Joust Marketplace
Frequently Asked Questions (FAQs)

Is it secure to use Joust?

Yes.

We take security extremely seriously, as such we have invested heavily to be compliant and adhere to bank grade security.

The information we collect from you is used to provide an indicative offer tailored to you.

For more information on on how your personal details are securely protected, please refer to our Privacy Policy Statement.

Is Joust free to use?

Yes.

Joust It is completely free to use and there’s no obligation or pressure to proceed.

It is simply an easier way for you to find a better home loan suited to you, without the run around.

Should I use Joust to refinance my current mortgage?

Yes.

There’s every chance that your existing mortgage interest rate is higher than what could be available in the home loan market right now.

Regardless if you have a fixed or variable interest rate, you may be paying more than you need to on your current home loan.

Joust is a free tool to help you find lower home loan rates currently available in the market.

Will creating an live auction on Joust impact my credit score or credit file?

No.

Creating an auction will not impact your credit score nor will it leave a visible footprint on your credit file.

While we do check your credit score as part of creating an auction, we simply extract your score and represent it in a score band as part of your profile.

Am I obliged to take up the offers?

No.

Your personal details remains hidden throughout the auction process. It is only when a winning bid is selected, the contact details you provide will be shown to that particular lender or broker.

They will then have to complete their own internal assessments to satisfy responsible lending criteria and assess the product suitability based on verifiable information.

You can choose not to proceed at any point if you feel it is not right for you.

How is Joust paid?

Joust will receive a flat ‘success fee’ only when a winning lender or broker is selected via your auction console.

If you then go on to complete your home loan with that lender or broker, Joust receives a one-off 0.20% settlement fee based on the loan amount from them. This settlement fee is significantly less than the average mortgage broker up-front fee and trailing commission.

We don’t get paid a trail or are incentivised differently for a higher referral volume (aka volume-based incentives),meaning we don’t favour any bank over the other.

All banks, lenders and brokers are welcome to participate in the joust marketplace for free.

Why do I need to provide basic personal information?

For both Marketplace and Instant Match, the information Joust requires helps us get you the best home loan rate. After entering your basic details, we provide a de-identified profile along with your credit score band to the lenders and brokers for Marketplace and on Instant Match, only the lenders or brokers that you’re connected with will receive the basic information that you provide during the Instant Match process.

What happens to my personal information?

For both Marketplace and Instant Match, lenders and brokers will only have access to the basic information you provide either once you declare a winning bid on Marketplace or submit your details on Instant Match. In the event that you do not declare a winning bid on Marketplace and you haven’t opted out to have your Joust auto-declared, we will automatically connect you with the lender or broker that offered you the lowest comparison rate. Please read our Privacy Policy Statement for further details on the secure collection and storage of your personal information.

How are the brokers and lenders chosen and verified?

We follow a strict process when we sign up new brokers and lenders. We interview them face to face (via Skype if they are in different states). We get to know them and ask them a lot of questions about their experience in the industry and their motivation. We also verify their licensing via the relevant bodies such as MFAA, FBAA and ASIC for their ACL’s. We don’t get paid a trail or incentivised differently for different volume (aka volume-based incentives). We don’t favour any bank or broker over the other. All banks and brokers are welcome to join us for free.

What’s the difference between Joust Marketplace and Joust Instant Match?

Marketplace: Joust’s Marketplace allows you to put your mortgage on the market and watch the power change hands in a reverse auction where banks and lenders bid against each other to help get you the best home loan rate. It takes just 3-minutes to set up, is free to use, and won’t affect your credit rating.

Instant Match: Instant Match pairs you instantly with lenders and brokers with loan options that meet your specific needs and circumstances. Thanks to our clever data matching and customer experience platform, now all home loan customers can access compatible matches easily.

Can I Joust if I’m not an Australian resident?

