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REA Group partners with NAB to launch home loan service

A tech partnership between and NAB will allow buyers to get a home loan while they search for property online.  

On Home Loans, buyers can instantly apply for online conditional approval for a home loan powered by NAB and have their finance information overlayed as they search. Or they can access a panel of more than 30 other lenders through Home Loans.

REA Group and NAB announced a strategic partnership in December 2016 with the aim to create an end-to-end digital property search and financing experience, and in June this year REA said it signed a mortgage broking partnership with NAB.

A key feature of the experience is the ‘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’.

Andrew Rechtman, Executive General Manager – Residential, said the experience will help take people take time, confusion and stress out of the home buying journey.

“ Home Loans is about giving home buyers greater choice, convenience and confidence when it comes to finding and financing their home.

Andrew Rechtman, Executive General Manager – Residential

“Australians can search with confidence, knowing they have a realistic view of what they can afford, and they can be confident in choosing a home that suits their lifestyle,” Mr Rechtman said.

Users can save their information to their profile, which follows them throughout their entire search experience, and they can adjust their planned purchase price or deposit amount for a particular property to easily calculate what they may be able to afford.

When a homebuyer is ready to purchase, the same information can be used to autofill an online conditional home loan approval application powered by NAB.

Other features and benefits include:

  • An integrated calculator on all individual property pages that includes an estimated  calculation of upfront costs, like stamp duty, as well as ongoing home loan repayments;
  • A transparent ‘value guide’, allowing homebuyers to gauge how their planned purchase price compares to recent sales of similar properties in that suburb;
  • The security and financial expertise of one of the world’s leading banks – from first calculations through to conditional approval;
  • The ability for homebuyers to receive a conditional home loan approval as they search for a  home.

Angus Gilfillan, NAB Executive General Manager of Consumer Lending, commented:

“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  Australians, quite overwhelming, a much easier part of the property journey.

“We’re bringing our financial expertise to 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.


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    Azal Khan

    Azal Khan is the in-house features writer for Elite Agent Magazine.