The site ‘Bankley Madison’ has subtle hints at recent news stories involving the banks and shows genuine offers they currently have available to new customers. The site says their intention is to show how customers can get back at these cheating banks who offer better rates and deals to new customers leaving existing ones paying more.
Brisbane, QLD. Discovery Finance Australia has today released a parody of the Ashley Madison infidelity and married dating site called Bankley Madison (www.bankleymadison.com.au) poking fun at the Australian banks and mortgage lenders who openly provide better rates and deals to new customers - in effect cheating on their existing customers. Just in time for Valentines Day a like for like parody of the now infamous website has been created and named Bankley Madison with the tag line, ‘It’s a mortgage, not a marriage. Have some fun ;-)’.
In recent articles such as ‘Rate cuts leave loyal mortgage customers with little reward ’ it is being reported there is a growing disparity between new mortgage borrowers and more competitive deals for new to bank customers, leaving existing customers on significantly worse rates.
Jayden Vecchio, Director of Discovery Finance Group decided to take action and try to throw some light on the situation after watching existing customers get left in the dark.
"I've been in the mortgage industry for several years and I've noticed with the recent rate increases and regulatory changes there are larger than ever rate disparities between new and existing borrowers. I’ve personally seen people paying up to 1% more. This means on a $300,000 loan that a new home owner could be saving over $3,000 per year more than an existing one. That could make a significant difference to the average Australia. I hope the Bankley Madison page sheds light on the situation for existing home owners and gets them to ask their bank or mortgage broker the question – ‘Do I have the best rate and deal available?’ And if not they need to take some action."
Vecchio said he came up with the idea when he was recently helping his mother and father who had been with the same bank for over 20 years with their loan. He tried to speak with his parent’s banker to review their mortgage product and fees which had increased three times over the past 12 months alone. They were on older and outdated lending products but the bank wouldn't allow them to change the loan product without paying significant fees.
"Oddly we found in my parent’s situation it was cheaper to refinance to a new bank - who provided significantly lower rates, fees and we're also offering a $1250 cash incentive. This goes to show that unfortunately in banking – loyalty doesn't pay," Vecchio said.
To make sure you're on the best rates on offer from your bank, Vecchio recommends the following
- Check your loan statements, don't just throw them into the recycling at the end of the month and know what interest rate and fees you are paying.
- Have a look at your own banks website, although it sounds brash often they will advertise their new to bank rates and offers on the front page. If you’re paying more it's time to ring up and ask them why.
- Have a mortgage broker look at your interest rates and fees and make sure what you're paying is the market value.
Remember it pays to pay attention to your statements and work with a proactive and professional mortgage broker that can save you time and money. Vecchio’s business Discovery Finance provides their clients annual mortgage reviews to make sure they are on the best rates and most suitable products for them.
“We find we can often save our existing clients on average at least a few hundred dollars a year by reviewing their rates. Over a 30 year loan term this can mean tens of thousands of dollars of savings!”
Enquiries Jayden Vecchio, Director. 0421 874 357. Jayden.firstname.lastname@example.org
About Discovery Finance Group. Discovery Finance Group is a mortgage brokering firm based in Brisbane, Australia. Founded over 3 years ago Discovery Finance specialize in helping Home owners and Property investors purchase and manage mortgages through a panel of over 30 banks. They believe in lifelong customer relationships and provide customers annual reviews and ongoing renegotiations with their existing banks to keep them honest at no extra cost. Discovery Finance was awarded as one of Australia’s Top 50 Elite Business Writers by the Adviser Magazine in 2015.