National Australia Bank is working with online property finder realestate.com to integrate financing options with housing searches.
Buyers can instantly apply for online conditional approval for a home loan powered by NAB and have their finance information overlayed as they search. Or they can access a panel of more than 30 other lenders through realestate.com.au Home Loans.
The site features a ‘Liveability’ tool, which allows people as they search to better understand how mortgage repayments on a specific property might affect their lifestyle. Based on how much income is left over after expenses and repayments, a scale will show whether a buyer’s standard of living post-purchase would be ‘Easy’, ‘Stretched’, or ‘Struggling’.
An integrated calculator on all individual property pages is also incorporated to provide an estimate of upfront costs, like stamp duty, as well as ongoing home loan repayments.
Angus Gilfillan, NAB executive general manager of consumer lending, comments: “We want to help simplify the property-buying experience for Australians. This digital integration of search and finance means we’re making a process that is, for many Australians, quite overwhelming, a much easier part of the property journey."
Earlier this month, NAB rival ANZ acquired a startup that uses data analytics and crowdsourced market chatter to provide prospective home buyers with accurate predictions of property price momentum in Australia's fervent real estate market.
Speaking at the time, ANZ managing director customer experience and digital channels Peter Dalton said: “This is an important acquisition for our digital transformation as we know customers are increasingly turning to online resources for help as they navigate the Australian property market."
Westpac is also getting in on the act, investing another $5 million on top of an initial stake of $21.5 million in digital broker Uno home loans.