One application connects you to multiple lenders and brokers who will compete for your business on a virtual auction platform. All loan offers are tailor made to match your needs so you can choose a winning bid or reject all bids, always remaining in control.

LOANBID believes true competition is only achieved when your bidding application is presented to lenders who are motivated to compete for your loan and who know they are in direct competition with others to win your business.

From First Home Buyers, right through to Low Doc loans, we can help. Our lenders and brokers are specialists in helping both new home buyers and seasoned investors. In short, we link you to lenders and brokers who will have a solution for you.

A mixture of bank lenders, financial institutions and mortgage brokers will take part in your bidding auction. All representatives must be licensed or authorised by the lender and are verified through the appropriate regulatory and industry bodies before they can list on LOANBID.

We ensure they are qualified, reputable and experienced before they can register with LOANBID and deal with you.

We only give lenders ONE opportunity to bid for your loan. They must put their best offer in first, there are no second chances. This saves everyone time, effort and hassle.

We believe, this is the only way to create a genuine competitive environment and give you the confidence to know the choice you make is the most suitable for you at the time.

On completion of your bidding application, we ask our lenders and brokers to submit indicative loan offers customised to your requirements. We do not provide them with your personal contact details, just a reference number.

Once the bidding period closes you can choose the indicative offer that suits you best from your dashboard. Your contact details are then sent to the successful bidder/lender who will get in touch with you to finalise all the details through to settlement.

Giving more detailed information to lenders and brokers in the first instance, means they are better equipped to present you with the most competitive loan offer they can. We also want to do as much as possible to ensure that any indicative offers you receive can be formalised and proceed to settlement.

You only need to provide this information once with LOANBID to receive your bids/loan offers from multiple sources. If you were to go to several credit providers yourself, you would need to complete an application for each one. With LOANBID the lenders know they have enough information to assess your bidding application and know you are serious.

No, we do not charge you any fees.

No. You are under no obligation to accept any of the loan offers presented to you. Put simply, we want to connect you with the lender that gives you the lowest offer that meets your specific needs and hence wins your business. However, if you don’t like what you see you are free to walk away.

LOANBID is designed to protect your credit file.

It is a little-known fact, that each time you make an application for a loan, credit card or any type of credit facility, the potential lender makes an enquiry on your credit file. Too many applications may have a negative impact on your credit rating and your ability to get a loan or may even result in you having to pay a higher rate of interest. This does not happen with LOANBID no matter how many lenders bid for your loan, your credit file will not be affected.

To assist lenders, we will ask you to provide some information about your credit history before you submit your bidding application. It is important to be as accurate as you can when answering these questions.

Once you decide to proceed with an offer and deal with the lender, then they may need to check your credit file to verify certain information but can only do so with your authority.

Once your bidding application is submitted all providers have 48 hours to lodge their bids for your loan. You will find a countdown clock located on your accounts dashboard under the “LOANS SUBMITTED” tab.

An additional amount of time will be added to allow for weekends, to ensure you receive all offers. The additional time will also be displayed on your countdown clock.

The lender or lenders, that best match your requirements will submit an offer, which you can view through your account on the LOANBID website. You will receive notification by email when a bid is lodged and when all bidding is closed.

Please make sure your email address is correct, otherwise you will not receive any bids. If there is an incorrect email address entered by you LOANBID is not responsible for delays or errors in responding to your bidding application.

Firstly, login to your account. All bids/loan offers will be summarised on your Account Dashboard for quick reference, starting with the lowest first.

LOANBID ranks the bids according to the total loan cost, over the term of the loan specified, to help you compare before you choose. This also gives you the full picture and the true cost of each loan offer. The lowest bid takes the number one ranking.

However, it's important that you evaluate the terms of each offer before you choose the one that's best for you. For example, there may be an interest only concession in the first year, so repayments may look lower at first but this will average out over time. Compare the interest rate, total cost, repayments, loan term and other details of the offer. You can click on the tab “VIEW FULL BID DETAILS” to view the full breakup of all fees and charges, any special conditions and lender comments.

The total loan cost includes all interest rate charges, fees and other charges nominated in the “VIEW FULL BID DETAILS” tab that are current at the time you receive the bid over the term of the loan stated. The total loan cost, is calculated by individual credit provider or broker.

It excludes any cashback or bonus offers which will be listed separately on the scroll bar if available, this way you get the actual cost of the loan before incentives.

When the bidding period closes, you will receive an email advising you that all bidding has closed and you can review all the bids/ loan offers in your account.

You can log in to your account at any time prior to the bidding closing to monitor progress but you cannot accept a bid/ loan offer until all bidding is over.

Then it’s simple, just click on the “SELECT THIS BID” button on your Dashboard for the bid/loan offer you choose and the successful lender will contact you.

You have 24 hours to accept a loan offer. If you do not select a loan offer we will by default send you the lowest bid, unless you have already rejected all bids.

We will advise you by email and notify that lender to contact you. You are under no obligation to proceed.

After you accept an offer, you will communicate directly with the lender by email or phone to complete the loan process. You may need to verify the information you provided and may also need to provide some additional information and schedule your settlement. You won't be going through the loan process alone; our network of providers are total professionals and will help guide you through the settlement process.

Your personal privacy and the security of your personal data are of primary concern to us. We use your collected information to provide you with fully personalised loan offers. Our Privacy Policy states that your financial information will be shared with the lenders with whom you are matched, so that they can respond to your request. Your personal contact details will only be shared with the lender you select.

If for any reason you change your mind about dealing with your selected lender or broker simply reject the bid by going to your dashboard and clicking the “REJECT BID” button.

This will allow you to select another bid. You can only deal with one bid at a time so before you move on you must reject the bid you are dissatisfied with first.

Alternatively, if you do not wish to deal with them contact us and we will inform them on your behalf. Email us at

Yes, but you must contact us as soon as possible. Simply email us at and provide us with the information you wish to change. If you wish to cancel the bidding application, please also email us at

We charge the lender a fee if your loan is settled. LOANBID has no influence over any of the bids made, we merely provide the platform to connect you to lenders to ensure we remain transparent and unbiased, regardless of who you choose. We receive no fee if you do not proceed to settlement.

You will receive the following emails:

1. Notification of your registration details and account activation.
2. Confirmation that your bidding application has been sent to our lenders and brokers.
3. Notification of bids/loan offers received.
4. Notification the bidding is closed so you can view all bids.
5. Once you select a bid, we will provide your contact details to the selected lender or broker so you can be ready accept their call. We will also confirm this with you by email.

If you do not receive any of these confirmation e-mails, please let us know by e-mail at

Please check your spam file first in case the emails are there.

Once you have submitted a bidding application, you are eligible to receive rewards each time you refer a family member, friend or colleague. Simply refer them to LOANBID and make sure they quote your referral code shown on your dashboard. When they complete a loan through LOANBID you will receive a $100 gift voucher. There are no limits to the number of referrals you can make.

You can complete your LOANBID application from your desktop and mobile phone, safely and securely as we use bank grade encryption.

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