A new mortgage comparison website Benchmark Compare has been launched to help borrowers gauge their rates against others in the same demographic.
The site compares factors such as age, location, income, existing mortgage rate, property value and type (ie. owner occupied or investment), Simon Milne, finance director of Benchmark Compare, told
Australian Broker.
“After inputting these details into the tool, Benchmark creates an anonymous digital profile of them as a borrower and draws on its extensive database to compare the borrower against other borrowers who closely match their digital profile.
“The more data points the tool has on the borrower, the more accurate the comparison. And most importantly, all information – including personal and financial data – is entirely anonymous and remains private, meaning there’s no risk for the user.”
The user is then provided with a snapshot of how their loan rate compares to that of other people in the same demographic group, he said, adding that the information can be used to renegotiate a better mortgage rate with a new or existing lender.
The intention behind Benchmark Compare was to provide a service to borrowers and highlight that banks charge borrowers different rates, Milne said.
“We are not aligned with any one lender or institution. Our intention is to work with brokers in providing them leads and to assist mortgage holders in getting a better outcome.”
During the lead up to the website’s launch – which took 18 months – Milne said there was strong support for the product. He also spoke on where Benchmark Compare would hopefully expand to in future.
“As Benchmark gains traction, we will look at other verticals where we are able to enable consumers to benchmark themselves in order to get the best outcome for them and potentially save money.”
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