The procurement of a mortgage is normally the single largest financial transaction any person in Australia will ever transact. It involves negotiation with banks, brokers and solicitors and locks people into debt for a good proportion of their working life. It is stressful, difficult and intimidating.
But there is light at the end of the tunnel.
SwitchMyLoan.com.au may be the answer to people‘s prayers. A business that can alleviate a lot of the burden and tangibly make a difference in the lives of Australians.
SwitchMyLoan.com.au is a business that actively pursues the best deals and the most suitable arrangements for customers in the mortgage business. They provide a link between the mortgage providers and the mortgage seekers, building a bridge between both camps. Perhaps the most alluring fact that caught my eye is that SwitchMyLoan.com.au cuts out the middle-men, the mortgage brokers, and allows people to directly deal with mortgage providers. What people need to understand is that mortgage brokers usually capture a piece of the mortgage repayment rates from the deals they strike with the providers on behalf of their clients. SwitchMyLoan.com.au does not do this. Their fees come directly from the mortgage provider’s operating expenses, thus lessening the financial blow to the customer immediately. The bottom line is this, SwitchMyLoan.com.au provides a cheaper, more efficient service, to both the banks and the customers, and provides a more effective outcome for all concerned.
The concept for this innovative new business is the brainchild of twenty seven year old Perth native, Daniel Jovevski. Despite his relatively young years, he has managed to pick up a massive amount of experience in that time. He has earned an MBA in Business Administration, part of which was achieved through Harvard University, one of the most prestigious houses of learning on the planet. He has worked within the industry for corporate giants Bankwest and NAB. Through working with these massive Australian mortgage providers, Daniel has gleaned insider knowledge on the mechanisms through which transactions take place, and most importantly, how they can be improved upon. And thus the idea for SwitchMyLoan.com.au was formed.
https://www.youtube.com/watch?v=rNpsHYlhCds
SwitchMyLoan.com.au began trading in April, 2013. A huge amount of work went into creating the software needed to provide the required services for potential customers. Daniel freely admitted to me that this was a huge obstacle to overcome, creating the utensils needed to provide a service. Another massive task was networking with the large mortgage providers. For a business like SwitchMyLoan.com.au to succeed, the major banks had to be complicit with Daniel and his team, to build the connection between customer and provider. Today, SwitchMyLoan.com.au is thriving, with a growing customer base and a substantial media presence.
Due to my relative inexperience in mortgage procurement, I asked Daniel to bring me through a normal transaction between a potential customer and SwitchMyLoan.com.au.
Firstly, the customer would log onto the SwitchMyLoan.com.au website, an extremely user friendly platform. He or she would then declare their intent to look for a better deal on their mortgage by entering the details of their current mortgage and various other relevant information. The system would then generate the best and most suitable possibilities for the customer with the competing mortgage providers. A link is provided directly to the mortgage provider, who in turn is notified that a potential client is interested in their alternative mortgage product through the SwitchMyLoan.com.au platform. To Summarize, the customer gets straight forward options on improving the conditions of their mortgage, free of charge, the bank gets direct access to potential customers without having to pander to the whims of mortgage brokers and SwitchMyLoan.com.au is paid directly from the operational expenses of the bank for linking the bank with the customer. By cutting out the middle-man and thus simplifying the process, SwitchMyLoan.com.au generates revenue without hitting the customer for trailing fees. The bottom line is, it’s a win-win situation for all concerned.
When I questioned Daniel on what he wanted to achieve with SwitchMyLoan.com.au in the future, he had a number of achievable goals set. He has a target of two hundred million dollars of mortgage conversions, which is certainly achievable in the burgeoning Western Australian housing market. He wants to grow slowly and steadily in the market and capture 1% of the total market before the end of 2016. He wants to maintain a decent ratio of deals completed against customer interaction through the platform. Most importantly, he wants to uphold the vision he had when he set up SwitchMyLoan.com.au; to give people the tools and assistance needed to achieve the best possible outcome with their mortgages.
To the layman, the world of mortgages can be an opaque, confusing business. SwitchMyLoan.com.au could be the much needed solution to aid the consumer in making a choice. It is a fabulous concept from Daniel Jovevski. In less than a year and a half, he has created proficient and user-friendly software, built stable relationships with a number of major mortgage providers, and created a growing client base. He has been intimately involved in the mortgage business since first leaving university and is ideally placed to make a difference in peoples lives. He has already picked up a young entrepreneurs award for this new business. SwitchMyLoan.com.au is a business that almost uniquely provides an outcome where everybody wins, and with Daniel Jovevski at the helm, SwitchMyLoans.com.au could become a major player in the industry in the years to come.
Launching in Perth initially, lenders will woo for the attention of mortgage holders, and new home buyers by going on speed dates!
SwitchMyLoan is having its first ‘Date A Lender’ event on August 7th 2014 at the Heathcote Building in Applecross. During the event, customers will be able to compare and decide on which home loans best suit their needs.
Distinguished guest the Honourable Joe Francis MLA, Minister for Small Business will opening the evening. Customers will have the opportunity to experience what it’s like to ‘speed date a lender’ with potential for more than $20 million worth of home loans to be settled based on customers average loan sizes. SwitchMyLoan is proudly supporting the Starlight Children’s Foundation in an effort to raise $10,000 from event proceeds and banks. Register here to find out more about this event.
You can find out more at SwitchMyLoan.com.au or https://www.facebook.com/switchmyloan.
