A new internet site promises to reduce mortgage stress by drastically simplifying the loan-application process and giving home buyers and refinancers access to significant savings.
BidMyLoan (www.bidmyloan.com.au)
Declan Murphy, founder and CEO of BidMyLoan, says the service has distinct advantages over those provided by brokers. “BidMyLoan doesn’t charge trailing commissions – and applicants can negotiate rates with lenders direct through its online messaging system. On a $450,000 home loan, this could result in a $100,000-plus saving on a standard rate over 30 years.
“This is a third-generation home-loan service: first there were banks and other lenders; then there were brokers – now there’s BidMyLoan,” Declan says.
Using BidMyLoan, Sydney resident Sean Sweeney chose a loan from a non-bank that saved him 0.2 per cent on the best offer he could find previously. “I initially did my own research and thought I’d clinched the best rate out there, but I was pleasantly surprised to find a better rate through BidMyLoan. Within seven days, I’d chosen my loan,” he says.
In a May 2008 survey of home-loan seekers carried out by Once Online, BidMyLoan’s related company, 63 per cent of respondents said they didn’t feel knowledgeable about the home-loan market. While there are plenty of research tools on the internet, BidMyLoan is the only site that offers the complete end-to-end home-loan service.
“BidMyLoan streamlines the home-loan process by putting borrowers directly in contact with multiple lenders – and it is committed to responsible lending,” says Declan. “It ensures the loan is negotiated by the borrower and lender, who carry a risk if something goes wrong. The experience out of the US highlights the risks when loans are sold by individuals who have too much to gain by writing them.”
BidMyLoan - http://www.bidmyloan.com.au
