Big Bank Switch offers now on
'Use offer to get discount from existing lender' says CHOICE
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 will include a genuine group discount.
CHOICE says that those who registered will need to weigh up whether the offers are right for them, and that they should shop around.
As a world first, 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 able to compete
• The big four banks need to wake up to competition
“CHOICE has been relentless in its campaign to bring more competition to the banking sector. In the last 12 months, with the abolition of mortgage exit fees and now the Big Bank Switch, some real progress is being made,” says CHOICE director of campaigns and communications, Christopher Zinn.
“Greater competition in banking is the reason we backed the Big Bank Switch and it’s how its success will be measured.”
CHOICE encourages using the offer as a negotiating tool to secure a better deal with existing lenders and others. The people’s watchdog also wants to hear from people who get a better deal as a result of the Big Bank Switch; encouraging them to visit www.choice.com.au/betterbanking.
CHOICE will receive a $250 fixed fee per switch that pays for the running of the campaign. This will be paid out of OBS’s fixed 0.5% commission. There will be no trailing commissions. The remuneration is designed to be transparent, set new industry standards and remove any incentive to favour one product over another.
“Since the switch launched, some established players have become increasingly hot under the collar but we make no excuse for shaking things up. The Bankers Association called this exercise a gimmick. We invite the public to judge for themselves,” says Zinn.
For more information about the Big Bank Switch go to www.choice.com.au/bigbankswitch.
• Christopher Zinn: CHOICE, Director of Campaigns and Communications: 0425 296 442
• Ingrid Just, CHOICE, Head of Media and Spokesperson: 0430 172 669