One Big Switch introduces 2000 borrowers
The home-loan group buyer One Big Switch says it has introduced about 2000 of its 40,000 registered borrowers to a lender.One Big Switch co-founder Paul Hunyor provided the figure while speaking at yesterday's Lixi conference in Sydney. He also confirmed that all lenders working with the group are small non-bank lenders.One Big Switch was launched in July and partnered with consumer group Choice to build its list of borrowers.Hunyor said that providing leads to lenders was not the group's only benchmark for success. "People are using their experience with us to shop around for themselves or work with their existing lender to get a better deal. We measure our success broadly." One Big Switch has broken its registered borrowers into nine groups, so it can target specific pricing deals. For example, borrowers with loan-to-valuation ratios under 65 per cent are very attractive to lenders and can demand deep discounts. Hunyor said the appeal of One Big Switch for its registered borrowers was that it put them into a community of like-minded consumers where they could engage with each other. "Consumers want to help each other and they feel that in doing that they are having an influence. These people want to be listened to and they want more influence over the borrowing process." Hunyor also said One Big Switch is considering expansion into the electricity and general insurance markets. "Those are the areas our members tell us they want us to look at next," he said.