Spring season to be digital, says Commonwealth Bank

By Maria Gil · · 1 min read
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As spring season approaches, Commonwealth Bank predicts a growth in digital property purchases and the return of investors.

Buying your home online is nothing new. Even before the COVID-19 pandemic future home buyers could get home loans exclusively online. But now more people are searching how to interact with their future lender via online means.

Australian home buyers can complete their home loan journey exclusively online with lenders like homeloans.com.au, Athena or loans.com.au. This shift towards digital home loans is nothing new, but thanks to the pandemic major bank lenders who traditionally required face-to face appointment are now offering online options.

According to CommBank, 90% of property transactions are done online and paper contracts have been replaced with digital alternatives. Many of CBA customers have been actively using the digital app NetBank to check their balances more frequently. 

Not only has there been a rise of digital property transactions but an increase of these sales done by investors. CBA in particular has seen approvals for investors rise to 29.4% in July 2021, up from 23% in October 2020.

If you are thinking about buying property this spring season, check out Mozo’s home loan guides to help you in your home buying journey.

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Last updated 11 September 2024 Important disclosures and comparison rate warning*

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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