Buying a home soon as simple as ordering a coffee.
In Australia we already have online home loans but according to one international real estate expert, buying a house will soon be a completely paperless transaction that is as simple as paying for a coffee.
Many Australians will already be familiar with the revolution of low cost online home loans but according to U.S. entrepreneur Bradley Inman who spoke at an annual real estate conference in New York this month, new technology will take the online process many steps further. He predicted that smartphones and tablets will hold digital signatures, enabling pre-approval and all required documents will be settled on the platform. Mr Inman's vision sees technology eradicating the piles of paperwork usually associated with purchasing a property and the entire process will be streamlined to be "as easy as buying a latte." He furthered that the technology for such an overhaul already exists and that "The pieces are in place , what are missing is a bigger vision and a strategy to get there," said Mr Inman.
However Australian real estate agents believe that Mr Inman's vision is further away than he is forecasting, the complex nature of the home buying process placing many hurdles in the way. RP Data head of research Tim Lawless stated that consumer mistrust of privacy invading technology as well as the necessity for a real estate agent to act as an intermediary are some of the hurdles that will need to be fixed before paperless home loans are a reality. "These factors are going to be significant hurdles to that vision. There are other obstacles too. Banks need to be comfortable with digital signatures and transfer, and we need to be sure that these digital documents are completely enforceable."
While it might be quite far down the track until the property buying process is as streamlined as Mr Inman's vision, low rate online home loans have already made a very significant advancement to the Australian market, offering extremely competitive rates due to the reduced costs of online lenders.
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