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Home Loan Auction
By BidMyLoan
Shopping for a new home loan? The revolutionary new way to get the best deal on a
is through a
auction.
There are three steps to participating in a
auction:
1. Fill out an online form at a
auction website such as Bid My Loan
2. Watch mortgage lenders “bid” for your
as they offer you a pre-approved loan at their most competitive rate
3. Compare and choose the best rate for you.
It’s that easy.
The different categories of lenders who bid for your loan may include international banks, Australian banks, credit unions, non-bank lenders and mortgage managers.
It’s just like an auction for a house, although this time you’re “selling” the business of your
to the best bidder, and in this case you aren’t looking for the highest sales price but the lowest interest rate.
As a bonus, your potential lenders do not know what rate their competing lenders are offering you, which motivates them to step forward with their best rate possible.
A
auction switches the traditional balance of power in the mortgage market from the lender to you, placing you in control of your finances. Considering a mortgage is the most expensive purchase most people make in their lifetime, this approach makes sense.
BidMyLoan is the first service in Australia to bring you the incredible opportunity of a
auction.
A
auction provides you with eight top benefits that a standard
application can’t deliver through a lender or broker directly.
They are:
1. Simplicity: you complete one online form only and receive
offers from up to 19 lenders at a site such as Bid My Loan.
2. Transparency: you won’t pay BidMyLoan any fees. Instead, the lender pays a
auction
site like BidMyLoan a once-only “introduction fee”.
3. No brokerage fees: did you know you ordinarily pay commissions to your broker for the life of your loan? BidMyLoan slashes out this fee through its
auction. Did you know that when you get a loan through a broker your lender pays commission t othat broker for the life of the loan? This means you pay more because the lender needst o recoup those costs. BidMyLoan doesn’t charge trail commission instead allowing lenders to pass on that saving to you.
4. Speed: you complete a form in 10 minutes and bids come in straight away. You can also negotiate with lenders at any time.
5. Save time: a
auction site shops around for you. No need to wait in call-centre queues, or visit banks, brokers or credit unions in person.
6. Support: BidMyLoan has a team of ‘Loan Champions’ that can help you through any stage of the process.
7. Choice: you can set your loan structure to a fixed or variable rate, fast or slow repayments, or a choice between lump sum repayments or taking holidays from repayments. All in one application form.
8. Versatility: a
auction suits everyone, from the first-home buyer to investors buying their 10th investment property.
Importantly, you can expect transparency at a
auction site such as Bid My Loan. Did you know that using a broker forces you to pay hidden “trailing commissions” to your broker for the life of your loan? It’s a trade secret that brokers don’t want you to know. BidMyLoan slashes out this fee in a
auction, asking the lender you choose to simply pay BidMyLoan a once-only “introduction fee”. You don’t pay anything to anyone.
A
auction is a simple, fast and transparent approach to finding the best
rate out there for you.
Home Loan Auction with BidMyLoan. Have Australian home loan lenders bid for your home loan in a home loan auction.
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