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Despite being the largest expense, the typical Australian does not have access to information allowing for smarter investment decisions to be made when it comes to purchasing a property, according to a leading expert.
Speaking to Smart Property Investment, Managed co-founder Nick Bouris explained how investing in property will be aided by technology.
“What we are going to see is this living profile of you as an investor. All your property information, all the loan information, the change in equity, changes in property prices, repayments on principal will all be fed into a live portfolio that will help you invest and grow your portfolio,” Mr Bouris said.
“You won’t need to prove your serviceability or your borrowing capacity. It’ll be reflected in what’s actually happened in your transactional banking, in your property portfolio, and what’s happening in the market with regard to prices.”
While Mr Bouris believes proptech will allow investors to get ahead through information and smarter strategy, Athena’s co-founder and CEO, Nathan Walsh, believes it allows investors to get a lower rate of repayment.
Highlighting this during the June, July and October rate cuts, Mr Walsh said none of them passed on the savings in full by the major players who are still using legacy systems.
“When you look at the fact that it was typically taking two weeks or more to pass that on, that cost in aggregate about $350 million. And the fact that they didn’t pass the rates on in full cost about $2 billion a year,” Mr Walsh said.
Proptech allows every one of those rate cuts to be passed on in full “in 10 minutes, not 10 days”.
Over the next month, Smart Property Investment will be covering the latest and greatest developments, commentary and reaction coming from the proptech industry.
See some of our past coverage here:
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.