A bank has developed an online tool to help make it easier for borrowers to apply for home loans, after research showed some Australians would rather visit the dentist or sit in peak hour traffic than they would complete a traditional home loan application.
New research from St George Bank also looked at the issues putting people off filling out an application.
According to the results, 18% would rather sit in peak hour traffic, 16% would rather endure a 14 hours flight without entertainment and 20% would rather go to the dentist.
The 2018 St George Home Buying Survey estimates 2.2 million Australians plan to buy their first home in the next five years, yet 48% of first home buyers admit they’ve put off buying a home, because the application process is just too daunting.
According to the research, too much red tape or paperwork (25%), not knowing where you actually stand (20%), and the length of the process (20%), are the most frustrating aspects of the traditional home loan application process.
Tackling these issues, St George has produced a new online home loan application tool to simplify the process and help educate buyers along the way.
St George’s general manager Ross Miller said, “Our research suggests home buyers, particularly first home buyers, are still optimistic about owning a home, but the actual application process is forcing Aussies to throw it in the too hard basket.
“So we’ve built an entirely new online application platform to combat these frustrations and put the power back in the buyers’ hands.”
The new platform will give St.George applicants a personalised home loan snapshot showing how much they could borrow, any upfront costs and monthly repayments, and the best interest rate personalised to each buyer’s circumstances.
Buyers who get stuck along the way can now also connect with a St George home loan expert, during extended hours, as well as seven days a week via live chat or over the phone.
Miller added, “As a family bank, it’s important that customers can talk to an expert at a time that’s convenient for them, whether that’s after work, on a Saturday once the sport drop-offs and pick-ups are over, or even on the couch in front of the telly after putting the kids to bed.
“When you also consider 90% of home buyers start their home loan search online, digitising the experience was a no-brainer for us, bringing together the best of new technology and our 80 years of experience to help Aussies feel confident and supported throughout the entire home loan process.”