Australian borrowers now have access to an online platform, called Loanbid, where lenders bid against each other to win the borrower's loan. The website has clear potential to commoditise another link in the mortgage supply chain. Loanbid, run via a website created by former senior bankers at National Australia Bank and St George Bank, connects borrowers with lenders and brokers across Australia, all of whom, its founders said, "are verified professionals and specialists in packaging a wide range of lending products at competitive prices". The free Loanbid process (free to borrowers, that is) involves one online application, listing the borrower's details and requirements on the platform. Lenders and brokers then assess the information and can enter a virtual auction to win the loan with their best bids. The Loanbid website indicates all of the Big, Four and their various multibranded subsidiaries have signed up, along with AMP, FirstMac, Heritage, Bank of Melbourne, Bank of Queensland, Auswide, Bank of Queensland, ING Direct, ME and Macquarie.  Loanbid partner Paul Dwyer (formerly of St George) said borrowers "just need to wait for just 48 hours for the lenders and brokers to come back to them with a loan best suited to their needs and financial situation, with the borrower to choose the right loan." The borrower remains anonymous throughout the process and their loan proposals are independently and individually assessed within the 48-hour process, without any impact on their credit rating. The borrower has no obligation to accept any bid and their identity is confidential until they choose the winning lender to progress the loan, at which time Know Your Customer rules need to kick in. All offers are shown dashboard and ranked according to the total cost of the loan - lowest first - and borrowers are free to leave the process at any time.  Darren Roach, another partner at Loanbid, is coming in with 24 years' experience in the commercial, residential and private banking operations, with "many years" at National Australia Bank.Roach said the platform provided "an easy solution for time poor borrowers, who can watch the real-time competition by the lenders for their loans unfold on their unique, confidential Loanbid dashboard."  Dwyer said the platform would be a boon for lenders and brokers as it would be the source of qualified, live leads without any upfront cost or trail fees incurred. It allows lenders flexibility to meet their sales targets and enables them to provide new offers or incentives that become available at any time.