Change hands in a real-time auction, where banks and lenders bid for your home loan. Set up a Joust auction in 3 minutes.
Seems great but im worried I will start getting more scam calls if I register. Anyone has any idea or has done this!!!
Has anyone used Joust Live Auction For Home Loan?
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Assuming the middle man gets a cut.
The bidders have to factor in the middle man's cut. So you might get the lowest price of the X bidders, but that might not be the lowest if you went seeking it for yourself, depending on the middle man's cut.
Let's be fair dinkum. No one is sitting there actually "bidding" for your business. The site will ask you for various factors that then get used by some calculation to place you on a table of all participating banks' rate cards. The backend system then returns the rates the banks are prepared to offer based on the information you've supplied, obviously subject to verification, credit check, etc
There may be some whizz-bangery on the site to make it "look" like an auction is taking place, but the above is what's going on.
Beyond that, these guys are are online mortgage broker. Do they have access to the best rates? Would another broker be able to get you a better rate? Could you get a better rate by approaching the banks yourself? Maybe, maybe, and maybe.
Just be aware of what you are/aren't getting into.
There may be some whizz-bangery on the site to make it "look" like an auction is taking place, but the above is what's going on.
Yeah. Just have it return the results for different lenders at different times to make it seem like someone's actually bidding. Possibly even have it initially return a higher value from a lender and change it later to make it look like they're competing.
From their disclaimer:
Any trademarks used on this website which are not owned by Joust Pty Ltd are used under licence from participating financial institutions
Emphasis mine. Reads like Joust is just an iSelect / Finder / etc for Home Loans.
They also use Equifax if it matters to you…
Terms of Use 5(b) In the case of a Joust Auction Bid Request requesting Equifax Advantage Information Services and Solutions Ltd (Equifax), a credit reporting agency, to provide us with your credit reporting information. We may communicate your Personal Information to Equifax in order to obtain your credit reporting information.
Also even if you don't accept an offer, the "leading" provider will still get your details:
Terms of Use 5.3 In the event you do not accept any of the Bid Responses in the Joust Auction submitted by Providers, your details will automatically be provided to the leading Provider at the end of your Joust Auction period. Please refer to paragraphs 6.2 and 6.3 below for more details. Also refer to our FAQ page on our Website.
Although you can opt-out:
Terms of Use 6.3 You may choose not to have your information automatically sent to the winning Provider by opting out of this process at any time during your Joust Auction period in your Customer Leaderboard.
Seems great but im worried I will start getting more scam calls if I register.
Would be my concern too.
The site itself seems legit, and like my prior comment looks like an iSelect / Compare the Meerkat / Finder / etc but for Loans. A good idea, but one I personally wouldn't use.
Possibly even have it initially return a higher value from a lender and change it later to make it look like they're competing
that was my first thought.
If there is no actual 'live auction' for loans with lenders 'bidding' on loans - then I would suggest this website is misleading.
I'm surprised Officeworks won't price beat your current deal. lol
I have actually used Joust a number of times. Most times the results that came back were useless. Even when I had said that I am looking for an investment loan; it would return me results for owner occupied.
However, one time it did work in finding me the best deal. I was quoted a deal by a mutual fund that was not on their website and when I responded to it; I was put in direct touch with the banker who submitted the quote. She confirmed the rates that she quoted and I changed my loans over to them.
I don't see a problem if they are only advancing you three offers.
Use a disposable Prepaid SIM Number you can afford to abandon.