UBank launches UrHome App for Aussie home searchers
Article by Rebeccah Elley
When you’re on the hunt for a home your first call of action is probably to search online property engines like realestate.com.au and domain.com.au. Now UBank has introduced an app that works in the same way by using RP Data to allow home seekers to search for properties that have been sold in the past 10 years.
However, UBank has taken things a step further by throwing finances into the works, allowing you to get an estimate of how much any renovations will cost, see your borrowing power and even apply for a UBank home loan through the app.
While the UrHome app allows you to see how much a UBank home loan will cost, it doesn’t have the functionality to compare home loans from competitor banks and financial institutions.
At a press conference last week, CEO Lee Hatton said that the average person will look for a home for 6 months, spend 300 active hours searching and spend $600 on research costs.
“We know people want to save time, so our proposition is to make things easier for people.”
“Most of our app features can replace other real estate search engines, as you’ll find the same properties as on Domain and Real Estate.”
Paul Monnington, Head of Digital at UBank said that the new app is finance and property all in the one system. “We want to change the home loan process for customers and meet them at the beginning of the process.”
According to Monnington here are the main features of the app:
- See what a property is worth, as well as how much it would cost to add improvements.
- Build a portfolio of properties you are interested in and compare them side by side.
- Add your income and expenses to see your borrowing power.
- See how much you’ll need to borrow for the property and renovations, minus your deposit.
- See how how much you’ll save by refinancing.