Slow financing has led 35% of homeowners to miss out on property opportunities, new research has revealed.
A survey by non-bank lender Bridgit of nearly 800 Australian mortgagors who purchased in the last 12 months found the issue has most impacted younger homeowners, who accounted for 45% of those under 35. This compares with 34% of 35- to 44-year-olds, 39% of 45- to 54-year-olds, 28% of 55- to 64-year-olds and, and 14% of those aged 65-plus.
Findings also showed that 59% of the respondents think banks have slow processes when it comes to arranging and approving mortgages.
“As a tech-driven lender, Bridgit offers 24-hour approval through our simple online application,” said Aaron Bassin, Bridgit CEO and co-founder. “Customers shouldn’t have to wait weeks or months to receive a decision due to slow manual processes. It’s putting Australians at a disadvantage and they are missing out on dream properties.
“As we approach the end of the year, homeowners tend to rush to sell and seek finance approval but it gets more challenging due to staff taking holidays, slow processes and banks having long shutdown periods. Thanks to our advanced technology, we can continue to operate – we see the December period as one of our busiest periods as borrowers continue to look outside traditional lending for digital solutions.”
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