Frequently Asked Questions (FAQs)
Is Joust free to use?
Yes! It’s free, fun to use and there’s no obligation or pressure to proceed. Go on… get Jousting!
Am I committed to a loan application once the Joust ends?
No. When you manually accept a winning offer/s, or are automatically referred to the leading Provider at the end of your Joust Auction through Marketplace, or submit your details through Instant Match, you are only exchanging your contact details with a particular lender or broker. They will then have to complete their own internal assessments to satisfy responsible lending criteria and product suitability or unsuitability based on verifiable information. You can choose not to proceed at any point if you feel that it is not right for you. You can also choose to opt out of having your details automatically provided to the leading lender or broker by opting out in your customer leaderboard.
Am I obliged to take up the offers?
No. When you declare a Joust through Marketplace or submit your details through Instant Match, you are only exchanging your contact details with a particular lender or broker. They will then have to complete their own internal assessments to satisfy responsible lending criteria and product suitability or unsuitability based on verifiable information. You can choose not to proceed at any point if you feel that it is not right for you.
What’s the difference between Joust Marketplace and Joust Instant Match?
Marketplace: Joust’s Marketplace allows you to put your mortgage on the market and watch the power change hands in a reverse auction where banks and lenders bid against each other to help get you the best home loan rate. It takes just 3-minutes to set up, is free to use, and won’t affect your credit rating.
Instant Match: Instant Match pairs you instantly with lenders and brokers with loan options that meet your specific needs and circumstances. Thanks to our clever data matching and customer experience platform, now all home loan customers can access compatible matches easily.
Can I Joust if i’m not an Australian resident?
This can depend on a number of factors. For our Joust Marketplace, we run a credit check and if you’re not an Australian resident we won’t be able to run the credit check. But, depending on your particular circumstance and your current savings and assets and if you’re applying on your own or with someone else, you may be eligible. If you’d like to explore your options, contact us at firstname.lastname@example.org
Why should I use Joust rather than going directly to a broker?
Using Marketplace as the example, here are the top 3 Reasons:
1. You are in control. You see every bid live on your Leaderboard during your Joust auction as lenders and brokers bid against each other with their best home loan rates – driving the rate down. In some cases, we do see customers getting below the advertised rate when using Joust
2. Joust is a complete marketplace including banks, brokers bidding on behalf of banks and non bank lenders. You choose whether you proceed to apply for a loan with the chosen lenders or brokers and you can declare more than one Joust.
3. It’s fun and easy. You can start your Joust auction while relaxing at home, on the bus, anywhere, anytime!
What is a comparison rate?
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.
Read more here.
What is the difference between advertised rate and comparison rate?
The advertised rate is simply the loan interest rate. The comparison rate includes the loan interest rate and any additional fees and charges. This removes any confusion around which bid is the best rate.
Should I use Joust to refinance my current mortgage?
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. Read more here.
Why does Joust access my credit score?
We only access your credit score for our Marketplace product. Your credit score is a number that represents the information contained in your credit report. It will give lenders and brokers an idea of how financially responsible you are. Your 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 Credit Score.
Lenders and brokers will then bid for your home loan, based on your overall profile.
Will Joust accessing my credit score band have any impact on my score?
No. Submitting a Joust auction does not impact your credit score or leave a visible footprint on your credit file. When we check your credit score as part of creating an auction, we simply extract your score and represent it in a score band as part of your profile.
Is my credit score good enough to Joust?
A healthy credit score is a great first step to finding the ideal home loan rate. To receive the most competition on your Joust, a credit score over 700 is ideal.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.
What Happens if my Credit Score is Below 500?
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 directly to further discuss your options if you don’t qualify for a Joust or contact us at email@example.com and we can look at options available.
Will the successful lender or broker access my credit file?
No, not during the Joust. Once you have selected a winning bid, or have been automatically referred to the leading Provider at the end of your Joust Auction on Marketplace, the successful lender or broker 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 have manually selected a winning bid, or have been automatically referred to the leading bid at the end of your Joust Auction. We will provide a full copy of your bid request to the bidder with the lowest comparison rate.
