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Westpac taps into 'Kiwi property obsession' with new online tool for home buyers that will include loan pre-approval

Property
Westpac taps into 'Kiwi property obsession' with new online tool for home buyers that will include loan pre-approval

Westpac New Zealand has launched an online tool for home buyers with the help of Trade Me featuring detailed information such as Quotable Value (QV) valuations, mortgage calculations and comparable sales data, that it plans to add pre-approval for home loans to by year's end.

Westpac today revealed HomeClub, an initiative of the bank's that it has been working on for 18 months with Trade Me staff and bank customers. Gai McGrath, Westpac's general manager for retail, described HomeClub as the first online resource of its type in New Zealand.

"It allows users to collect, compare and store properties they are interested in, and provides valuable information like QV valuations, comparable sales, multiple views of the location with Google maps, mortgage calculators and easy contact with Westpac loan specialists," McGrath said.

The site is available to anyone, not just Westpac customers, and McGrath said the bank aims to add pre-approval for home loans later this year. There are currently no plans to add functions for renters, but McGrath said information for property investors, those looking to buy to rent, might be incorporated. She said HomeClub had been a "significant investment" for Westpac. The website will link to Trade Me property watch lists.

"HomeClub taps into the Kiwi property obsession and will have broader appeal than just for those actively house hunting," McGrath said.

"Even if people aren't necessarily looking at buying right now, HomeClub will be just as useful for keeping up with the Joneses, seeing how their current property compares to others on the market in the same area, or looking to see what their next move might be," McGrath said.

Westpac had experienced a 30% rise in the number of home loan enquiries via its website over the past two years, and based on the Nielsen Real Estate Market Report, about 80% of New Zealanders search for property online.

 

 

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9 Comments

I bet they have. In the current regulatory and RBNZ monetary conditions environment banks skimming money from New Zealanders is profitable to the point of verging on organised theft.

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I wouldn't worry too much lol, everything that has a beginning, has an end, including property obsessions. When the sheep are diving into something, best to stay away. Hey property people, my shares have increased in value 10% over 2 months :D annualise that.

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Hows your LVR?

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Zero

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Exactly - wheres the fun in that?

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The fun is in the capital appreciation and dividends :) I come from quite a risk averse family, who aren't the type to mortgage their current home to speculate on another.

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Yes good on you - different strokes obvs.

SK

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Defo, I think there was once a day in NZ where you could leverage buying shares, I have a feeling it was in the 80's before the big crash, it will come again no doubt. I just look at cases like Apple for inspiration, if you bought $2K worth of Apple shares in the 80's you would be a millionaire today. My problem was I started investing too late. If I had started in 2003 when I left school, even chucking $2K into Apple when all of my friends and I were buying the all new IPod, I would have more than $120K today, for little risk. Everything that goes up comes down though.

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If you had purchased a three bedroom north shore property in 2002 for $220k with no money down (actually $1 in my case) the rent covered the mortgage costs. That house is now worth $500k. Thats the beneift of leverage when buying appreciating assets. 

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