Thorpe promotes online loan service

Former Olympic swimmer Ian Thorpe is behind a novel way to help Australians find the best home loan.

Mr Thorpe is the brand ambassador and a shareholder for a new online home loan service - www.ziggybid.com.au.

Users will be able to identify the best bid through Ziggy's rating system that simplifies confusing cost structures.

Lenders bid online to give the best-value home loan mortgage.

Ziggybid creator Glen Spratt, one of the founders of Wizard Home Loans, said 15 major lenders would be represented on the online service.

Mortgage aggregator Fast, which has 3,000 mortgage brokers in Australia, would also bid for the home loans, Mr Spratt said.

Mr Thorpe, whose actual shareholding in the company was not disclosed, said the service would help buyers during the turbulent economic period.

Online loan sites fit bill for borrowers, lenders alike

Twelve traditional banks turned down Tim Murphy's request for a $25,000 loan to start a gourmet popcorn shop in an Atlanta suburb, but he found 97 individuals willing to share in lending him the full amount through Lending Club.

Murphy's 1,600-square-foot store now offers a dozen varieties of popcorn, including parmesan and garlic, ranch-flavoured and nacho cheese.