Powered by MOMENTUM MEDIA
subscribe to our newsletter

New mortgage rate comparison site launches

A new technology platform has launched that allows users to “benchmark” their mortgage rate against others, in a bid to help them save money on their home loan.

Billed as “Australia’s first socially-powered mortgage assessment tool”, Benchmark aims to give borrowers the “opportunity to get the best possible deal on their mortgage”.

While the platform does not compare or suggest mortgages, the “socially-powered mortgage assessment tool” does enable borrowers to compare their mortgage rate to other borrowers with similar profiles by comparing factors such as age, location, income, and existing mortgage rate.

Comparison data is pulled from a database collated by aggregator AFG and the Australian Bureau of Statistics, among other sources.

Users are then given the option to renegotiate a better rate through AFG via the tool’s inbuilt integration, or through their current lender.

Advertisement
Advertisement

Benchmark finance director, Simon Milne, said that the tool could help borrowers save money on their mortgage.

He commented: “Many mortgage holders are not aware they could be eligible to refinance their loan at a better rate every few years — potentially saving them thousands. With Benchmark, users can simply enter their demographic profile and current loan rate, and in seconds find out what rates are being paid by other people just like them. This ultimately tells users how much they could potentially be saving if they refinanced their loan.”

Mr Milne emphasised that the platform was not a mortgage marketplace, though, adding: “We don't compare or suggest products. We don’t liaise with banks. We simply benchmark users against others like them, to determine whether they’re getting a good deal with their current mortgage.”

AFG has not yet issued a comment on its partnership with the Benchmark platform.

[Related: ‘Hard times ahead’ for home loan borrowers]

PROMOTED CONTENT


 

New mortgage rate comparison site launches
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Contact Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

The Treasurer has met with regulators to discuss the housing market and consider whether “carefully targeted and timely adjustments” ...

The major bank has once again extended its cashback and drawdown deadlines. ...

The major bank has expanded its SME Recovery Loan Scheme offer to small businesses impacted by the pandemic, effective 1 October. ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.