First of all, what is Open Banking?
In short, Open Banking is the term used for a legislation passed by the Australian Government to make it compulsory for banks to share their customers information with competitors if their customer asks them to. This removes the tricky barriers that have made it difficult, or way too time consuming to compare products to other offers in the market.
Say you take out a new home loan. Your interest rate is sharp, and your product is cutting edge. Over time, your interest rate starts to creep up. Then you notice your bank is offering new to bank customers much lower rates costing you thousands of dollars. You try and negotiate but get nowhere. Long call waiting times with offshore call centers, paperwork, and bankers that never get back to you. It has been like this for decades and Australians are sick of it.
In 2020, My Mortgage Freedom dared to challenge the status quo. Whilst many people lived a financial nightmare MyMF got to work on building Rate Tracker to take all of the pain out of this problem. With the simple vision, to make it easier than ever before to put millions of dollars of bank interest back into their customers pockets.
The introduction of Open Banking allows Rate tracker to become a shield for your home loan to protect it from interest rate hikes. It compares a home loan to the lowest rates in the market every 30 days without the customer doing a single thing. Once the customer has activated Rate Tracker, it will automatically:
- Review your interest Rate every 30 days
- Review your fees
- Send you quarterly home loan health report
If Rate Tracker identifies an interest rate has exceeded an acceptable level, it will text the customer to advise of their interest rate breach. Then the team of specialists at MyMF get started on renegotiating your rate for you. If your lender can’t come to the party, they look at other bank options for you.
This means that a customer can take advantage of open banking technology to monitor the price of their home loan in real time. You’ll never be caught out having already paid thousands of dollars in additional interest you will never get back. Rate tracker simply does not let it happen.
The reason you haven’t seen anything like this before, is because it has never existed until now!
This is Australia’s first and only “Real Time” Interest rate tracker. It is the real deal and we’re over the moon to deliver this to Australia after such a roller coaster year 2020 has been financially for so many.