In what they have labelled an “Australian first”, NAB and realestate.com.au have combined searching for property and getting a home loan in a single experience with the launch of a new mortgage business.
Buyers can now use realestate.com.au to instantly apply for online conditional approval for a home loan powered by NAB and have their finance information overlaid as they search.
Alternatively, they can access a panel of more than 30 other lenders through realestate.com.au Home Loans.
The platform includes a "Liveability" tool, which allows people as they search to better understand how mortgage repayments on a specific property might affect their lifestyle. Based on how much income is left over after expenses and repayments, a scale will show whether a buyer’s standard of living post-purchase would be "Easy", "Stretched", or "Struggling".
Users can save their information to their realestate.com.au profile, which follows them throughout their search experience, and they can adjust their planned purchase price or deposit amount for a particular property to calculate what they may be able to afford.
When a home buyer is ready to purchase, the same information can be used to autofill an online conditional home loan approval application powered by NAB.
“We want to help simplify the property buying experience for Australians. This digital integration of search and finance means we’re making a process that is, for many Australians, quite overwhelming, a much easier part of the property journey,” NAB executive general manager of consumer lending Angus Gilfillan said.
“We’re bringing our financial expertise to realestate.com.au so that Australians can search for a home and secure conditional approval, all in the one location, then go ahead and bid or buy with confidence,” Mr Gilfillan said.
NAB and REA Group, the parent company of realestate.com.au, announced a joint venture last year. The five-year deal included a suite of NAB-funded home loans white labelled as realestate.com.au Home Loans.
Earlier this year, REA absorbed Choice Home Loans and acquired national mortgage broker Smartline.