Kick­start your home dreams


SYD­NEY’S prop­erty boom has scared first-home­buy­ers so much that most fear they won’t se­cure a home loan or get a foot on the prop­erty lad­der.

Ex­clu­sive data from, which sur­veyed first-time buy­ers, found more than half (63 per cent) worry they will be knocked back when try­ing to get a home loan and many fear they will never be able to af­ford a prop­erty (58 per cent). But the anx­i­ety and sleep­less nights could be en­tirely need­less. In­dus­try ex­perts be­lieve 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 a new on­line mort­gage ex­pe­ri­ence to help re­move those fears and bring con­fi­dence back to prop­erty buy­ers. It also al­lows hope­ful home­own­ers to get on-the-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, and the new mort­gage ex­pe­ri­ence should change this.

“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 to mak­ing that pur­chase.” has joined forces with lender Na­tional Aus­tralia Bank to launch a on­estop shop al­low­ing po­ten­tial home­buy­ers to search, find and com­plete a pur­chase all in the one spot.

Us­ing a per­son’s per­sonal data, the on­line tools avail­able on the pop­u­lar REA site — — en­able users to test their fi­nan­cial ca­pa­bil­i­ties and de­ter­mine if they can af­ford their dream home. Plug­ging their in­com­ing and out­go­ing ex­penses into the new Live­abil­ity In­dex will show po­ten­tial buy­ers if they can meet mort­gage re­pay­ments on a scale from “easy” to “stretched” to “strug­gling”. They can also get on­line con­di­tional ap­proval 24 hours a day, seven days a week from NAB, so they can make of­fers or bids on prop­er­ties. NAB ex­ec­u­tive gen­eral man­ager of con­sumer lend­ing An­gus Gil­fil­lan urged po­ten­tial buy­ers to have “the right in­for­ma­tion at their fin­ger­tips” when search­ing for a home and ap­ply­ing for con­di­tional ap­proval on­line.

“Cus­tomers can com­plete the ap­pli­ca­tion, re­ceive con­di­tional ap­proval and make an of­fer on the prop­erty on the very same site and with the con­fi­dence they are backed by NAB,’’ he said. “The more con­fi­dence we can pro­vide con­sumers with, and (in­for­ma­tion on) how their life­style will be af­fected by pur­chas­ing spe­cific prop­er­ties, the bet­ter.”

Pic­ture: Danny Aarons

Mum and daugh­ter cel­e­brate their Bondi win.

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