The home loan market is a brutal, mysterious place, where the customer rarely wins out. But thanks to our partners at HashChing, you have digital experts on your side to save your bottom line.
In this age of disruption here’s another disruptive question for you: “Do home loans from banks still give you the best value for money?”
In 2017, players seeking to create a level playing field empowering everyday citizens with choice have largely disrupted certain industries. The challenges that certain industries face now more than ever are the catalytic role digital plays and the power to democratise and challenge traditional models.
In the past 12 months particularly, Australia has seen media coverage that has sparked debate around the housing market, with the Bernard Salts of the world suggesting that young Australians hold off on their smashed Avocado if they want to be home owners. Commentary like that is fun and plays a role in starting the conversation. But within the disruption of the home loan and property market, what role does digital play?
Home loans and the property market appear to be a daunting industry but they are not immune to disruption, especially when that disruption is being led by industry experts who feel frustrated by their own banks.
It is easy to jump online and Google what home loan options are out there, but it’s a very different ballgame when there is a digital disrupter advocating for your best outcome.
Enter game changer HashChing.
The reality is, Australians are on average overpaying up to $90,000 to the big four banks for their home loans, and most of these loans are simply not in any way palatable to an individual’s personal financial situation. One of the most exciting things about digital disrupter HashChing is their mandate to work with Australians to negotiate on their behalf lower interest rates. Many Australians feel that there is a percentile of Aussies who have the opportunity and the relationship with the right people within the banks to navigate the most advantageous outcome. However, by engaging with Australia’s first online marketplace that allows Aussies to access deals and connect directly with the best negotiators for their situation, it becomes a less overwhelming task.
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There is something powerful in knowing that there is an advocate for you who understands the complexities of home loans, of interest rates and knows how to have the best outcome for your financial future. HashChing CEO, Mandeep Sodhi, says, “We’ve demonstrated that HashChing brokers are able to negotiate lower interest rates and save borrowers tens of thousands of dollars, but there is a bizarre, relationship-esque psychology around banking that’s hard to crack. Consumers feel unnecessary loyalty towards their banks, and it’s costing them significantly. Unfortunately, banks, are acutely aware of this and continue to exploit it, entangling customers in agreements and loans that feel too hard to break out of.”
The scary part for Australians, according to the RBA, is that one-third of borrowers have less than a month’s worth of breathing room around their mortgage, and many of us are falling behind our payments. It is a daunting reality to face up to, but fortunately Australians no longer need to go it alone. By partnering with HaschChing, which is completely free for consumers, Australian’s have the opportunity to have their individual mortgage situation negotiated on their behalf. Let’s just look at the data of rate comparison tables. Data tells a story, and this story is empowering for those who previously did not have a personal advocate.
There is power in digital disruption and there is power in choice. HashChing gives that power back to Australian home owners.