Spring season will be digital, says Commonwealth Bank
As spring approaches, Commonwealth Bank predicts growth in digital property purchases and the return of investors.
Buying your home online is nothing new. Even before the COVID-19 pandemic, future home buyers could get home loans exclusively online. But now more and more people are looking for how to interact with their future lender through online means.
Australian homebuyers can complete their home loan journey exclusively online with lenders like homeloans.com.au, Athena, or Loans.com.au. This shift to digital home loans is nothing new, but thanks to the pandemic, major bank lenders who traditionally required a face-to-face meeting are now offering online options.
According to CommBank, 90% of real estate transactions are done online and paper contracts have been replaced by digital alternatives. Many CBA customers actively use the NetBank digital app to check their balances more frequently.
Not only has there been an increase in digital real estate transactions, but an increase in those sales made by investors. ABC in particular saw investor approvals jump to 29.4% in July 2021, up from 23% in October 2020.
If you’re planning to buy a property this spring, check out Mozo’s home loan guides to help you on your home buying journey.
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