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The One Big Switch campaign has been branded “laughable” by aggregator AFG.
According to the aggregator’s general manager of sales and operations Mark Hewitt, AFG has no “problem with the concept of helping consumers get the best possible deal in the market”.
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“This is precisely what we do ourselves. In the past twelve months AFG has refinanced $9.3 billion of mortgages – and we are only one of several major broker groups,” Mr Hewitt said.
“The problem for consumers is that One Big Switch has failed to attract any major lenders to its panel. The proposition would be laughable if they weren’t putting people’s property on the line. And are they called One Big Switch or Big Bank Switch – judging from their own website, they don’t seem to know.
“We also question their sweeping pronouncements about financial advice in Australia being ‘crap’ when they are not prepared to provide financial advice themselves. The disclaimers on the emails that they’re sending out makes it clear that their so-called ‘members’ are on their own when it comes to deciding whether or not a mortgage deal is right for them.”
Mr Hewitt said mortgage brokers already provide a fast, easy, one stop shop service to their customers, with access to a panel of over 800 products.
“Instead of keeping consumers on tenterhooks, it’s time One Big Switch came out and said who is on their lending panel Australia wide.”
