01.Big Bank Switch offers give negotiating power to consumers
What the Big Bank Switch offers will mean
CHOICE says that One Big Switch (OBS) is ready to put mortgage offers to the 40,000 people who registered their interest in the Big Bank Switch.
The offers will be announced state by state to ensure demand can be managed and customer standards maintained. All offers include a genuine group discount.
Those registered will receive emails with details .They need to weigh up whether the offers are right for them. Shop around using trusted websites and online tools and seek independent advice.
What difference will the Big Bank Switch make?
The Big Bank Switch is designed to shake up the mortgage market and bring about more competition. The results so far show:
• There is a public appetite for group switching – with 40,000 registrations
• Smaller and medium sized financial players are keen to compete
• The big four banks need to wake up to competition
How you can use the offers as leverage
You don’t have to switch to benefit. You can use the offer as a negotiating tool to secure a better deal with your existing lender. If you get a better mortgage deal from your current lender as a result of the CHOICE Big Bank Switch, whether or not you registered for the process, we want to hear from you. You can email your story to:
campaigns@choice.com.au
Transparency - how CHOICE will benefit from the Big Bank Switch
CHOICE will receive a fixed $250 per successful switch that will help pay for the running of the campaign. This is paid out of OBS’s fixed 0.5% commission. There will be no trailing commissions. All fees will be transparently revealed with each offer.