Ziggybid: Online mortgage bidding.

[Gools]

There was a bit of discusion over the last few days about shopping yuor mortgage around to multiple brokers. The general feedback was that it wasn't a good idea as you risk not getting very good service if they see you as a not so loyal client.

This will make things interseting then. Ziggy Bid

News Link

What's your feeling about it?
Lowest rate is the best?
I think of my property finance is set and forget. Best package is always what I am interested in and couldn't care less about "service".

Gools

 

[tess85]

I think there's another site called bidmyloan.com.au.

Haven't checked either out, but i'm concerned there might be a lot of hidden fees just by getting the lowest variable rate. You'd need to check the comparison rate too.

 

[joe jo jo]

I am interested in and couldn't care less about "service".


Gools

Tell that to the people who have been burned via internet loans. I guess it comes down to what you describe as service. I would say it is getting things done when they need to be done and being able to resolve problems quick (not so much smiles and a hand shake).

 

[Jamie_D]

It seems the way of the future, however I don't believe the service levels would be high.

It also helps to sit down with an expert to discuss your plans prior to applying for any loans to ensure you have the most appropriate package or product.

I guess you get what you pay for

 

[Bradsdad]

Just had a look at the ZiggyBid site.


Hmmmmmm

I'm expected to believe that lenders will employ staff to sit at a computer all day watching "bids" for loans?
Would help them if they at least would advertise the list of lenders that would be bidding. It may make it a little believable.

I appreciate my comments are that of a MB but don't forget that I have lending also so am like most others out there & want to save a bob or 2 if possible. I'm not the least bit tempted to even try them out.


Regards
Steve

 

[Rolf Latham]

More like you DONT get what you dont pay for.

As per the comment I made with the rebater brokers, many of these folk are notebook jockeys that simply dont have the experience.

We now have any man and his dog skinning people 20 to 70 k for finance franchises, while at the same time well established franchise groups are closing doors. Some would argue "survival of the fittest".

Sounds rough, im usually not that disparaging, but not everyone can be a good broker, the products are almost the LEAST of the task.

That style of business model will suit many borrowers.


ta
rolf

 

[buzzlightyear]

The online pricing maybe the best interest rate at that time, based on the financial institutions participating. But it is that the lowest cost or best option for you?

As a lender, what advantages are there for you in this model? A purely transactional based relationship based on IR only. There may be some FI who would want to position themselves in this way, maybe initially, but long term I doubt.

Highly commoditised product offerings suit an online environment. Part of the mortgage market maybe a commodity, but given the divers range of loan products out there, this may be targetted to a small segment.