The results of a survey from a bank have found that almost 50% of investors avoid applying for home loans because they are too difficult – some would prefer to sit in peak-hour traffic or visit the dentist.
Conducted by St.George Bank, the 2018 St.George Home Buying Survey determined that, rather apply for a home loan, 17% of investors would rather sit in peak hour traffic, another 17% would prefer to endure a 14-hour flight without entertainment, a further 20% would prefer a visit to the dentist, and another 22% would prefer to have dinner with their in-laws.
Additionally, 47% of investors said they put off a home loan application because it is too hard. This is just below the result for all respondents, which was at 48%.
Difficulties faced with home loan applications include there being too much red tape or paperwork at 28%, not knowing where they actually stand at 23% and how long the process is at 23%. These investor results were above the average survey results for all respondents.
In order to change the home loan application process to an acceptable standard, the majority of respondents said less paperwork would be definitely make the whole process easier.
In second place was a want for more transparency around pricing and interest rates, followed by more information about their borrowing capacity, and then a quicker approval time