iSave Mortgage Rate
The first ever App in Australia that can compare up-to-date and correct mortgage rates from various lenders live
According to survey performed by global insurer Genworth, we, Australians are among the most indebted people in the world but are also the most comfortable carrying high levels of debt. We use more than 50% of our income to service out debt. The survey also found that one third of Australians said they were comfortable borrowing more than 80% of the value of the property when buying a house.
During many years of working as a Senior Lender, and Accountant, I have come across many people and businesses, who either struggled to service their debt, or had to spend most of their income on just meeting the minimum repayments. I have also noticed that, although the amounts of debt Australians are taking on are on the rise, most of us still don't shop around for better rates in order to save. We are comfortable where we are, and don't like changing banks. Very popular reason to move to another bank people have had, I found, was the inconvenience involved.This has helped banks, especially big ones strive, and produce record profits year after year.
I knew I had to make my contribution to change this; to help make the switch easier and less painful. So, after years of research and consulting with various other professionals, including Financial Advisers, and using my own in-depth industry knowledge, I came up with an idea of developing a mobile application that will help Australians to find the best deal for their home loans easily, both when purchasing a new property or refinancing their existing loans. It will be the first ever App in Australia that can compare mortgage rates from various lenders live and provide accurate results. On a high level, "iSave Mortgage rate" Mobile Application will have:
- Repayment calculator
- Affordability calculator
- Refinance calculator
- Live rates comparison. Rates from different banks are compared to find the best one that suits you
I have started the project already; I have Project Implementation Plan, sketches, project inclusions and exclusions, the app content, process flow and other bits and pieces that go into creation of an app. Now, I just need a graphic designer, and developer, who in total quoted $5000 to make this app.
Make your contribution to creating iSave Mortgage Rate that will help millions of Australians to save and spend their savings/ money on something better than Banks interest and fees, Join me in the fight against unfair fees and high interest that the Banks charge; let the best bank with the lowest fees and interest win. It will not only save money and help pay off debt quicker, but also create more competition in Australian monopolistic banking industry. All contributions will be greatly appreciated. Thanks in advance guys!