{"id":20853,"date":"2018-04-17T01:00:27","date_gmt":"2018-04-16T15:00:27","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=20853"},"modified":"2018-04-17T01:00:27","modified_gmt":"2018-04-16T15:00:27","slug":"shop-your-bank-siobhan-hayden","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/","title":{"rendered":"Shop your bank \u2013 Siobhan Hayden"},"content":{"rendered":"

It is still amazing how many property investors and property buyers don\u2019t see the benefits of shopping around when borrowing money for a property purchase or even to refinance an existing loan.\u00a0 It is now so easy to shop around and compare as you will hear from Siobhan Hayden<\/strong>.
\nTranscript:<\/strong>
\nKevin:<\/strong>\u00a0 I\u2019m still amazed at how many people in property \u2013 let\u2019s talk about investors for a moment \u2013 still don\u2019t understand the importance or the benefits of shopping around when you\u2019re borrowing money, even if you\u2019ve got an existing loan, to shop around and make some comparisons.
\nI want to talk about a website called HashChing, which we\u2019ve mentioned in the show before. It\u2019s a portal that\u2019s totally free and puts you in touch with some of their partnered mortgage brokers so that you can get the best deal possible. Talking to me about this, the COO for HashChing, Siobhan Hayden.
\nSiobhan, thank you very much for your time.
\nSiobhan:<\/strong>\u00a0 Thanks for having me.
\nKevin:<\/strong>\u00a0 Tell me about HashChing. How did it come about?
\nSiobhan:<\/strong>\u00a0 Look, I\u2019ll start with the explanation for the name. So, HashChing is the merger of two words \u2013 hashtag and cha-ching. I think as an Australian business, we\u2019re acutely aware that customers love to tag things on social media that they care about, so that\u2019s the hashtag. And cha-ching is, no one should really over-pay for the privilege of owning their own home. So, we want to save people money where possible. So, HashChing is where the name came from.
\nWhere it started, the founding director of the business was actually an executive with a large bank, one of the major banks in Australia, and had secured a home loan for himself with a staff discount and was really shocked to learn that his friend, who didn\u2019t even work in banking, had got a better mortgage rate from his own bank, which shocked him.
\nHe was thinking \u201cI\u2019m an executive. How is this possible?\u201d And it worked out that his friend, who worked in the IT industry, had gone through a mortgage broker.
\nKevin:<\/strong>\u00a0 And that\u2019s how it all started.
\nSiobhan:<\/strong>\u00a0 That\u2019s how it all started. The other add-on, of course, is that the founding member looked at all of the options on the internet, which is where most people start doing their research, and it was very confusing.
\nThere were lots of options, there were lots of rates, lots of forms to fill out. Some of them made you fill out forms for a long time, and then you weren\u2019t able to borrow through that channel, or you were instantly introduced to the lender that you didn\u2019t really want to go with.
\nAnd then when he started looking at mortgage brokers, he also identified that there were no credentials, no ratings and reviews, and found it quite astonishing that we rate the driver of a car for 15 kilometers but we don\u2019t have any feedback on a broker that\u2019s helped a customer transact a $1 million mortgage.
\nKevin:<\/strong>\u00a0 Siobhan, do you think this is the reason why, as I said at the outset, that there are so few people who actually understand the benefits of shopping around. Is it because it gets too hard?
\nSiobhan:<\/strong>\u00a0 It\u2019s a good point, Kevin. I think most people know that refinancing or getting a loan is a bit of a heartache. It\u2019s a bit of a pain in the bum. Let\u2019s be honest. So, I think we\u2019re looking for the path of least resistance, and there\u2019s so much noise in the media and on the Internet about cheap rates and what does that mean?
\nAnd there are so many features to different rates, that people are just simply not aware of: redraw facilities, additional repayments, offsets, credit cards, ATM access. There\u2019s a whole range of things that people need to digest, understand, and then also work out whether it\u2019s right for you.
\nI think the benefit of a broker\u2026 And you know, nearly 60% of all new residential lending in Australia is assisted or introduced by mortgage brokers, and that participation of brokers in Australia has consistently increased year on year for the last 20 years, because the option outside of that is to really walk into a branch.
