First-home aid on­line

The Sunday Times - - NEWS -

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

Ex­clu­sive data from a sur­vey of first­time 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-thes­pot con­di­tional ap­proval.

REA Group’s 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 that 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. has joined forces with lender Na­tional Aus­tralia Bank to al­low po­ten­tial home­buy­ers to search, find, and com­plete a pur­chase all in the one spot.

Tools on the REA site en­able users to stress-test their fi­nan­cial ca­pa­bil­i­ties and de­ter­mine if they can af­ford their dream home.

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