Home loan applications worse than peak-hour traffic
27 September 2018
St.George launches new online tool to help buyers combat home loan applications
New research from St.George Bank has found Aussies would prefer to sit in peak hour traffic (18%), visit the dentist (20%), endure a 14-hour flight without entertainment (16%), and even dine with the in-laws (19%) over putting pen to paper on a traditional home loan application.
The 2018 St.George Home Buying Survey estimates 2.2 million Aussies plan to buy their first home in the next five years, yet 48 per cent 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 what get Aussies home owners fuming over the traditional home loan application process.
Tackling these issues, St.George is today launching 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 innovative platform will, for the first time, give St.George applicants a personalised home loan snapshot – showing how much they could borrow, any upfront costs and monthly repayments, and our best interest rate that’s personalised to each buyer’s circumstances.
Buyers who get stuck along the way can now also connect with a St.George home loan expert, with dedicated lenders on hand during extended hours, as well as seven days a week via live chat or over the phone.
“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,” said Ross.
“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.”
For more information, visit https://www.stgeorge.com.au/personal/home-loans/apply-online.
About the 2018 St.George Home Buying Survey
The research was commissioned by St.George and conducted by Lonergan Research in accordance with the ISO 20252 standard. Lonergan Research surveyed 1,173 Australians aged 18+. Surveys were distributed throughout Australia including both capital city and non-capital city areas. The survey was conducted online amongst members of a permission-based panel, between the 3rd of August and the 8th of August. After interviewing, data was weighted to the latest population estimates sourced from the Australian Bureau of Statistics