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SwitchMyLoan [SMART 100, 2015]

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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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1. THE BEGINNING

This innovation initially came to life when…

Founder, Daniel Jovevski who worked in banking saw the frustration when borrowers where switching their loans from one bank to another and trying to get a good deal. There were so many biased comparison sites out there, but none that put the borrower in control in getting the best deal.

He tested the idea of allowing customers to auction off their home loans with a small group of users via word of mouth referrals and a small marketing budget. This has resulted in over $150 million worth of lending referrals to some of Australia’s largest lending institutions to date.

2. WHAT & HOW

The purpose of this innovation is to…

…remove the pain of customers identifying the best deal based on their current situation and get the banks to compete to give the borrower the best deal based on their unique financial situation.

It does this by…

…connecting borrowers to a pre-negotiated lending offer with a bank or credit union online saving them eight hours on average of tedious research by doing it manually.

By using the competitive process of banks fighting over a customer’s business, SwitchMyLoan customers on average save over $1,962 p.a. by using the online platform to save big on their home loans.

3. PURPOSE & BENEFITS

This innovation improves on what came before because…

The old fashion way of getting a home loan was to either go to the bank directly, or see a mortgage broker, in a sea of conflict of interests, commissions and lack of transparency.

SwitchMyLoan puts the borrower directly behind the drivers seat, so they can select a home loan that is the cheap and that they qualify for.

Its various benefits to the customer/end-user include…

It allows for cheaper lending offers to be given to customers by leveraging technology to give discounts based on customer’s own unique financial situation, by having banks compete for the borrower’s loan, they ensure they get the best deal.

4. COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

Customers would spend hours and hours of time researching online, or god forbid walking into a branch and speaking the bank manager. It was a lucky dip. They could also see a mortgage broker also, which took time for an appointment. Users can now do it themselves directly from their desktop or mobile devices.

Its predecessors/competitors include…

…mortgage brokers including Aussie and Mortgage Choice, online comparison sites, and the good old fashioned haggle with your bank manager.

5. TARGET MARKET

It is made for…

…smart and savvy individuals who want to leverage technology to make their lives easier.

SwitchMyLoan’s user base is 60 per cent tertiary educated, has a median household income of $132,000 p.a. and on average has 2.4 investment properties.

Borrowers who don’t have time to do research and want fast and efficient way of identifying the best home loan deal they quality for online.

It is available for sale through…

Users can currently access SwitchMyLoan on all devices, both desktop and mobile. We are also working on an Android and Apple offering to be launched in mid 2015.

Our marketing strategy is to…

With appearances on major TV networks including Channel 7, Channel 9 as well as several newspapers, our story of digital disruption has captivated the journalists and SwitchMyLoan has enjoyed a great start with early adopters.

We are currently negotiating a deal with a large media distribution partner to distribute rates and syndicated content to expand their audience.

FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.