Housing ‘smarts’ would reduce stress for 71% of FHBs

Humbli, the digital think tank and start-up, recently conducted a survey of over 1,600 respondents in regard to first home buyer (FHB) attitudes around the concept of targeted learning.

Established in 2021, Humbli is a digital learning platform and production house that specialises in “consumer empowerment and trust”.

Along with the 71 per cent who said that increased knowledge would help them enter the housing market more securely, 73 per cent of FHB felt that bettering their knowledge would also help with reducing anxiety and stress during the lending process, while 70 per cent said it would simplify a complex financial process.

In addition, 77 per cent of respondents said that completing targeted learning could help them bolster their application readiness.

Furthermore, Humbli’s research found that three in five home buyers looking to purchase a home over the next two years would consider having a family member act as a guarantor, however, their main concerns were fear of financial loss should things go wrong.

The start-up suggested that providing borrowers with targeted information in regard to the risks and responsibilities could help ease concerns of guarantors.

Of the 400 existing and potential guarantors surveyed, 75 per cent indicated that the concept of a lender that offers a knowledge-building platform was an attractive proposition.

Along with borrowers using Humbli’s services, it has listed REA Group, RedZed, and Resimac as some early adopters of its services.

Humbli chief executive Damien Farrell stated that mortgage broking firms and their brokers can use the targeted digital learning content to help simplify information for their clients.

“Mortgage brokers can elevate their role as a trusted adviser by embedding these targeted micro-learning moments within their customer lifecycle, to help for example increase their customer’s knowledge and confidence in knowing terminology used in the industry, understand key considerations and what to expect during the home loan process and beyond,” Mr Farrell stated.

“This will help brokers stand out from the crowd, win and convert more business while also increasing customer engagement and retention, proactively protecting their book in an increasingly competitive market.”

Commenting on the research results, Mr Farrell added: “There’s no doubt that customers want seamless and elegant solutions.

“However, the research highlights that they also want to be informed in a very transparent and genuine way.

“We believe that lenders who respond authentically to this need, won’t only mitigate risk, but will create a very compelling point of difference in an ever-tightening market.”

[RELATED: Know your ‘slanguage’, MFAA mortgage brokers advised]

Written by Adrian Suljanovic

Last Updated: 21 February 2023

Published: 22 February 2023