\nSo, really, the two options are like light and dark. Brokers work with you, they\u2019re across multiple lender products, not just one lender, which is of great benefit to customers, and then they do really help you go through all the paperwork and navigate that pain point. So, brokers are the preferred option.
\nKevin:<\/strong>\u00a0 Yes. One of the questions I was going to ask you is how do you find a good broker, and I can understand that the answer to that would be \u201cWell, go through HashChing.\u201d So, can I then ask you, how does HashChing choose its brokers?
\nSiobhan:<\/strong>\u00a0 Well, I personally vet everybody! No. Look, we have a number of hurdles. A broker working with HashChing or partnering with HashChing has to have a minimum of three years\u2019 experience or more. On our dashboard today, we have average years of experience of 10.8 years. So, first off, you need to understand all the lender products, and policy, which are relevant to different customers.
\nThen the ability for that broker to be able to be efficient and sharp and deal with customers on the phone. It\u2019s a very different conversation on the phone than it is when you meet someone face to face. So, the ability to build rapport. And access to some great deals.
\nOnce we have all those, we get them onto the dashboard, and then we start introducing them to customers and monitoring their performance \u2013 particularly, customers\u2019 feedback at the end, with their ratings and reviews.
\nKevin:<\/strong>\u00a0 Tell me about some of this feedback. What is the feedback you\u2019re getting from consumers about the process?
\nSiobhan:<\/strong>\u00a0 Well, it\u2019s excellent. People on Facebook, we have 36,000, I think, likes on Facebook, and followers, 3000 customer reviews on different brokers, and elements such as \u201cI really thought I didn\u2019t have a chance. My own bank said no to me. My broker was amazing. I didn\u2019t realize they could be that great.\u201d
\nBrokers helping customers go to auction. So, really going above and beyond, outside the normal remit of a broker. But, you know, \u201cHeld my hand at an auction and made sure I didn\u2019t go beyond what I could, and I was so nervous, and my broker helped me.\u201d
\nSo, a whole range of really great comments from customers. And really, that\u2019s what it\u2019s about. If brokers are the preferred service channel, it\u2019s about how brokers are now distinguishing that service with their customers, because really they do get additional customers from referrals, so that\u2019s how their business works.
\nKevin:<\/strong>\u00a0 How often should someone review their loan arrangement with the bank?
\nSiobhan:<\/strong>\u00a0 I think, like anything, it should be every two years. That doesn\u2019t mean you end up refinancing, but it\u2019s definitely good to have a look at what\u2019s happening. We know that interest rates have been very stable for a long time, have basically gone down or held for a very long time, but people outside of that period may be on higher rates.
\nAt HashChing, we\u2019ve definitely seen a trend of customers on a 4.7%, 4.6% being refinanced down to a 3.7% or 3.6%. And that\u2019s a substantial saving, when you\u2019re looking at the long time that you do pay off a mortgage.
\nSo, it\u2019s best to know where you\u2019re at. It\u2019s all free, no obligation. And then at least you know where you stand, and maybe in another year, you look.
\nKevin:<\/strong>\u00a0 Yes. You\u2019ve certainly got nothing to lose. The website is called HashChing.com.au.
\nSiobhan:<\/strong>\u00a0 That\u2019s correct.
\nKevin:<\/strong>\u00a0 Siobhan, thank you so much for your time. Siobhan Hayden, who is the COO for HashChing. Thank you so much for your time.
