Invest
Bank reveals top reasons investors dodge mortgage applications
One bank has found that prospective home buyers would prefer to endure a trip to the dentist or an awkward family dinner than deal with the administration of applying for a home loan.
Bank reveals top reasons investors dodge mortgage applications
One bank has found that prospective home buyers would prefer to endure a trip to the dentist or an awkward family dinner than deal with the administration of applying for a home loan.
Conducted by St. George Bank, the 2018 St. George Home Buying Survey determined that, rather apply for a home loan, investors would rather sit in peak hour traffic (17 per cent of respondents), endure a 14-hour flight without entertainment (17 per cent), visit the dentist (20 per cent) and have dinner with their in-laws (22 per cent).
Additionally, 47 per cent of investors said they put off a home loan application because it is too hard. This is just below the result for all respondents, which was at 48 per cent.
Difficulties faced with home loan applications include there being too much red tape or paperwork at 28 per cent, not knowing where they actually stand at 23 per cent and how long the process is at 23 per cent.
These difficulties were all above the results for all respondents, which were at 25 per cent for too much red tape or paperwork, 20 per cent for not knowing where they stand and 20 per cent for a long process.
In order to change the home loan application process to an acceptable standard, 38 per cent of respondents said they would prefer to have less paperwork.
In second place was a desire for more transparency around pricing and interest rates at 36 per cent, then more information about their borrowing capacity at 31 per cent, and a quicker approval time at 30 per cent.
These figures were below the results for all home owners, with transparency coming in at 40 per cent, less paperwork at 38 per cent, and quicker approval times at 35 per cent.
Property
Aussies swap housemates for home ownership
The number of younger Australians looking to enter the property market in the next five years has doubled, as COVID-19 restrictions sees home ownership goals increase, according to research released ...Read more
Property
Falling loan deferrals prove market recovery: REIA
The reduction in loan deferral defies doom and gloom forecasts in the property market, the Real Estate Industry of Australia has said. ...Read more
Property
Why are expats returning to property market?
Expats are returning to Australia in droves, eager to put their money into safe investments. ...Read more
Property
Stamp duty to be phased out under new proposal
The NSW government has stated that it could phase out inefficient taxes such as stamp duty as it looks to recover from the COVID-19 pandemic. ...Read more
Property
Melbourne rents continue to decline
While most capital cities recorded increases in asking rents, Melbourne continued to see declines in both houses and units, according to latest data from SQM Research. ...Read more
Property
Why investors should focus on the next 1-5 years
Investors are being urged to look beyond their own backyards into opportunities over the next one to five years. ...Read more
Property
Distressed sales fall to pre-pandemic levels
Urgent property sales have dropped back to pre-pandemic levels in most cities – proof of Australia’s continuous recovery from the effects of the COVID-19 outbreak. ...Read more
Property
Top tips for managing your own property portfolio
Managing investment properties can feel very much like rolling a dice, you can never be quite sure what you’re going to encounter and, in most cases, you possess minimal control over what happens ne...Read more
Property
Aussies swap housemates for home ownership
The number of younger Australians looking to enter the property market in the next five years has doubled, as COVID-19 restrictions sees home ownership goals increase, according to research released ...Read more
Property
Falling loan deferrals prove market recovery: REIA
The reduction in loan deferral defies doom and gloom forecasts in the property market, the Real Estate Industry of Australia has said. ...Read more
Property
Why are expats returning to property market?
Expats are returning to Australia in droves, eager to put their money into safe investments. ...Read more
Property
Stamp duty to be phased out under new proposal
The NSW government has stated that it could phase out inefficient taxes such as stamp duty as it looks to recover from the COVID-19 pandemic. ...Read more
Property
Melbourne rents continue to decline
While most capital cities recorded increases in asking rents, Melbourne continued to see declines in both houses and units, according to latest data from SQM Research. ...Read more
Property
Why investors should focus on the next 1-5 years
Investors are being urged to look beyond their own backyards into opportunities over the next one to five years. ...Read more
Property
Distressed sales fall to pre-pandemic levels
Urgent property sales have dropped back to pre-pandemic levels in most cities – proof of Australia’s continuous recovery from the effects of the COVID-19 outbreak. ...Read more
Property
Top tips for managing your own property portfolio
Managing investment properties can feel very much like rolling a dice, you can never be quite sure what you’re going to encounter and, in most cases, you possess minimal control over what happens ne...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
