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Kolenda claims comparison site will support brokers

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Australian Broker | 12 Jun 2013, 08:00 AM Agree 0
1300 HomeLoan's John Kolenda has launched a financial comparison site which he believes will be as beneficial for brokers as it will be for their clients
  • oldBroker | 12 Jun 2013, 11:43 AM Agree 0
    It is dangerous to base future actions on historical data. You see this all the time in stock trading systems. A lender could have been uncompetitive in the past but has changed policy or management and therefore the past data wrongly reflects their current status.
  • David | 12 Jun 2013, 01:18 PM Agree 0
    Is there a link to their website?
  • Paul | 12 Jun 2013, 02:08 PM Agree 0
    Singing a different tune than he was a few months ago - http://www.brokernews.com.au/news/breaking-news/one-big-switch-branded-cynical-and-misleading-145111.aspx
  • Paul Eldridge | 12 Jun 2013, 04:11 PM Agree 0
    Firstly, let me say I have established a reputation (I believe) for my impartiality and independence. So my comments below are based on actually using the site yesterday.

    I used the site to look at my own circumstance and found that it made me even more angry at my current lender (ANZ). I can still remember the stat - "they took 4 days to pass on rate rise but 11 days to pass on rate cut".

    I am now going to move my loan - something that I have been intending to do for the last 18 months. This site gave me sufficient kick in the pants motivation to move from my lender.

    So if I represent part of the target audience (and I think I do) then I will be getting a broker mate of mine to move me.

    This really is a great site, rather than knocking it - I would be looking at how I can get access to the leads its going to generate.
  • Michael | 12 Jun 2013, 04:53 PM Agree 0
    This guy launches a new business every month. Why doesn't he actually build some credibility and success with one of his existing ones before he launches another dud..
  • ozboy | 13 Jun 2013, 09:12 AM Agree 0
    Mr Eldridge what a great story a web site got you (or maybe will do at some point in the future) do what you have wanted to do for 18 months. Well lets wait and see if you actually do it. Also love this "I would be looking at how I can get access to the leads its going to generate" all the leads etc will go to 1300 HomeLoans so if you want the leads sign up. Perhaps you could offer their brokers training on how to sell a home loan to someone tyre kicking on a website.

    Imagine going back after 5 years and finding the loan that the 1300 broker put you into was the best!
  • Paul Eldridge | 13 Jun 2013, 11:23 AM Agree 0
    Funny you should say that Ozboy, we have been engaged by a couple of companies to teach loan writers/brokers to "respect the lead'. This includes how to deal with 'Tyre Kickers' who can actually lead to more business.

    I would be interested to hear your marketing strategy and how you source leads etc. There is obviously more than one way to skin a cat.
  • John Kolenda | 13 Jun 2013, 02:16 PM Agree 0
    Hi Paul , oldBroker & ozboy,

    The initiative AustralianLendersindex.com.au provides a detailed analysis of a Lenders variable rate performance over the last 5 years as well as their current rates. We believe transparency of historical rates are a different angle but agree that it is but one of many factors and that no one should take out a home loan without the assistance of a highly qualified Broker. It is designed as an information & resource centre for consumers and Brokers in providing greater detail around home loan products. We strongly recommend and support Brokers as the preferred channel for consumers when looking to take out a home loan. We continue to believe that delivery rates are based upon the overall cost of funds, with the official cash rate being only one small component. Our analysis merely points this out in more detail as it shows that there are clearly discrepancies between the respective lenders cost of funds and net interest margin targets. Hope this clarifies the point.
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