Banking regulations have been buckling down, and it’s made things difficult for borrowers looking to finally get a home loan. In dire straits, good, efficient advice is necessary: and that’s the position realestate.com.au has taken according to Head of Home Loans, Andrew Russell.
Russell aspires to making the property search giant a place where users can acquire a home and mortgage in one swoop. That’s why REA Group has decided to forge ahead with its newest expansion into home loan territory with a primary interest in providing nuanced and professional advice for its users during all stages of the process.
Banks have tightened lending after regulator APRA limited the growth in new interest-only loans.
“People continue to require good, strong credit advice, and they will still need to apply for home loans. And they will need to look for partners that will make that easy and simple,” Mr. Russell told The Australian. “In an environment where banks are changing lending policies, they tend to seek out companies that will help them provide that advice, and good, professional mortgage brokers. And we’re hoping we’ll be able to fill that void.”
As of four months ago, the group has launched a partnership with NAB to give its users access to NAB home loans, where consumers can apply online, on the phone, or face-to-face.
“Every circumstance is different. You need to understand you’ve got the right credit advice,” he said. “It doesn’t matter about the cycle, if you can get a better deal it’s always worthwhile.”
Some in the early stages of their search are starting with a calculator tool that explains how much they can borrow and helps potential buyers understand how a mortgage will affect their lifestyle. The mortgage calculator has recorded more than 5.3 million engagements since launch, and more than 180,000 personal financial profiles have been created on the site, allowing consumers to browse properties in their price range easily.
REA is currently moving forward with a marketing campaign featuring televised and digital ads, as well as shopfronts. The group is also making small changes to simplify and clarify the user experienced based on gathered feedback.
The above article was sourced in part from The Australian.
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