St George is hoping to increase its presence in the mortgage lending sector by introducing an Apple iPhone home loan calculator application.
The free application lets prospective buyers work out how much they can borrow, what monthly repayments would be, and which suburbs they can afford to live in according to average house or unit prices.
The mortgage calculator follows the launch of a mobile banking application in March that has already been used by more than 60,000 St George customers who have logged on 750,000 times.
The bank’s head of e-distribution and internet, Travis Tyler, told The Australian Financial Review that there had been a 50 per cent increase in logins to its mobile banking application over the Christmas period.
“We are seeing the appetite there and as smartphones penetrate more into the Australian market we’re expecting those adoption rates to increase even more,” he said.
According to Mr Tyler, most people that own a smartphone have a reasonable disposable income and either have or would like to have a mortgage.
Most of the majors currently offer mobile banking applications that allow users to check their account balances, transfer funds and view recent transactions.