Property app launches that nudges investors to refinance

While a ‘Track’ module was available as an exclusive client-only feature inside the main PropHero app, a standalone app has now been made publicly available for Apple and Android devices.

It enables users to view rental yield, capital gains, and cash flows and provides them with market trends, market-relative comparisons, and proactively identifies opportunities for improvements like increasing the rent or refinancing.

According to PropHero, clients can set up ‘nudges’ so that they are automatically notified when “conditions are right” for them to consider a refinance or equity release loan.

Clients who use mortgage brokers may also list their broker as a key contact in the app, enabling them to quickly communicate with their broker should they wish to undertake a loan transaction.

Sophie Hayek, chief executive Australia for PropHero, commented: “What you do after you’ve bought a property is just as important as buying the right property in the first place. Our support doesn’t stop when you’ve closed the transaction. We’re beside you the whole way, helping you to maximise your property wealth over time.

“As property enthusiasts, we want as many people as possible to experience the difference that technology can make to the investment journey. That’s why we’ve launched the free PropHero Portfolio app.”

David Alia, chief technology officer at PropHero, added: “The new app will notify you when there is a change in interest rates or other relevant market data, so it’s a tool for wealth creation, much more than just tenancy administration. Over time, we’ll upgrade the functionality to include everything you need to map your plan to financial freedom through property wealth creation.”

Melbourne-based broker Suvidh Arora, CEO and chief solutions officer at Cinch Loans, welcomed the new app stating that it was a “game changer for [his] investor clients who can now track their property portfolio all in one place”.

“Even better, the app will send nudges when there is a change in interest rates or increase in value, so the client can consider a refinancing to save money, or an equity release loan to put down the deposit on a new investment property,” he said.

[Related: PropHero looks to expand broker referrals]