Mystery big four bank Mozo home loan deal no longer available: Spokesperson
Mortgage comparison website Mozo has ended its mystery home loan deal, which promised those who signed up a discount of up to 1% off the standard variable rate of a big four bank.
The offer, which was launched on September 6, is no longer on the Mozo home page or in the home loan section of the website.
Mozo spokesperson Kirsty Lamont posted on Property Observer that having received “such a strong level of enquiries from borrowers that our first mystery deal has now closed, as the lender involved has already met their loans quota”.
“We’re working on bringing some new deals to the market again soon,” Lamont added.
The big four bank involved in the mystery deal was not revealed.
In an earlier email to Property Observer Lamont said Mozo had already handled refinancing and new loan enquiries for over $80 million worth of borrowings.
“Half of this has already progressed through the approval process,” she said.
Assuming an average mortgage size of $300,000, this would equate to around 270 loan deals provided by the mystery bank.
Lamont later confirmed that $80 milion worth of loans were being negotiated with170 borrowers, with an average loan size of around $500,000.
Anyone who did not get a phone call back from Mozo might conclude that they did not request a large enough loan to entice the interest of Mozo or the mystery lender.
The Mozo offer placed no obligation on the borrower to take up the loan.
Once one of the 170 selected borrowers found out who the bank was behind the offer, it was up to them to decide whether they wished to progress to submitting a mortgage application.
Mozo claimed borrowers could save over $100,000 by taking up the offer based on the current Mozo mystery bank variable rate of 5.93% for a $500,000 loan, versus the current average big four bank standard variable rate of 6.82%, assuming a loan term of 25 years.
The dedicated url www.mozo.com.au/myster-bank-deal was still functioning when we last checked.