LoanDolphin exceeds $100m in home loan auctions
LoanDolphin, Australia’s leading loan bidding platform, has reached a significant milestone with more than $100 million worth of home loans through its platform.
LoanDolphin launched in February 2016 and the $100 million mark was surpassed August 2016.
LoanDolphin is a free online platform for people to refinance or obtain new home loans at rates not advertised by banks or lenders. Customer’s using LoanDolphin have already begun saving tens of thousands of dollars on their mortgage.
Lenders and bankers bid to win customers’ business on LoanDolphin, which have delivered an average savings of $5254 per year to homeowners, according to LoanDolphin CEO Ranin Mendis.
“The simplicity, efficiency and negotiating power provided to customers via LoanDolphin’s cost and obligation free service have contributed to our exponential growth,” Mendis said.
“It only takes three minutes for a customer to upload their home loan requirements (anonymously) before lenders and banks start bidding to offer them the lowest home loan rates.”
“Most of these rates are not advertised and not presented to you at first by the brokers and bankers and we’ve seen customers saving around 87 basis points or 0.87% percentage points. This means that on a $500,000 loan over 30 years you could save over $130,000,” he said.
Mike Israel is one such customer to have benefitted from LoanDolphin. He had a home loan with one of the big banks and was paying a rate of 5.19%.
“I found that I was paying too much interest. I heard about LoanDolphin and decided to use it so banks and lenders could fight for my home loan instead of me having to go through the arduous task of looking for a lower rate.
“Not having to do the leg work saved me precious time and money,” Israel said. At the end of the auction Israel accepted an offer that reduced his rate by 1.20%, saving him $36,000 over the life of his loan.
“I couldn’t have asked for a better outcome. LoanDolphin was very easy to use, free of charge and importantly, I was able to secure a great rate not available elsewhere,” Israel said.