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Dreamstreet Home Loans clients will soon gain access to a wide range of retail discounts as part of an ambitious lead generation scheme.
Director John Hronis said clients would be entitled to 10 per cent discounts at Myer and David Jones, and 5 per cent discounts at Coles and Woolworths for the life of their Dreamstreet loan.
The mortgage manager is also negotiating with a power company to provide 30 per cent electricity discounts, he added.
Mr Hronis told The Adviser the scheme was designed to grow volumes and boost customer loyalty.
“The mortgage industry is a very competitive industry at the moment and what people want is leads,” he said.
“The mortgage industry has become a rate war, so it’s very hard to get people to change from bank to bank. There’s no reason for them to change because the rates are very low.”
Dreamstreet will pay a flat fee to fund the rewards program and will also have to provide the retailers with a certain number of customers, he said.
The rewards program is an off-the-shelf scheme set to launch on March 17. Mr Hronis said Dreamstreet would trial the program for six months to see if it generates a return on investment.
Google Adwords had previously worked well for Dreamstreet but had now become too expensive, he said, while television was ineffective because Dreamstreet does not have the marketing budget of the big banks.
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