Loanbid, which launched this week, is the brainchild of former bankers Paul Dwyer and Darren Roach and joins a growing number of online lending platforms such as LoanDolphin, uno and Joust.
“We will put the power of choice back in the hands of borrowers, who can potentially access thousands of loans based on the information they provide through an obligation-free bidding process,” Loanbid founder Paul Dwyer said.
“Borrowers just need to wait for 48 hours for the lenders and brokers to come back to them with a loan best suited to their needs and financial situation, with the borrower to choose the right loan,” the founder added.
The free process involves one online application, listing the borrower’s details and requirements on the platform, with lenders and brokers assessing the information and then entering a virtual auction to win the loan with their best bids.
The borrower remains anonymous throughout the process and their loan proposals are independently and individually assessed within the 48-hour process, without any impact on their credit rating.
Former NAB banker Darren Roach said that the platform allows borrowers to watch the real-time competition by the lenders, for their loans unfold on their Loanbid dashboard.
“For the first time, borrowers are empowered to access and choose from Australia’s top lenders, within a couple of days, for their loan,” Mr Roach said.
“We have been fastidious in deciding on our partners on the platform to give our borrowers the best opportunity to ensure they get the right loan for their requirements and lifestyle.”
The group has selected 15 mortgage brokers to begin using the platform and will be vetting more over the coming months.
Loanbid’s panel of lenders includes AMP Bank, ANZ, Auswide, Bank of Melbourne, Bank of Queensland, BankSA, Bankwest, CBA, Firstmac, Heritage Bank, ING, Macquarie Bank, ME, NAB, Newcastle Permanent, Pepper, St George and Westpac.