Site aims to ease buying concerns
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”.