Choice One Big Switch Refinance Campaign
The Choice One Big Switch Refinance Campaign seeks to use group buying power to secure discounted home loan interest rates for consumers.
The consumer group Choice has announced its controversial One Big Switch campaign has attracted over 40,000 registered participants.
Whilst Choice claim a few non-bank lenders have expressed an interest, to date none of the majors banks have indicated any interest in the campaign.
Refinancing your home loan to obtain a lower interest rate, or to consolidate your debts, is nothing new and can be arranged by any experienced broker.
So if you have missed out on registering the one big switch campaign, or have not yet received a reply, we have immediate access to the lastest interest rates from over 20 different lenders.
If you would like to know if you might be eligible for a lower interest rate, or debt consolidation loan
contact us today.
The Choice One Big Switch campaign has been largely criticised by brokers and the MFAA (Mortgage and Finance Industry of Australia). Choice who are traditionally a not for profit organisation providing unbiased advise, are believed to be receiving a $250 finder's fee for each successful mortgage refinance application.
Consumers who signed up for the One Big Switch Campaign several months ago are still waiting to find out what, if any discounts may be offered to them.
There is a lot of controversy over the campaign which seeks discounted rates on the basis on bulk consumer applications. Industry groups slam this idea as it does not take the individual circumstances of borrowers into consideration.
There is also speculation that the whole campaign may simply flop as lenders are going to want to assess each application on a case-by-case basis.
Choice has been roundly criticised for its foray into the mortgage market, and its involvement in the One Big Switch campaign. Both Choice and One Big Switch are set to receive commissions out of the deal.
The move has prompted calls from the MFAA for an ASIC investigation into the campaign's National Consumers Credit Protect (NCCP) compliance, with the association saying the campaign undermines Choice's independence.
If you would like to know if you might be eligible for a lower interest rate, or debt consolidation loan
contact us today
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