Hey all,
I just got a letter from the One Big Switch, apparently they do not have any offers for the 40,000plus borrowers which applied and it may take up to 7 weeks for an offer to be generated.
I don’t believe any lenders or banks are going to touch them.
What do you think?
Here is a letter from One Big Switch, showing they dont have any banks as yet. I wonder if they ever will.
Wednesday 17 August
40,306 consumers register with the CHOICE Big Bank Switch
Dear KaneFirst of all, from all the CHOICE Big Bank Switch team, thanks for registering to be eligible to take part in Australia’s first ever Big Bank Switch.
As an early adopter you are one of the first 40,306 Australian consumers who have registered to join one of the fastest growing consumer campaigns in Australian history.
One Big Switch is in a process of negotiation with a number of Australian lenders and is trying to source home loan offers for registrants which offer a genuine group discount.
We are working night and day to try and secure a discount, but the reality is these discussions could take several weeks; we will keep you in the loop the whole way.
If One Big Switch is successful in its negotiations with lenders it will then be a matter for you to decide whether any of the group discounts are right for you, and for the individual lenders who may make discount offers to decide if you are eligible to take up any discount offer.
If you have time please click the link below to answer a few simple questions. Your answers will help us source home loan offers with a genuine group discount.
If you have not logged in before, you will need your password that was sent to you in your welcome email to log in.
Thanks again for all your support over the last two weeks.
The One Big Switch Team
Hi Kane – you're spot on.
It is an absolute joke. The only guarantee out of the whole farce is that choice will make a lot of commission – as for any lender that 'wins' there is no g'tee they would get one of them, and each one has to be done individually anyway. I think CHoice have finally confirmed what most people knew all along……they are hypocrites, and will only recommend a product or service that makes them money…..which results in some interesting reading at them moment if you google them.Cheers,
v8ghia wrote:Hi Kane – you're spot on.
It is an absolute joke. The only guarantee out of the whole farce is that choice will make a lot of commission – as for any lender that 'wins' there is no g'tee they would get one of them, and each one has to be done individually anyway. I think CHoice have finally confirmed what most people knew all along……they are hypocrites, and will only recommend a product or service that makes them money…..which results in some interesting reading at them moment if you google them.Cheers,
Good post – the idea that choice stand to make a fair bit of money out of the switch also challenges the whole notion of independence that they’ve built up over the years.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
They still have not released a deal.
Its been 10 weeks.
So much for getting 40,000 people to switch.
Bad move for Choice
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