Joust is a digital marketplace for good consumers to connect with our panel of lenders to get the best home loan rate available.
With Joust, you can go online and start the process of getting a better home loan interest rate in approximately 3 minutes. You can do this from a computer, phone or tablet. You don’t have to leave the house, or use a mortgage broker.
When using a mortgage broker, banks have to pay them high upfront fees and a trailing commission that is paid each year. The lender often has to keep paying the mortgage broker a commission each year the loan continues. If the home loan is for 30 years, this can add up to be a very large amount.
With Joust, you remove the mortgage broker and any trailing commission. Lenders pay Joust a low, once-off fee, so banks can pass these savings on to you.
If you select a bank and complete your home loan with them, Joust receives a one-off 0.20% success fee from the bank. This success fee is significantly less than the average mortgage broking up front fees and trailing commission, allowing those savings to be passed on to you.
Our lenders want to find new customers. Lenders spend millions on infrastructure, staff, branches and advertising to try and find you.
Joust acts as a home loan marketplace and a home loan calculator for the good consumer and the lender. Lenders can calculate how attractive your home loan is based on your:
If you have attractive features for lenders then you are more likely to be bid a better home loan rate.
Joust saves our lenders time and money by finding customers who fit their marketing and growth strategies all in one place. This creates competitive pressure between the bidders. The advantage is with the consumers. You set the rules and reap the benefits.
Joust rewards good customers. Customers with a good credit score, a steady income and a minimum of 20% equity or deposit are ideal customers. Banks want reliable and low-risk customers to take out a loan with them. The lenders are more likely to be more aggressive in their bidding to win these customers.
Joust provides you with the ability to create competitive tension. When you start a Joust you are telling lenders that you’re interested in finding the best home loan rates. You set the rules.
The lenders then compete to outbid each other. The better profile you offer to the competing lenders, then the greater likelihood of competitive tension.
You can use the Joust auction process, to determine parameters of your loan and set how long the bidding process lasts. Jousts can be as short as 24 hours, but no longer than 3 business days.