According to AFP, the Commonwealth Bank of Australia has launched a new smartphone application that will aid prospective homeowners in choosing the right new home.

The free ‘Property Guide’ application uses location-based technology and data from property analysis companies such as realestate.com.au to give potential buyers inside access to homes.

When the app has been installed, users simply point their handset at a home from the street and the app will display a property profile including number of bedrooms, sale price, auction data, and if possible photos of the interior.

The application is only available on the iPhone 3GS and iPhone 4 at the moment, and is intended as a spearhead drive into the smartphone market.

Mark Murray, consumer marketing manager at the Commonwealth Bank said that the application could, in some cases, be used to look at the interior of a home without the current resident’s knowledge.

"The basic premise around all these things is that all this information is publicly available today... we're just bringing that information in a more convenient format and in the palm of your hand," he said.

Besides the basic information the application is also able to display a sales history of the property, recent sales in the area, demographic information, median price data and capital growth trends for a specific suburb.

Potential buyers will be able to calculate estimated monthly repayments on  the property using an included calculator function as well as contact an agent or home lender directly via email listings.