But mortgage brokers charge banks high front end fees and are paid trailing commissions by the banks which adds significant cost to the value chain.
Fortunately, there’s now a better way.
Joust is an exciting online home loan marketplace for Australians. A growing number of banks are signing up for a whole new level of competition in the mortgage market. Joust delivers competitive tension and transparency that is unmatched either here in Australia or elsewhere in the world.
Joust helps to match banks with the exact customer they’re looking for – you.
Banks and lenders will look at your de-identified profile to determine the best home loan rates they can offer you, then place bids in your Joust. Best of all, every bank can see what the other banks are bidding so this allows banks to compete for your business in a completely transparent market place.
The potential savings can run into thousands of dollars per year – straight back to your pocket. It takes approximately three minutes to input your profile details, where you can set the time period for your Joust from 1 to 3 business days and have the bravest banks in Australia all battling to win your home loan business.
Since our launch in June 2016, we’ve grown to have twenty-one lenders creating competitive tension for more than $1.2 billion worth of home loans, helping thousands of home loan applicants buy and refinance their dream homes.
As you start your home buying journey, there’s no reason why you shouldn’t start shopping at your preferred bank – but you should absolutely not stop shopping there. Make sure you’re choosing the best home loan rate for you.