Why do I need to provide basic personal information?
For both Marketplace and Instant Match, the information Joust requires helps us get you the best home loan rate. After entering your basic details, we provide a de-identified profile along with your credit score band to the lenders and brokers for Marketplace and on Instant Match, only the lenders or brokers that you’re connected with will receive the basic information that you provide during the Instant Match process.
What happens to my personal information?
I didn’t get the confirmation email, what should I do?
If you have not received any confirmation emails, the first step should be to check your spam folder. If you are still unable to locate the confirmation email, please let us know by either emailing us at firstname.lastname@example.org or chat to us online (you will find the chat button at the bottom right-hand corner)
How is Joust paid?
For our Marketplace product, if you select a lender or broker, or are automatically referred to the leading lender or broker, Joust will receive a flat ‘success fee’. If you then go on to complete your home loan with that lender or broker, Joust receives a one-off 0.20% settlement fee based on the loan amount from them. This settlement fee is significantly less than the average mortgage broker up-front fee and trailing commission. We don’t get paid a trail or incentivised differently for different volume (aka volume-based incentives). We don’t favour any bank over the other. All banks, lenders and brokers are welcome to join us for free.
For our Instant Match product, we receive a flat fee (which varies) each time a broker or lender receives a lead.
What's the difference between choosing a direct lender and a mortgage broker?
Both can help you secure you a home loan, but they each have their benefits and drawbacks. Read our Should I go with a mortgage broker or bank? Article to understand the pros and cons for each.
Who will bid for my loan?
We have a mixture of bank lenders as well as mortgage brokers who will take part in the bidding process. We don’t get paid a trail or incentivised differently for different volume (aka volume-based incentives). We don’t favour any bank over the other. All banks, lender and brokers are welcome to join us for free.
How are the brokers and lenders chosen and verified?
We follow a strict process when we sign up new brokers and lenders. We interview them face to face (via Skype if they are in different states). We get to know them and ask them a lot of questions about their experience in the industry and their motivation. We also verify their licensing via the relevant bodies such as MFAA, FBAA and ASIC for their ACL’s. We don’t get paid a trail or incentivised differently for different volume (aka volume-based incentives). We don’t favour any bank or broker over the other. All banks and brokers are welcome to join us for free.
Is it secure to use Joust?
What will happen if I don’t like the bank lender or the broker I choose?
You can simply inform the broker or lender that you do not wish to proceed. You can use Joust Marketplace to create another auction and choose a different broker or lender.
I am a first home buyer, can Joust help?
We can certainly help. We have handpicked bank lenders and brokers who are experts and with a great track record. They are experts in helping both new home buyers and seasoned investors.
Is Joust backed by a bank?
Nope. 100% independent. As ex-bankers, we know the importance of independence and transparency.
Which banks are on the panel?
Joust is a marketplace. As such we have brokers as well as direct banks on the panel participating in the bidding process. Thanks to our existing partner network we can access about 80% of mortgage service providers which includes: the Big 4 banks, regional banks, non banks, large Credit Unions and Mutuals, small Credit Unions and Mutuals and a range of Mortgage Brokers.
What kind of loans can you auction via Joust?
Only residential property loans. Currently this excludes SMSF (Self Managed Super Funds) also. But if you have a request or want help connecting to a specialist and experienced broker, connect with us through our Concierge Service.
Can I cancel a Joust?
You sure can. Just email us at email@example.com to cancel a Joust at any stage.
What loan types can I Joust?
Can I still Joust if I'm self-employed?
While it can be harder to obtain the documentation you need to qualify for a home loan, yes our lenders and brokers will bid on opportunities for self employed people.
What is the Joust leaderboard?
How many times can I use Joust?
Can I include all of my properties in the one Joust?
At the moment, unfortunately not as our system isn’t set up that way.
Still have questions?
Contact us at firstname.lastname@example.org