Kiwibank has unveiled an application it says will let people seek pre-approval for a home loan within ten minutes.
"Home Hunter" is available via smartphones, tablets or desktop computers.
Its launch comes after Westpac announced the launch in July of a service whereby people can apply and secure approval for a home loan within minutes via mobile phones. In its recent annual results announcement Westpac said 15% of its monthly mortgage approvals were now coming via mobile phones with 40% of these from new to bank customers.
Kiwibank says Home Hunter will let people seek pre-approval for a home loan within ten minutes, and then go house hunting "armed with all the information needed from a single source." It'll tell users which houses match their pre-approval, provide registered values, comparable house sales and estimated sale prices, as well as calculating the number of sunshine hours a property gets.
“The end-to-end process of securing pre-approval could be done before you’ve finished your morning coffee,” Kiwibank CEO Paul Brock says.
“In a competitive housing market, where many people are finding it harder than ever to fulfil the Kiwi dream of owning their own home, we hope Kiwibank Home Hunter will make it a little bit easier,” Brock added.
The application was designed in-house by its own staff, Kiwibank says.