Home loan lender ME has launched a new property search tool that includes lifestyle and affordability search criteria.
The Life&Loan tool (lifeandloan.mebank.com.au) operates online and flips house hunting on its head by suggesting real-time property listings based on the lifestyle buyers like to live followed by borrowing power, and in areas they may not have considered.
ME Head of Home Loans, Patrick Nolan, said “the Bank designed the tool with first home buyers in mind, many of whom are anxious about sacrificing their lifestyle in order to buy a home.”
Anxiety was heightened this week when Bernard Salt admonished first home millennials in his The Weekend Australian Magazine column for trying to maintain their ‘smashed avocado’ lifestyles when they should be saving for a home.
“ME thinks you can do both and this tool helps you,” Nolan said.
ME research shows 77% of people are prepared to make compromises to realise their ‘dream home’.
How it works
Home buyers can access Life&Loan via lifeandloan.mebank.com.au on any device.
1. Enter details such as your net household income, favourite suburb, dwelling type and top lifestyle interests such as cafes, restaurants, parks and gyms¬¬.
2. Review budget: In-built calculators make some assumptions about your budget, which can be fine-tuned in an interactive pie chart, if required.
3. Consider options: The tool compares your favourite suburb with others that are similar but better suit your budget. Recommendations include real-time property listings and lifestyle highlights, eg cafes, parks and gyms.
Property listings are supported by Domain, average expenditure by Australian Bureau of Statistics and lifestyle filters by Google Maps, Google Places and the Government Schools Database.
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