My parents provided me with heaps of great advice when I was growing up. And I’ve offered my two sons plenty of advice, too – although not quite all of it gets used. The nice thing about advice from parents is that it’s free.
A bit like the situation with parents, when it comes to home loans there is no shortage of advice on offer. Your home loan is a major decision, but there is a myth that has been created that it needs to be complicated. But it’s just that… a myth.
If I’m a young person and don’t have much of a deposit for my new house, I can probably do with some advice. If I have multiple investment properties and want to minimise my personal taxation, I should certainly be open to advice. If my credit history is a bit chequered and I have previously had financial problems, advice about borrowing for a house would be helpful. If I am self-employed and my taxable income fluctuates, advice from your bank manager, accountant or a mortgage broker may give me a better result.
However, if I own my house and let’s say it is worth $700,000, let’s assume my existing home loan balance is $220,000 and I have a steady job. I really do not need to be paying for advice – I just need the best home loan interest rate available.
The best things in life are free…
Unlike good advice from parents, advice about mortgages from middlemen is not free. Unfortunately, those intermediaries are extracting value from the home loan value chain that could be passed on by banks and lenders to the good consumer.
Joust plans to revolutionise this part of the home loan market in Australia. Thousands of Australian's home loan needs are not complex. There is no need for good customers to be missing out on the interest rate benefits that can flow from removing the middleman.
Visit www.joustnow.com.au to see if Joust is for you… that is, great advice, and like advice from our mums and dad, it’s free.
Mark Bevan, Joust Founder