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 realestate.com.au, 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.”
Realestate.com.au 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 — realestate.com.au — 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.”
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