Mystery mortgage as good as a holiday

by Caroline Dann14 Sep 2012

Forget mystery flights or hotels: the latest in ‘exciting’ consumer experiences is mystery mortgages, where the identity of the bank remains unknown until the last minute.

Comparison site launched the service for borrowers earlier this year, claiming it was also a win-win for the banks.
Borrowers plug in their details and apply for the 5.39% ‘mystery rate’, before receiving a call from a Mozo representative who reveals the identity of the bank.
"The banks get access to a new source of quality customers without having to broadcast cheap rates to the entire marketplace," Mozo’s managing director Rohan Gamble told The Herald Sun.
Gamble said a mix of the big four and second-tiers were involved, although when contacted by the Sun, NAB, ANZ and Westpac denied being involved.
CBA did not confirm or deny its involvement.


  • by ozboy 14/09/2012 8:19:36 AM

    What happened to transparency? Seems to be more of marketing slogan than reality for some in our industry.

  • by John Whitten 14/09/2012 10:12:13 AM

    I hope they are disclosing the comparrison rate in their advertising

  • by BJ 14/09/2012 10:25:39 AM

    Certainly a mystery, what next Lucky Dip Mortgages!