This can depend on a number of factors. For our Joust Marketplace, we run a credit check and if you’re not an Australian resident we won’t be able to run the credit check. But, depending on your particular circumstance and your current savings and assets and if you’re applying on your own or with someone else, you may be eligible. If you’d like to explore your options, contact us at info@joust.com.au

Why should I use Joust rather than going directly to a broker?

Using Marketplace as the example, here are the top 3 Reasons:

1. You are in control. You see every bid live on your Leaderboard during your Joust auction as lenders and brokers bid against each other with their best home loan rates – driving the rate down. In some cases, we do see customers getting below the advertised rate when using Joust

2. Joust is a complete marketplace including banks, brokers bidding on behalf of banks and non bank lenders. You choose whether you proceed to apply for a loan with the chosen lenders or brokers and you can declare more than one Joust.

3. It’s fun and easy. You can start your Joust auction while relaxing at home, on the bus, anywhere, anytime!

Is my credit score good enough to Joust?

A healthy credit score is a great first step to finding the ideal home loan rate. To receive the most competition on your Joust, a credit score over 700 is ideal.

You can check your Equifax Credit Score here to get a better idea of where you stand. Or, you can go to free websites such as getcreditscore.com.au to conveniently check your Equifax score. If you check your credit score and notice that it could be better, don’t despair. Over time, your credit score will improve with good financial behaviour. You can read more about improving your credit score here.

Will the successful lender or broker access my credit file?

No, not during the Joust. Once you have selected a winning bid, or have been automatically referred to the leading Provider at the end of your Joust Auction on Marketplace, the successful lender or broker will contact you to discuss full details of their home loan product and then seek to arrange a formal application, which will include getting your consent to access a full credit report. The same process applies if you have manually selected a winning bid, or have been automatically referred to the leading bid at the end of your Joust Auction. We will provide a full copy of your bid request to the bidder with the lowest comparison rate.

What will happen if I don’t like the bank lender or the broker I choose?

You can simply inform the broker or lender that you do not wish to proceed. You can use Joust Marketplace to create another auction and choose a different broker or lender.

I am a first home buyer, can Joust help?

We can certainly help. We have handpicked bank lenders and brokers who are experts and with a great track record. They are experts in helping both new home buyers and seasoned investors.

Is Joust backed by a bank?

Nope. 100% independent. As ex-bankers, we know the importance of independence and transparency.

Which banks are on the panel?

Joust is a marketplace. As such we have brokers as well as direct banks on the panel participating in the bidding process. Thanks to our existing partner network you can access about 80% of mortgage service providers which includes: the Big 4 banks, regional banks, non banks, large Credit Unions and Mutuals, small Credit Unions and Mutuals and a range of Mortgage Brokers.

What kind of loans can you auction via Joust?

Only residential property loans. Currently this excludes SMSF (Self Managed Super Funds) also. But if you have a request or want help connecting to a specialist and experienced broker, connect with us through our Concierge Service.

Can I cancel a Joust?

Yes.

Just email us at hello@joust.com.au to cancel an auction at any stage.

Can I still create an auction if I'm self-employed?

Yes.

While it can be harder to obtain the documentation you need to qualify for a home loan, our lenders and brokers will bid on opportunities for self employed people.

What is the Joust leaderboard?

If you create a Joust through our Marketplace product, you’ll be taken through to the Joust leaderboard; the home of all your incoming bids. Learn more here.

How many times can I use Joust?

There's no limit on how many times you can start a live auction.

You can create separate auctions for different loan types and for different property addresses.

Can I include all of my properties in the one Joust?

No.

Unfortunately our system is not currently set up to allow multiple properties in the one auction.

We recommend that you create separate auctions for each individual property and select your winning bid based on the best offer available to you.

Need help getting started or have a complex loan?

Use our Concierge Service to get in touch with our team who will guide you on how to use Joust, help you create your profile or, if you have a complex loan, find you a custom solution with our panel of lenders and brokers.

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