\nSiobhan:<\/strong>\u00a0 Thanks for having me.<\/p>\n","protected":false},"excerpt":{"rendered":"

It is still amazing how many property investors and property buyers don\u2019t see the benefits of shopping around when borrowing money for a property purchase or even to refinance an existing loan.\u00a0 It is now so easy to shop around and compare as you will…<\/p>\n","protected":false},"author":176692471,"featured_media":20857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34,10,11,13,36,22,25,27],"tags":[101],"class_list":["post-20853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-sponsored-channels","category-trends-topic","tag-podcast"],"yoast_head":"\nShop your bank \u2013 Siobhan Hayden - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shop your bank \u2013 Siobhan Hayden - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"It is still amazing how many property investors and property buyers don\u2019t see the benefits of shopping around when borrowing money for a property purchase or even to refinance an existing loan.\u00a0 It is now so easy to shop around and compare as you will...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/\" \/>\n<meta property=\"og:site_name\" content=\"Realty Talk\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-16T15:00:27+00:00\" \/>\n<meta name=\"author\" content=\"rolanrush\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rolanrush\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/shop-your-bank-siobhan-hayden\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/shop-your-bank-siobhan-hayden\\\/\"},\"author\":{\"name\":\"rolanrush\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"headline\":\"Shop your bank \u2013 Siobhan Hayden\",\"datePublished\":\"2018-04-16T15:00:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/shop-your-bank-siobhan-hayden\\\/\"},\"wordCount\":1366,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/shop-your-bank-siobhan-hayden\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"keywords\":[\"podcast\"],\"articleSection\":[\"Finance\",\"Kevin Turner\",\"Kevin's Update\",\"Latest Stories\",\"Property Investment\",\"Research\",\"Sponsored Channels\",\"Trends\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/shop-your-bank-siobhan-hayden\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/shop-your-bank-siobhan-hayden\\\/\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/shop-your-bank-siobhan-hayden\\\/\",\"name\":\"Shop your bank \u2013 Siobhan Hayden - Realty Talk\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/shop-your-bank-siobhan-hayden\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/shop-your-bank-siobhan-hayden\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2018-04-16T15:00:27+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/shop-your-bank-siobhan-hayden\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/shop-your-bank-siobhan-hayden\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/shop-your-bank-siobhan-hayden\\\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/shop-your-bank-siobhan-hayden\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Shop your bank \u2013 Siobhan Hayden\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#website\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/\",\"name\":\"Realty Talk\",\"description\":\"Your Trusted Voice For Property Investing. Anywhere, Anytime.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\",\"name\":\"rolanrush\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g\",\"caption\":\"rolanrush\"},\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/author\\\/rolanrush\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Shop your bank \u2013 Siobhan Hayden - Realty Talk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/","og_locale":"en_US","og_type":"article","og_title":"Shop your bank \u2013 Siobhan Hayden - Realty Talk","og_description":"It is still amazing how many property investors and property buyers don\u2019t see the benefits of shopping around when borrowing money for a property purchase or even to refinance an existing loan.\u00a0 It is now so easy to shop around and compare as you will...","og_url":"https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/","og_site_name":"Realty Talk","article_published_time":"2018-04-16T15:00:27+00:00","author":"rolanrush","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rolanrush","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/#article","isPartOf":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/"},"author":{"name":"rolanrush","@id":"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d"},"headline":"Shop your bank \u2013 Siobhan Hayden","datePublished":"2018-04-16T15:00:27+00:00","mainEntityOfPage":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/"},"wordCount":1366,"commentCount":0,"image":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/#primaryimage"},"thumbnailUrl":"","keywords":["podcast"],"articleSection":["Finance","Kevin Turner","Kevin's Update","Latest Stories","Property Investment","Research","Sponsored Channels","Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/","url":"https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/","name":"Shop your bank \u2013 Siobhan Hayden - Realty Talk","isPartOf":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/#website"},"primaryImageOfPage":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/#primaryimage"},"image":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/#primaryimage"},"thumbnailUrl":"","datePublished":"2018-04-16T15:00:27+00:00","author":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d"},"breadcrumb":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/#primaryimage","url":"","contentUrl":""},{"@type":"BreadcrumbList","@id":"https:\/\/channels.realty.com.au\/realtytalk\/shop-your-bank-siobhan-hayden\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/channels.realty.com.au\/realtytalk\/"},{"@type":"ListItem","position":2,"name":"Shop your bank \u2013 Siobhan Hayden"}]},{"@type":"WebSite","@id":"https:\/\/channels.realty.com.au\/realtytalk\/#website","url":"https:\/\/channels.realty.com.au\/realtytalk\/","name":"Realty Talk","description":"Your Trusted Voice For Property Investing. Anywhere, Anytime.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/channels.realty.com.au\/realtytalk\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d","name":"rolanrush","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g","caption":"rolanrush"},"url":"https:\/\/channels.realty.com.au\/realtytalk\/author\/rolanrush\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/posts\/20853","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/users\/176692471"}],"replies":[{"embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/comments?post=20853"}],"version-history":[{"count":0,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/posts\/20853\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/media?parent=20853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/categories?post=20853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/tags?post=20853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}