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After months of dithering CHOICE’s highly publicised One Big Switch campaign is finally in motion with a fraction of the hopeful borrowers now with new lenders.
Launched over two months ago, the One Big Switch campaign – which vows to find home owners a better deal on their mortgage – has now refinanced just over 1,000 of the 40,000 plus home buyers into a new mortgage product.
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Speaking to The Adviser, One Big Switch’s founder Lachlan Harris said while the campaign had taken a while to get off the ground, he was hopeful that more Australians could be refinanced into a better deal in the near future.
“We are extremely happy with the process and progress to date,” he said.
“Our registered home owners have received discounts that range from 10 basis points to 70 basis points. We also have other lenders agreeing to waive all fees.”
But while Mr Harris is pleased with the campaign’s progress, there are still 39,000 registered home owners that are yet to be offered a better deal on their mortgage.
According to Mr Harris, One Big Switch is still in negotiations with other lenders for the second round of offers.
“We have been really happy with our participating lenders to date, however, we are once again opening the doors to other lenders that want to get involved and we are currently in discussions with some of Australia’s leading banks.”
Interestingly, non-banks have been the biggest participants in the campaign to date, despite the ongoing aggressive battle for market share by the banks.
Late last month, Mortgage EZY, FirstMac, Resimac and Mortgage Port all joined the campaign, offering discounts up to 70 basis points.
FirstMac’s chief financial officer James Austin said the lender was currently in the midst of converting the leads it had been given by the campaign.
“We are very busy at the moment, which is great. One Big Switch offered us the perfect opportunity to expand our reach. In addition, a lot of the people that had registered their interest with the campaign are previous bank customers, which is the exact demographic we target,” Mr Austin told The Adviser.
Mr Austin said he was hopeful that all its leads would be officially settled within four weeks.
