Luke Oxley, the Co-Founder and CEO of Craggle, sat down with Karalee Katsambanis on the 6PR’s Money News to discuss the revolutionary way Craggle is transforming the mortgage landscape in Australia. Karalee began the segment by stating that Craggle could be a "game changer" for those seeking to refinance their home loans. The concept leverages the power of numbers to get banks to commit to better rates, thus saving thousands of dollars for homeowners.
Asked to elaborate on Craggle's beginnings and its benefits, Luke Oxley said the company was born out of a realization that most Australians dislike the process of refinancing, with 77% actually preferring to stay with the current provider. Craggle provides an easier, more convenient way for mortgage holders to renegotiate their loan rates. Grouping mortgage holders together, the company then negotiates rates not advertised elsewhere. Each customer, though part of a larger group, still receives an offer tailored to their individual needs. The result has been significant, with Craggle customers saving an average of almost 1% on their home loans.
Karalee emphasized the availability of Craggle for Western Australians: "At the end of the day, you're saving Australian families thousands of dollars each year and it's available for Western Australians right here to take advantage of and to investigate it for themselves." Luke responded by saying that there's no restriction on who can apply. "Any Australian residential mortgage holder is eligible to join us," he said, urging Western Australians to invest a mere three minutes to join a Craggle event.
Karalee delved into the role of Craggle in tackling the enormous influence and profit margins of banks. Luke viewed Craggle as a formidable force in enabling homeowners to find a way to win with more money in their own pockets.
Citing a recent survey, Karalee mentioned that 81% of Australians find the refinance process too complicated. Luke agreed and stressed that Craggle could bridge that trust gap and bring simplicity to the complicated world of home loan refinancing, by helping customers to stay with their current home loan provider with a more favourable interest rate.
Luke highlighted that more people are waking up to the need to tackle their largest expense—their home loan—instead of merely cutting back on discretionary spending.
Karalee ended the segment by praising Craggle: "I think you're doing a good thing. You're using the power of numbers to help those struggling with their home loans to get a better rate from their bank with safe, simple quick solutions." Craggle is not just another fintech innovation; it's a mission-driven company designed to level the playing field between the common homeowner and giant banking institutions. And according to Luke Oxley, they're just getting started.
The Craggle Team