One Big Switchers begin talking with mortgage lenders
About 2,000 of the 40,000 mortgage holders who signed up for the One Big Switch campaign have entered into discussions with lenders about refinancing their mortgages, campaign founder Lachlan Harris has told Property Observer.
“It has been a great campaign and we’ve had a great response,” Harris says.
He says One Big Switch will launch more home loan offers before Christmas, which he promises will have the “sharpest rates in the market”.
Harris says feedback from lenders indicates that borrowers want to feel they are part of the experience of creating their mortgage products.
“People power is bringing about products that don’t exist anywhere else,” he says.
Harris says One Big Switch is currently in discussion with other lenders who are keen to join the campaign.
He has previously had to defend One Big Switch’s current panel of lenders after mortgage broker AFG slammed the campaign for not attracting any major lenders.
A recent One Big Switch tweet noted that the current panel of lenders includes non-banks Resimac and Firstmac, “funded by NAB” and MortgageEzy “funded by ING”.
One Big Switch next campaigns will target broadband and solar energy costs.
“If you have a house, you should not being the pay full rate on these services,” Harris says.
About 750 One Big Switch subscribers are in discussions with providers about switching their electricity providers.
