Educating homeowners about their useable equity and what they could do with it has never been more timely for lenders.
In the last 10 years, the median dwelling value in Australia has risen by 57.2%, an increase of around $260,000*. With a median hold period of nine years**, homeowners who bought a while ago will likely have built up equity in their property, through both mortgage repayments and capital gains – equity they can potentially tap into to renovate, upsize to a new home or buy an investment property.
Empower home owners to make optimum property decisions
Those customers who are primed to take the next step want information to help them make the best possible decision. They expect to be able to access up-to-the-minute property insights to understand their financial position.
CoreLogic’s Equity Calculator is a fast, effective way to put home loan customers in charge of their own property ownership journey, helping them move from loaned to owned.
This smart tool allows customers to calculate the amount of useable equity in their properties, then see their options for using it. The calculator makes it easy to research a range of new home possibilities.
Powered by CoreLogic’s market-leading property data and AVM, Equity Calculator provides accurate, up-to-date equity, investment and renovation options on a selected property.
By inputting their address and outstanding loan balance, the customer can access an interactive report showing usable equity amount (based on the CoreLogic estimated value), where they can afford to buy an investment property, and their potential renovation budget.
Connect with customers who are ready to take the next step
Equity Calculator offers lenders a competitive edge and opportunities for growth. It’s an easy way to identify and engage new and existing customers who are already researching the market, and may be ready to buy or refinance.
Providing a streamlined way to establish customer equity, Equity Calculator helps you offer home loan products tailored to your customer’s means and needs.
By leveraging CoreLogic’s state-of-the-art property data and insights ecosystem, you position yourself as a trusted partner at every stage of the customer’s home buying life cycle.
The Equity Calculator is the latest addition to our suite of Engagement Solutions, alongside Digital Property Reports and Renovation Calculator. It’s an outstanding way to increase customer engagement, retain existing mortgage customers and create new opportunities for growth.
Why not dig deeper? Just talk to your CoreLogic Account Manager or learn more here .
Learn more about Equity Calculator and CoreLogic Engagement Solutions
*As of June 2023. Source: CoreLogic
**https://www.corelogic.com.au/news-research/news/2022/the-long-game-30-years-of-housing-values
CoreLogic Australia