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While consumer watchdog CHOICE is calling it an Australian first, at least one alternate mortgage provider says by now the so-called Big Bank Switch is well underway already in the Australian market, with consumers long benefiting from the competition provided by online lenders.
Nonetheless, loans.com.au managing director, Marie Mortimer, said she was pleased to see the injection of competition the CHOICE One Big Switch initiative may potentially provide.
"I applaud initiatives from industry participants and consumer advocacy groups that better educate consumers and make the major lenders pay attention to the needs of Australian borrowers," Ms Mortimer said.
Choice has partnered with One Big Switch; the organisation that pioneered the process, to use the power of the CHOICE Big Bank Switch campaign to source special mortgage offers.
The initial aim of the CHOICE Big Bank Switch was to find 1000 Australians willing to switch mortgages for a so-called better deal.
But after just a few hours thousands of mortgage holders had already signed up.
About the initiative, CHOICE director of campaigns & communications, Christopher Zinn, said the vision is to unlock the power of consumers.
"We recognise the possibilities with mortgages and other markets to create groups of consumers which have massively enhanced bargaining strength. This may just be the start," he said.
And while Zinn was reaching for the stars, Ms Mortimer had more sobering advice for home owners.
As those registering their interest in the Big Switch wait for more details, she said consumers should consider all the options before contemplating a switch from their current lender.
"[They] should take some time to look at the fees involved and the options currently available in the market," Ms Mortimer said.
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