New property calculator matches affordability with reality

MEDIA RELEASE
2 April, 2012

New property calculator matches affordability with market reality

A market first calculator allowing house-hunters to view property listings within their price range is one of the features of Westpac’s new look website.

The easy to use ‘What could my rent get me?’ calculator is one of a number of innovative tools to help customers find solutions to a variety of personal finance matters. Linking with Trade Me, New Zealand’s number one real estate site, the new feature allows customers to instantly match affordability with market reality.

Westpac’s General Manager Retail Gai McGrath says it’s about making things easier for customers.
“Many first home buyers have no idea what size mortgage they can afford, let alone what sort of property they can get for their investment. For those looking to move up the ladder, this lets them match aspiration with market reality,” Ms McGrath said.

Westpac’s innovative approach to home lending has seen positive results both in growth and performance, and achieved industry recognition.

In the past year, Westpac has grown its mortgage book two times faster than market, with 60% of home loans being approved in one hour.

In addition, Westpac is the only financial institution to be awarded a five-star Canstar rating in every housing category.

“Customers are making big decisions and it’s about providing access to as much relevant information as possible to help that process,” Ms McGrath said.

The new website includes a range of other calculators and online tools including, ‘How can I split my home loan?’, ‘Fine tune my loan’, and ‘Can I move or renovate?’

Westpac’s new website and calculators are the latest in a range of innovative financial tools from Westpac – including the award winning ‘Impulse Saver’ and ‘Cash Tank’, recently featured by the New York Times.

The calculator can be found at http://westpac.co.nz/home-loans/calculators/rent-as-mortgage

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