The process of applying for a home loan has been made simple, with a new mobile app from BankSA. The app can be used with tablets and smartphones, providing real-time feedback on an application.
This feedback covers a variety of crucial factors, including how much a customer could hope to borrow, what upfront costs and monthly repayments they would face, and the most favourable interest rate available to them.
The launch comes in the wake of recent research, which suggests that one in five South Australians are daunted by the process of applying for a traditional home loan, and would rather sit in traffic or go to the dentist.
According to Nick Reade, the BankSA Chief Executive, the mobile app has been launched to help homebuyers speed up the home loan application process.
“Our research estimates that 2.2 million Australians plan to buy their first home in the next five years, yet nearly half (48 percent) of first homebuyers admit they’ve put off buying a home because the traditional home loan application process is too daunting,” he said.
In order to alleviate these difficulties, the app provides a simplified process which can be undertaken at any time, anywhere.
The app’s functionality extends to property insights from CoreLogic, as well as real-time bank valuations, for the customer ready to consider a loan or refinance an existing one.
This app could be the catalyst that motivates potential homebuyers who have been putting off the daunting loan application – providing a simple, convenient path.