The recently launched online auction website, Ziggybid scored a coup when it signed up Australia’s greatest Olympian, Ian Thorpe.

The Thorpedo, a five-time Olympic gold medal swimmer, is highly sought after for endorsements and says he opted to go with Ziggybid because the concept puts control in the hands of consumers and enables them to enter the property market at a time when every dollar counts.

He told Lending Central, “I receive many expressions of interest regarding sponsorship but like any brand I’ve worked with, I have to be passionate and engaged. This involves understanding the product or service, the marketplace, the customers and how I can bring value to the brand.

“Ziggybid.com.au isn’t a normal sponsorship, I’m a shareholder and it was an opportunity I couldn’t refuse. It’s a revolutionary service unlike anything else and it helps consumers get the best deal on their home loan.

“I’m also very close to the founder, Mr Glen Spratt, who is a good friend and a big supporter of my charity. This is how I became aware of Ziggybid and it’s also why I wanted to take a stake.”

Spratt, who recently got offside with brokers whose applications to join Ziggbid were declined because they weren’t accredited with the aggregator, FAST, says Thorpe is the perfect fit for the new venture because of his age group, his credibility and his international profile.

Spratt was one of the founders of Wizard Home Loans and has big plans for Ziggybid, which he says will branch out into other aggregators down the track.

The model, which was originally inspired by Betfair (the largest online betting company in the UK), is Australia’s first online service where banks and other lenders bid at auction for consumers’ loans.

Currently there are 14 lenders on board, including Westpac, NAB, CitiBank, BankWest, AMP, ING Direct and Suncorp.

Conceding that Ziggybid has yet to prove itself Spratt says he is hopeful that once that happens more of the major banks will jump on board and create maximum competition for consumers.

There is no joining fee for lenders. They pay when they successfully complete a transaction. The rate is 0.1% upfront and 0.05% trail.

“That’s a lot lower than normal commissions paid on home loans,” says Spratt who maintains that fees are being kept low to make the system efficient.

Thorpe admits he’s into property and holds what he refers to as “a good property portfolio”.

He says, “I’ve been lucky to have experienced people around me that have helped source my previous home loans but I appreciate not everyone has that kind of help.

“I have friends and family who have gone through the process and it’s tough. Getting the best deal involves shopping around which is time and stress. And not everyone is a financial expert so it’s difficult to compare costs and hidden fees.

“That’s what I love about Ziggbid, the transparency and ease of use it provides to consumers. Now I look at my current portfolio to see if there is a better way to refinance.”

Spratt, who won’t disclose Thorpe’s share in the business, claims an independent market researcher says that Ziggybid is the most compelling financial services product he’s researched in 25 years.

Thorpe recently returned to full time study at Macquarie University where is doing a psychology degree but says he has still been finding time to follow the financial crisis “very closely”.

“This is the first time my generation has experienced such a steep downturn in the economy so I’m watching with interest,” he says.

“I think everyone has been affected, but I’m confident the market will eventually recover so I’m staying positive. There is no doubt the crisis has influenced the spending habits of many Australian’s and some investors will be more risk adverse in future. For those that have saved its great time to buy property so the launch of Ziggybid is very timely.”

Jill Fraser, Lending Central