Daniel Jovevski confesses to fitting many of the stereotypes commonly associated with gen Y, especially when it comes to a lack of patience and an addiction to technology.
Daniel Jovevski confesses to fitting many of the stereotypes commonly associated with gen Y, especially when it comes to a lack of patience and an addiction to technology.
And like many of his job-hopping generation, the 27 year old already has a ‘former life’, as a lending consultant with Bankwest and a mobile banking manager with NAB.
It’s that background, and his IT skill set, which sparked him to launch a new online home loan comparison site, Switch My Loan.
The site promises to match home buyers with the best lender to suit their needs, while also reducing complications typically involved in switching from one lender to another.
Mr Jovevski told Business News the site was targeted at first home owners or buyers who may be moving away from traditional mortgage pathways such as relying on brokers or going to the bank directly.
“I saw how people my age were behaving; for me, I’ll try to find some sort of app or technology to make my life a little bit easier,” Mr Jovevski said.
He’s not alone in that regard, with the interim report from the Federal Financial System Inquiry finding 42 per cent of all Australians had never used a financial adviser, with many turning to online advice and comparison sites instead.
The idea for Switch My Loan came to Mr Jovevski after he left his banking jobs, while he was studying for a masters of business administration.
With the finance background and a keen interest in technology (Mr Jovevski taught himself to code), developing an online home loan comparison site seemed a natural fit.
But Mr Jovevski told Business News he wanted to go one step further and tailor results to the individual, rather than just provide a list of loan offers with the lowest interest rate ranking first.
“When you talk about home loans, particularly for people who know about the subject at face level, they know about [wanting] low interest rates,” he said.
“But sometimes it’s not just about the low interest rate; every person’s situation is unique and sometimes your particular profile may not match the lender.”
Mr Jovevski’s prior banking roles taught him the importance of personal relationships; after his departure from one particular role he had former clients calling him wanting his advice.
“It really surprised me how people would follow the person rather than the brand,” he said.
To emphasise the company’s dedication to finding the right match, Mr Jovevski has engineered a ‘Date-A-Lender’ event, where home buyers have the opportunity to talk to as many lenders as possible in one evening.
There won’t be bells ringing every two minutes; rather, the part-marketing campaign is all about proving the benefits of testing the market.
Mr Jovevski said every home buyer intended to shop around for the best deal, but fatigue often set in once the complications became clear.
“By the time they got to me [at the bank] they would often be like ‘ok just show me the papers to sign’ when the original product they enquired about may not have actually been the best deal,” Mr Jovevski said.
Switch My Loan was officially launched in April last year and has matched $40 million worth of home loans of to its participating lenders, of which Switch My Loan takes a one-off referral commission.
Mr Jovevski said he expected the company to make its first annual profit in the 2015-16 financial year.
His goal is to secure 1 per cent of the home lending market by 2016, which would equate to roughly 1,000 clients or $250 million worth of home loans.
For more information about Switch My Loan visit; www.switchmyloan.com.au
