One Big Switch promises better deals
One Big Switch, the organisation running consumer group Choice’s “Big Bank Switch” will not make credit assessments of its members.
One Big Switch has been controversial in part because of Choice’s perceived conflict of interest, its use of the Choice name to drive a commission-earning deal, and the lack of information on how the arrangement between Choice, OBS and lenders will work.
OBS is looking for discounts on home loans across seven categories and “multiple geographic markets”. The categories cover three loan value ranges and three different ranges of loan-to-valuation ratios.
The document also states that OBS members are expecting “a reduction of the total loan cost of an equivalent publicly available loan offered by the lender.”
Source: Banking Day