Customers win because of the transparency Joust creates
The RBA recently stated "It is not clear that there is sufficient transparency in the mortgage market for existing borrowers to easily assess whether they have a good deal or whether they should consider refinancing".
Banks have been favouring new customers with their the largest discounts, however with increased transparency it will be easier for all customers to see if they are truly getting a good deal.
Joust is totally transparent and this is why customers will win. We have no tie up to any bank or lender. We are completely dedicated to helping you, and don’t have any preferences that could get in the way of that. Additionally, unlike a mortgage broker, we don’t receive a trail commission on home loans – nor do we “sell” them. Our platform is a free marketplace where good quality consumers can meet brave banks who are willing to compete for home loans with their best interest rate. Once you fill out your profile, you can simply sit back, relax and watch as our panel of lenders fight for your business in real-time.
To read the RBA article Click Here
Joust is leading the way towards a fully transparent home loan market place
What is a comparison rate
A comparison rate includes both the loan interest rate and the associated fees combined into a single percentage figure. Joust removes any confusion for customers by only allowing its panel of lenders to submit a bid if their comparison rate is lower than the previous best comparison rate bid.
Customers need to be aware that if your existing home loan has an interest rate of say 3.69%, but you are also paying annual account fees of $495, monthly account fees, or your home loan rate is only a honeymoon rate, you could conceivably be paying an effective comparison rate in the vicinity of 4.69%.
Similarly, if you currently have a fixed rate home loan, early repayment penalties or break costs could mean that your effective or comparison rate may be a whole higher than you think.
To see how Joust works Click Here