There’s new hope today for the millions of Australians seeking answers to their specific home loan or other finance related questions. Paul Ryan, one of the original founders of Wizard Home Loans has developed Eccho Me, an app that allows consumers to post any question and obtain a range of answers and opinions from independent and registered finance professionals.
The mobile app, which is available for free download lets consumers access hundreds of independent finance professionals where they can, at their own convenience, no matter what the time without giving away any personal information.
Paul Ryan said that with a recent survey showing that almost 40 per cent of mortgage holders had not changed lenders in the past decade (estimated to cost borrowers around $9.9 billion) it was time for a shake up of the current industry.
How exactly does Eccho Me work?
“All of us have probably been guilty of putting off asking questions as there doesn’t seem enough hours in the day or we simply don’t know who to ask. Eccho me takes away that stress because you can post a question before you go to bed and have a variety of expert answers through the app on your phone by the time you wake up,” Paul explained.
“So rather than rushing home for an appointment and waiting for people to return your call, consumers can use the App to find their answers, seek second opinions and allow other finance professionals to make comments on whether they are receiving the correct information.
“As it is a community platform you can see all the questions and answers so it is like a library of information to review answers, like the information and even follow and monitor the finance professionals who continually provide valuable expertise.”
Eccho Me is also being used as an educational tool for the next generation of borrowers – they can ask questions, plan ahead and then have direct access to the people who have helped them gain the knowledge.
What makes Eccho Me necessary today?
Paul Ryan, a finance professional for over 30 years, said with consumers being bombarded with so much information – it was often confusing to cut through the white noise and determine whether they had access to good advice.
“Every finance professional on the platform has to register and acknowledge their expertise. They have to register their professional details before they can start answering questions,” he highlighted.
“With as many as many as four in five Australians not knowing the interest rate they’re currently paying on their home loans – it makes sense to ensure you’ve got access to reliable information.”
Consider these statistics:
- The size of the home loan market in Australia is $1.3 trillion
- There were approximately 756,000 home loans written last year in Australia
- As many as 80 per cent of mortgagees don’t know what interest rate they’re currently paying
- The size of the average home loan (state depending) is between $400K-$440K
- The typical length of a home loan is between 25-30 years (most loans are written over 30 years)
- The average weekly mortgage repayment is $462 per week
- The average monthly mortgage repayment is $2003 per month
Some questions that already have been posted (and answered) through the app:
- What are the best options for entering the home market with a low deposit without being locked into high interest fixed loans?
- When is the ideal time to refinance a home loan?
- Both my Husband and I are currently employed and earn a steady combined income. I’m considering leaving work and commencing a start up business and wish to obtain a business loan to add to some savings. What implications do I need to consider?
Eccho Me already has hundreds of accredited finance professionals on the platform. All consumers are anonymous and can’t be contacted by the people answering the questions. If consumers like the way a broker or planner answers and interacts with consumers – they have the chance to make contact directly with the finance professional.
