Demand for online home loans is growing with an estimated one in four Australians wanting to take out a home loan online.
In fact, according to a recent bank survey, 24 percent of respondents said that they preferred to complete an online home loan application. This was attributed to online home loans being more efficient, giving respondents greater flexibility and saving them money. Let’s look at these, and more aspects in greater detail.
The benefits of applying for a home loan online
A more efficient home loan process – Finding time to organise an appointment time to visit a lender can be difficult. Plus, the appointment itself can cut into your daily schedule. Whereas filling out an online application is quick and easy, and can be done in your spare time. For many borrowers not having to visit a lender in-person is a Godsend, but some do prefer discussing their options with a lender and then making their mind up.
Asking for help – If you need to talk to a consultant because you’re not sure of how to complete your application, or you have questions, then in most instances you can use email, or you can phone a consultant to help you.
Greater home loan flexibility – Technology enables you as a borrower to compare home loans, and to keep up-to-date with mortgage and lending changes. Most online lenders will give you access to home loan calculators and tools that will help you to estimate how long it will take you to save a deposit, to calculate how much you can afford to borrow, and estimate how much your home loan repayments will be. Plus, home loan pre-approvals can often be given within a shorter time frame than with traditional methods. This means that you’ll then be able to start searching for a home loan faster.
Make greater savings – Online lenders can often give you lower rates. This is because they have lower overheads and they then pass these savings onto the customer in the form of lower interest rates and fees. But, you still need to check comparison rates and ask about any other additional fees, as well as terms and conditions before you agree to any home loan.
Do you want to know more about online home loans? If so, then contact eChoice and find the right home loan for YOU today.
Written by eChoice