Mozo ‘mystery’ big four home loan discount deal remains a mystery for some
Mozo says it has received an overwhelming response to its big four bank mortgage discount “mystery” but still won’t reveal what the lender is behind the offer.
The mortgage comparison website is offering a discount of up to 1% off the advertised variable rate of a big four bank. It issued a September 6 press release regarding the offer.
Property Observer and other industry participants signed up to be part of the offer last week but have not received phone calls from Mozo to discuss the details.
The Mozo promotion promised a phone call within 24 hours of registering to “reveal the big four bank behind the deal and answer all your questions”.
A spokesperson for Mozo told Property Observer the reason for not being contacted “is more likely due to the fact that we have been screening out calls from the industry so that we can focus on helping real customers”.
People in the property industry appear to be able to get Mozo's subsequent wine offer email, but don’t qualify for home loan discounts.
“The popularity of the new service has exceeded our expectations,” added the Mozo spokesperson.
“We've already handled refinancing and new loan enquiries for over $80 million worth of borrowings. Half of this has already progressed through the approval process”
The spokesperson did confirm to Property Observer that the offer was from a “big bank”.
“As this is a 'mystery bank' deal I can't divulge who the lender behind the deal is.”
Property Observer has previously pointed out that all the major banks offer generous variable rate mortgage discounts of up to 0.9 percentage points for borrowers who take up one of their package home loan offerings.
Mozo claims the campaign can save borrowers more than $100,000, with the savings calculated on the current Mozo mystery bank variable rate of 5.93% for a $500,000 loan, versus the current average big four bank standard variable rate of 6.82% and assumes a loan term of 25 years.
Have you received an offer from Mozo? Sent us an email with your thoughts.
