realestate.com.au has launched a new home loan tool integrated on its site. This tool will drive finance leads to the mortgage broking group AFG. The tool is integrated into property searches, presenting loan options available through AFG from a range of lenders that are potentially available to a consumer at the same time as they view properties.
The home loan tool appears within each property details page near the listed price of the property, commencing with a pilot program in Victoria.
On interaction with the tool, users are presented with a range of loans available through AFG’s panel of more than 30 lenders (based on the listed property price). Users can then customise these options by property price, deposit amount, payment term and payment frequency which then alters the home loan information provided by AFG. After reviewing the options available through AFG, users can request an AFG broker to contact them at a convenient time.
Commenting on REA Group’s move into finance leads, Chief Digital Officer Henry Ruiz said: “realestate.com.au is the ‘go to’ place for all things property so it makes perfect sense for us to grow into markets adjacent to real estate. With 80 per cent of property seekers wanting information about home loans when they visit our site, it was a natural progression for us to introduce this service to consumers."
“Our research also showed that two-thirds of property seekers secure finance before they look for property, while one third will secure finance after they find their property. As realestate.com.au wants to make the property process easier for all Australians, it made sense for us to try to make this vital, and often stressful part of the experience, easier for them.
“In addition, our user testing showed that when people used the new home loan tool showing AFG’s home loan product information, it drove their confidence in their property search. Being able to estimate the repayment amount and simulate home loan scenarios is often key to consumers determining if they can afford a property."
Interestingly, realestate.com.au tried a similar, but more rudimentary, initiative back in 2005. Instead of partnering with an existing mortgage broker, the REA Group launched REA Home Loans, its own mortgage broking service with the back end services provided by the Ray White Group's financial services arm.