Sydney's 2GB Money News welcomed a special guest. Host Scott Haywood was joined by Luke Oxley, the Co-founder and CEO of the budding mortgage platform, Craggle for an illuminating conversation about revolutionizing the home loan industry.
As Scott rightly pointed out at the beginning of the segment, even though the industry might show positive signs, many are continually on the hunt for the best mortgage deal. Enter Craggle, an innovative platform that combines the power of numbers to offer better rates. The foundational concept of Craggle is simple yet revolutionary: the larger the group, the better the rate negotiation with the bank. Luke, drawing from his extensive experience, shed light on a common problem. Many find the refinance process daunting and feel they lack bargaining power. Craggle intends to remedy this. By gathering individuals and leveraging their collective strength, the platform aims to negotiate rates typically kept under wraps by banks.
One aspect that piqued Scott's curiosity was the group formation process. Do individuals bring their mates, or does Craggle play matchmaker? Luke clarified that while friends can certainly join together, Craggle's backend technology does the heavy lifting of aggregating individuals. The more the merrier, as this amplifies the collective negotiation strength.
When asked about restrictions, Luke emphasized Craggle's inclusive approach. Any existing Australian mortgage holder is encouraged to participate. With the banks amassing considerable power and profit, Scott drew an apt David vs. Goliath analogy. Craggle, Luke noted, stands as a beacon of hope for customers, giving them an upper hand in the often-imbalanced negotiation process. Success stories, like that of Abby from Tasmania who saved about $90,000 over her loan term, underscore the platform's efficacy.
Addressing Rising Rate Concerns With the fluctuating Australian financial landscape, many are apprehensive about refinancing. Luke highlighted that while this is indeed a challenge, some banks are offering lower serviceability buffers. Plus, Craggle's independent surveys reveal a pressing need. An overwhelming majority find the refinance process convoluted, with a significant number hesitant to renegotiate due to low confidence.
Craggle is not alone in this venture. Luke shared that they have partnered with nearly 40% of providers, based on market share, and are in discussions with more. Their vision is to ensure all Australians secure a better rate on their home loans. From saving thousands over loan terms to aiding pre-retirees in Queensland, Craggle's impact is being felt across the country.
In wrapping up the segment, Scott thanked Oxley for shedding light on Craggle's commendable mission. As the home loan industry stands on the cusp of transformation, platforms like Craggle are leading the charge, promising a brighter financial future for many.
The Craggle Team