Australian property portal, realestate.om.au, recently combined searching for a property and a home loan in one place, making it possible for potential buyers to view properties which are right for them not only because of size, location and price but also according to the loan they can get for it.
Buyers are able to instantly apply for online conditional approval for a home loan using a system powered by National Australia Bank (NAB), and then have their financial information overlaid as they search. They can also access a panel of more than 30 other lenders through realestate.com.au Home Loans.
A key element of the new feature is the "Liveability" tool. It allows searchers to better understand how mortgage repayments on a specific property might affect their lifestyle. Based on a net disposable income calculation, a scale will show whether a buyer’s standard of living post-purchase would be "Easy", "Stretched" or "Struggling".
“Realestate.com.au Home Loans is about giving home buyers greater choice, convenience and confidence when it comes to finding and financing their home,” said Executive general manager – residential Andrew Rechtman.
The above article was sourced from RealEstateBusiness.com.au and can be read in its entirety here.