Can't connect to localhost on my application server but can access it via web

I have a web application which is accessible via web but strangely i cannot connect to it on localhost on the application server itself.

• I have ensured that "127.0.0.1 localhost" is in my hosts file
• I have checked that no other application is using port 80
• I've ticked "Bypass Proxy Server for local addresses"
• Pinging my local host from command line returns data When you go to the domain host URL the application loads successfully

Good news is my app is fully functioning but i just cannot figure out how to connect to it on localhost in my browser! any ideas?