New research from St.George Bank has found that securing a home loan approval feels as good as winning the meat tray raffle, but also that the wait time can be a particularly nervous time for borrowers.
The research found that home buyers feel victorious the moment they hear their home loan application is approved, with 1.1 million Aussies comparing the feeling to winning the local meat tray raffle.
In the bank’s latest Home Buying Survey, first home buyers also said it felt as good as winning the grand final (29 per cent), knocking off early on a Friday (20 per cent) and even kissing a crush for the first time (24 per cent).
But it also found that the application process itself can be emotionally draining, with first home buyers describing the process as stressful (51 per cent) and overwhelming (42 per cent).
For Aussies who waited less than a week for home loan approval, more than half felt anxious (58 per cent), stressed (55 per cent) and impatient (61 per cent).
This increased significantly for those who had to wait at least seven weeks for approval, where nearly all buyers felt anxious (96 per cent), stressed (94 per cent) and impatient (93 per cent).
General manager at St.George Ross Miller said the bank has developed a new platform to assist buyers in the application process.
“To help customer confidence, we developed a new online home loan application platform that [solves] some of the common challenges that come with a home loan application,” he said.
“We want our customers to get excited about their home ownership goals, particularly at a time where first home buyers are perfectly placed to take advantage of a cooling market and negotiate a price that works for them in a less competitive environment.”
Mr Miller said the platform provides borrowers with a personalised home loan snapshot.
He said it also includes information on costs, limits and monthly repayments.
“Digitising the experience means borrowers can now complete their application at a time that suits them and could receive indicative response in 15 minutes.
“Timing and paperwork are also common challenges with home loan applications, so it’s important we bring new technology together with our experience to remove as many hurdles as possible.”