As the Reserve Bank of Australia slashes the cash rate to the lowest level seen in the country, mortgage holders are shopping around for the best deal.

Joust founder, Mark Bevan said one impact of the coronavirus is that home loan customers who have previously been too busy or not bothered checking their home loan rate are now focused on any and every way to cut down their household expenses. 

"Joust is seeing an unprecedented volume of customers considering refinancing their mortgages," said Mr Bevan.

At a Glance:

• People have more time and need to find the best home loan rate
• Joust has seen $40 million of home loans auctioned in the last 4 days
• Someone with a $500,000 home loan can save $200 a month by reducing their rate by 0.5 per cent.

"Joust reports a three fold increase in volume on the platform in the past 7 days compared to just a week ago.  

"More than $40m of home loans have been auctioned via Joust in the last 4 days." 

Mr Bevan said making sure you are paying the lowest interest rate possible used to be a nice idea - but now as economic uncertainty grows, it is fast becoming a necessity for home and investment property owners. 

"Incumbent banks have long relied upon customer inertia to be able to get away with higher home loan interest rates but the crisis caused by coronavirus is shattering that customer inertia," said Mr Bevan. 

Mr Bevan told WILLIAMS MEDIA job losses are a real concern because people trying to refinance their existing home loans will need to meet the new lenders credit assessment policy.

"With more people staying home and focused on their financial position - we expect on-line services like Joust to be turned to more strongly," said Mr Bevan.

"A customer with a home loan of $500,000 can save as much as $200 per month -  if they can reduce their home loan interest rate by 0.50 per cent."

Mr Bevan said it wasn't just home owners but also property investors who were feeling the strain.

"The normal split of home owners and investor home loans is 75/25," said Mr Bevan of Joust customers.

"That ratio remains approximately the same but we are seeing a slight swing towards Investors.

"People are stuck at home and have a lot of anxiety about their personal financial situation and Joust is being swamped with new customers looking to refinance their home loans."

Find out more about Joust and how it can help you find the best home loan.

This is a sponsored article.

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