Fighting cost of living pressures with first ever Big Bank Switch


CHOICE wants 1000 Australians to form group for better and cheaper mortgages

In an Australian first, the people’s watchdog CHOICE, is launching the CHOICE Big Bank Switch which aims to find 1000 Australians willing to switch mortgages to find a better deal.

In partnership with the organisation which has pioneered the process, One Big Switch, consumers can register on-line at no cost and obligation-free to become part of a group switch designed to source special mortgage offers.

The CHOICE Big Bank Switch is Australia’s first ever mortgage switch and when completed could be the largest group switch of its kind.

One Big Switch will use the power of the CHOICE Big Bank Switch campaign to source special mortgage offers.

These offers will be passed on to mortgage holders registered with the CHOICE Big Bank Switch based on objective criteria such as:

• The quality of the mortgage product.
• Fair terms and conditions; and
• A genuine group discount.

The purchasing power of group switching means ordinary mums and dads could get the big discounts that large companies and millionaires enjoy every day.

“CHOICE’s vision is to unlock the power of consumers. We recognise the possibilities with mortgages and other markets to create groups of consumers which have massively enhanced bargaining strength. This may just be the start,” says CHOICE director of campaigns & communications, Christopher Zinn.

“One Big Switch wants to use the power of group switching to help ordinary consumers to pay less for their household bills. With enough community support the CHOICE Big Bank Switch could cut the cost of many families biggest bill, their mortgage,” says co-founder of One Big Switch, Lachlan Harris.

How will the CHOICE Big Bank Switch Work?

To be part of the CHOICE Big Bank Switch, mortgage holders simply visit www.bigbankswitch.com to register. Registration is quick, easy and obligation free and is due to be open for two weeks until 23.59 AEST August 14, 2011.

Banks will compete with each other to make special group switching offers to all those mortgage holders registered with the CHOICE Big Bank Switch.

One Big Switch will pass on special mortgage offers from lenders, based on objective criteria such as product type, terms and conditions and discount.

Registered mortgage holders choose if the mortgage offer is right for them.

What will be the impact of the CHOICE Big Bank Switch?

There are no silver bullets when it comes to the cost of a mortgage, but the CHOICE Big Bank Switch has the capacity to turn the tables in the relationship between banks and their customers.

Switching banks is a great way to save. However, one consumer switching their bank alone will never have the negotiating power they need to make the banks sit up and take notice.

By unlocking the power of group switching, the CHOICE Big Bank Switch could help change that power imbalance, making sure bank customers really do get heard.

One Big Switch is powering the CHOICE Big Bank Switch as part of One Big Switch’s ongoing campaign to help consumers pay less for their regular household bills.

Mortgage holders who wish to be part of the CHOICE Big Bank Switch, or who want more information, should visit www.bigbankswitch.com.

Media contacts:
• Christopher Zinn: CHOICE, Director of Campaigns & Communications: 0425 296 442
• Lachlan Harris: One Big Switch, Co-Founder: 0418 946 587
• Ingrid Just: CHOICE

Related articles

Related tags:
 
 

Mortgage exit fees ban becomes law

New law is a victory for consumers and for CHOICE

24 Mar 2011 |

Better banking within reach says CHOICE

3 Mar 2011 | A new CHOICE report sets out the practical steps banks can take within the next 12 months to herald a new consumer friendly age of banking.

 

No more delays for better banking

6 May 2011 | Immediate steps should be taken to ensure a more competitive banking sector.

 

Sign up to our free
e-Newsletter

Receive FREE email updates of our latest tests, consumer news and CHOICE marketing promotions.