They say there is an app for everything. From angry birds to tinder, most markets are being filled. Now, for those of us whose brains wander off at the mere mention of the words ‘mortgage’, ‘home loan’ or 'credit rating', we have the magic solution. An app that answers all your specific questions about financial matters.
Paul Ryan, one of the original founders of Wizard Home Loans has developed Eccho Me, an app that allows consumers to post any question and obtain a range of answers and opinions from independent and registered finance professionals.
The mobile app, which is available for free download lets consumers access hundreds of independent finance professionals where they can, at their own convenience, no matter what the time without giving away any personal information.
1. The size of the home loan market in Australia is $1.3 trillion.
2. There were approximately 756,000 home loans written last year in Australia.
3. As many as 80 per cent of mortgagees don’t know what interest rate they’re currently paying.
4. The size of the average home loan (state depending) is between $400K-$440K.
5. The typical length of a home loan is between 25-30 years (most loans are written over 30 years).
6. The average weekly mortgage repayment is $462 per week.
7. The average monthly mortgage repayment is $2003 per month
Paul was inspired to shake up of the current industry when a survey showed that 40 per cent of mortgage holders have not changed lenders in the past decade (estimated to cost borrowers around $9.9 billion).
“All of us have probably been guilty of putting off asking questions as there doesn’t seem enough hours in the day or we simply don’t know who to ask. Eccho Me takes away that stress because you can post a question before you go to bed and have a variety of expert answers through the app on your phone by the time you wake up.”
How does it work?
“As it is a community platform you can see all the questions and answers so it is like a library of information to review answers, like the information and even follow and monitor the finance professionals who continually provide valuable expertise”
Who can use it?
Everyone. Eccho Me already has hundreds of accredited finance professionals on the platform. All consumers are anonymous and can’t be contacted by the people answering the questions.
Eccho Me is also being used as an educational tool for the next generation of borrowers – they can ask questions, plan ahead and then have direct access to the people who have helped them gain the knowledge.
How do I know these ‘finance professionals’ know their stuff?
“Every finance professional on the platform has to register and acknowledge their expertise. They have to register their professional details before they can start answering questions,” Mr Ryan said.
Why do we need this?
“With as many as many as four in five Australians not knowing the interest rate they’re currently paying on their home loans – it makes sense to ensure you’ve got access to reliable information.”
Abracadabra, all of our finance questions can be answered easily, and for free. Thank you technology.
To find out more about money check out Sarah Riegelhuth’s tips on how compound interest works.