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SwitchMyLoan founder and CEO and UWA Business School Master of Business Administration student Daniel Jovevski has won the Young Entrepreneur Award at the 2013 Belmont Small Business Awards .

Daniel, who established the popular online mortgage comparison website just over one year ago, was recognised as the most outstanding young business owner under 35, beating candidates from across Western Australia.

The award recognised Daniel's achievement in founding and growing SwitchMyLoan which, in its first year of business, referred over $106 million worth of home loans to Australia's major banks.

Helping busy homebuyers find the right home loan, says Daniel, has proven a rewarding task.

"SwitchMyLoan began in 2012 at the same time I started the MBA," Daniel recalled. "My friends, family and MBA colleagues thought the idea was absolutely absurd!

"However, in hindsight it was the best decision I have yet made in life. The experiences from my MBA units such as Marketing Principles, Entrepreneurship and Innovation, and Strategic Management imparted on me the essential skills in solidifying SwitchMyLoan's purpose and value proposition."

For Daniel, one of the biggest challenges was convincing banks to take part. "There were countless uphill battles in getting all the banks on board; they saw the value this could bring in terms of additional business, but we had to make sure that our customers were going to get exceptional discounts on their home loans. As soon as one bank got on board the snowball effect kicked in and the rest came on board as well," he said.

"Now, we have 17 lenders with over 247 products available for our customers to choose from."

Daniel attributes SwitchMyLoan's success to three key factors: simplicity, transparency, and genuine value. "We were very conscious in tailoring our offerings and marketing this message around these three core principals," he explained. "We know that this has resonated well with our early adopters, who have been brand evangelists and spread the word to their spheres of influence. It's something that marketing dollars can't buy!"

And while SwitchMyLoan has proven successful, Daniel has no intention of slowing down. "I'm passionate and excited about SwitchMyLoan's potential and growth outlook. We're developing a range of product offerings and enhancements due to launch in early 2014," he said.

"Outside of SwitchMyLoan, I look to engage with and mentor youth and students to choose entrepreneurship as a career choice."

Daniel received his award at the 20 ^th Belmont Small Business Awards, held on 28 November 2013. The Young Entrepreneur Award was sponsored by Business News.

Media references

Karen Della Torre (UWA Business School)                          (+61 8) 6488 8538
Verity Chia (UWA Business School)                                   (+61 8) 6488 1346