Australia: CHOICE to give 1000 mortgage payers group bargaining power for better and cheaper mortgages
08 Aug 2011
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
In partnership with the organisation that has pioneered the
process, One Big Switch, consumers can register online 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.
Group purchasing power
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.
Group bargaining power
"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 CHOICE Big Bank Switch works
1. 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.
2. Banks will compete with each other to make special group
switching offers to all those mortgage holders registered with the
CHOICE Big Bank Switch.
3. One Big Switch will pass on special mortgage offers from
lenders, based on objective criteria such as product type, terms
and conditions and discount.
4. Registered mortgage holders choose if the mortgage offer is
right for them.
The impact of the CHOICE Big Bank Switch
CHOICE says it realises 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.bigbankswitch.com
comments powered by