A lack of money is just one of the many things discouraging Australians from entering the housing market. In fact, a recent study found that Australians find applying for home loans worse than being stuck in a peak-hour traffic jam.
According to recent research by St. George Bank, Australians would also rather visit their dentist, have dinner with their in-laws, or endure a 14-hour flight without entertainment than tackle on a traditional home loan application.
The study noted that while 2.2 million Aussies are projected to buy a home in the next five years, almost half of them admit they are considering avoiding it, owing to the "daunting" application process.
For one in four Australians, too much red tape and paperwork puts them off buying a home. On the other hand, one in five is frustrated with the length of the process. Other cite the lack of transparent pricing, limited choices, and difficulty of paperwork as other factors affecting their intention to pursue a home loan application.
"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," St. George general manager Ross Miller said.
For Miller, launching an online home loan application tool would be able to help these potential home buyers, allowing them to conveniently access home loan products in just a few clicks.
Bearing this challenge in mind, St. George launched a new home loan application tool that simplifies the home loan process. The platform will be able to help St. George applicants personalise their home loans.
Additionally, the platform enables them to reach out to a loan expert for further information about certain aspects of the product they are trying to avail.
"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," Miller said.
For Miller, digitalisation is the way to go, given that around 90% of home buyer start their search for a home loan online.