Site aims to ease buy­ing con­cerns

Sunday Tasmanian - - News - SO­PHIE ELSWORTH

FIRST-HOME buy­ers fear they won’t se­cure a home loan or get a foot on the prop­erty lad­der, new find­ings have re­vealed.

Ex­clu­sive data from realestate.com.au, which sur­veyed first-time buy­ers, found more than half (63 per cent) wor­ried they would be knocked back when try­ing to get a home loan, and many feared they would never be able to af­ford a prop­erty (58 per cent).

But the anx­i­ety and sleep­less nights could be en­tirely need­less. In­dus­try ex­perts say as­pir­ing buy­ers are of­ten un­clear on what they can com­fort­ably af­ford and are look­ing in the wrong lo­ca­tions.

This has led to the roll­out of an en­hanced web­site to help re­move those fears and re­store con­fi­dence to buy­ers. It also al­lows hope­ful buy­ers to get on­the-spot con­di­tional ap­proval.

REA Group ex­ec­u­tive gen­eral man­ager An­drew Recht­man said re­cent changes to lend­ing cri­te­ria by banks had made it dif­fi­cult for bor­row­ers to un­der­stand if they could get a loan.

“We ex­pect users who come to our site will have an ex­tra de­gree of con­fi­dence and they will be able to look more ef­fec­tively for the prop­erty that is right for them,’’ he said.

“When it comes time to make that bid or at­tend­ing an auc­tion, they will be more cer­tain of their ap­proach.”

Realestate.com.au has joined lender Na­tional Aus­tralia Bank to launch a one-stop shop al­low­ing po­ten­tial home buy­ers to find prop­er­ties, ap­ply for con­di­tional loan ap­provals, and ac­cess lenders.

The on­line tools on the REA site en­able users to test their fi­nances and de­ter­mine if they can af­ford their home.

NAB’s ex­ec­u­tive gen­eral man­ager of con­sumer lend­ing An­gus Gil­fil­lan urged po­ten­tial buy­ers to have “the right in­for­ma­tion at their fin­ger­tips”.

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