First-home aid online
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 realestate.com.au 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.
Realestate.com.au 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 realestate.com.au enable users to stress-test their financial capabilities and determine if they can afford their dream home.