D-Day
31st July 2011, 08:13
Australian homebuyers are being encouraged to band together and pressure the big banks to lower interest rates.
Consumer group Choice has partnered with Kevin Rudd's former adviser Lachlan Harris, to launch 'One Big Switch'.
The website hopes to use mass bargaining power to negotiate lower rates.
The site comes ahead of next week's Reserve Bank meeting, where some economists fear a rate rise could throw the country into recession
The website is believed to be a world first.
Please read the following article from www.choice.com.au for more information...
Fighting cost of living pressures with first ever Big Bank Switch
CHOICE wants 1000 Australians to form group for better and cheaper mortgages
In an Australian first, the people’s watchdog CHOICE, is launching the CHOICE Big Bank Switch which aims to find 1000 Australians willing to switch mortgages to find a better deal.
In partnership with the organisation which has pioneered the process, One Big Switch, consumers can register on-line at no cost and obligation-free to become part of a group switch designed to source special mortgage offers.
The CHOICE Big Bank Switch is Australia’s first ever mortgage switch and when completed could be the largest group switch of its kind.
One Big Switch will use the power of the CHOICE Big Bank Switch campaign to source special mortgage offers.
These offers will be passed on to mortgage holders registered with the CHOICE Big Bank Switch based on objective criteria such as:
• The quality of the mortgage product.
• Fair terms and conditions; and
• A genuine group discount.
The purchasing power of group switching means ordinary mums and dads could get the big discounts that large companies and millionaires enjoy every day.
“CHOICE’s 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,” says CHOICE director of campaigns & communications, Christopher Zinn.
“One Big Switch wants to use the power of group switching to help ordinary consumers to pay less for their household bills. With enough community support the CHOICE Big Bank Switch could cut the cost of many families biggest bill, their mortgage,” says co-founder of One Big Switch, Lachlan Harris.
How will the CHOICE Big Bank Switch Work?
To be part of the CHOICE Big Bank Switch, mortgage holders simply visit www.bigbankswitch.com to register. Registration is quick, easy and obligation free and is due to be open for two weeks until 23.59 AEST August 14, 2011.
Banks will compete with each other to make special group switching offers to all those mortgage holders registered with the CHOICE Big Bank Switch.
One Big Switch will pass on special mortgage offers from lenders, based on objective criteria such as product type, terms and conditions and discount.
Registered mortgage holders choose if the mortgage offer is right for them.
What will be the impact of the CHOICE Big Bank Switch?
There are no silver bullets when it comes to the cost of a mortgage, but the CHOICE Big Bank Switch has the capacity to turn the tables in the relationship between banks and their customers.
Switching banks is a great way to save. However, one consumer switching their bank alone will never have the negotiating power they need to make the banks sit up and take notice.
By unlocking the power of group switching, the CHOICE Big Bank Switch could help change that power imbalance, making sure bank customers really do get heard.
One Big Switch is powering the CHOICE Big Bank Switch as part of One Big Switch’s ongoing campaign to help consumers pay less for their regular household bills.
Mortgage holders who wish to be part of the CHOICE Big Bank Switch, or who want more information, should visit www.onebigswitch.com.au
So great to see a program/scheme like this one being undertaken to combat the greedy banks... brilliant, simply brilliant!
Consumer group Choice has partnered with Kevin Rudd's former adviser Lachlan Harris, to launch 'One Big Switch'.
The website hopes to use mass bargaining power to negotiate lower rates.
The site comes ahead of next week's Reserve Bank meeting, where some economists fear a rate rise could throw the country into recession
The website is believed to be a world first.
Please read the following article from www.choice.com.au for more information...
Fighting cost of living pressures with first ever Big Bank Switch
CHOICE wants 1000 Australians to form group for better and cheaper mortgages
In an Australian first, the people’s watchdog CHOICE, is launching the CHOICE Big Bank Switch which aims to find 1000 Australians willing to switch mortgages to find a better deal.
In partnership with the organisation which has pioneered the process, One Big Switch, consumers can register on-line at no cost and obligation-free to become part of a group switch designed to source special mortgage offers.
The CHOICE Big Bank Switch is Australia’s first ever mortgage switch and when completed could be the largest group switch of its kind.
One Big Switch will use the power of the CHOICE Big Bank Switch campaign to source special mortgage offers.
These offers will be passed on to mortgage holders registered with the CHOICE Big Bank Switch based on objective criteria such as:
• The quality of the mortgage product.
• Fair terms and conditions; and
• A genuine group discount.
The purchasing power of group switching means ordinary mums and dads could get the big discounts that large companies and millionaires enjoy every day.
“CHOICE’s 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,” says CHOICE director of campaigns & communications, Christopher Zinn.
“One Big Switch wants to use the power of group switching to help ordinary consumers to pay less for their household bills. With enough community support the CHOICE Big Bank Switch could cut the cost of many families biggest bill, their mortgage,” says co-founder of One Big Switch, Lachlan Harris.
How will the CHOICE Big Bank Switch Work?
To be part of the CHOICE Big Bank Switch, mortgage holders simply visit www.bigbankswitch.com to register. Registration is quick, easy and obligation free and is due to be open for two weeks until 23.59 AEST August 14, 2011.
Banks will compete with each other to make special group switching offers to all those mortgage holders registered with the CHOICE Big Bank Switch.
One Big Switch will pass on special mortgage offers from lenders, based on objective criteria such as product type, terms and conditions and discount.
Registered mortgage holders choose if the mortgage offer is right for them.
What will be the impact of the CHOICE Big Bank Switch?
There are no silver bullets when it comes to the cost of a mortgage, but the CHOICE Big Bank Switch has the capacity to turn the tables in the relationship between banks and their customers.
Switching banks is a great way to save. However, one consumer switching their bank alone will never have the negotiating power they need to make the banks sit up and take notice.
By unlocking the power of group switching, the CHOICE Big Bank Switch could help change that power imbalance, making sure bank customers really do get heard.
One Big Switch is powering the CHOICE Big Bank Switch as part of One Big Switch’s ongoing campaign to help consumers pay less for their regular household bills.
Mortgage holders who wish to be part of the CHOICE Big Bank Switch, or who want more information, should visit www.onebigswitch.com.au
So great to see a program/scheme like this one being undertaken to combat the greedy banks... brilliant, simply brilliant!