The COVID-19 pandemic has accelerated younger Australians’ desire to own their own home, despite affordability remaining a significant concern, new research has revealed.
Survey data released has shown that COVID-19 has been a wake-up call for young people to pay attention to their finances, with a growing number now looking towards homeownership.
Despite the challenges of getting into the property market, young people are not giving up on the great Australian dream. In times of uncertainty, it is human nature to want stability, and this is what investing in property can provide.
The fact that first home buyers can now access the most competitive home loan rates on record and unprecedented levels of government support such as grants and schemes provide compelling incentives to act on property ownership dreams.
The majority of Australians have changed their spending habits during the pandemic, with seven in 10 intending to maintain these improved financial habits moving forward.
60 per cent of young people are looking to reduce spending to increase savings levels, while 43 per cent are applying for government grants in order to buy their first home.
We would encourage homebuyers who are navigating their way into first-time property purchase to enlist the help of an experienced mortgage broker to help them put their best foot forward.
However, despite a growing optimism in purchasing a property, one in three Australians still has the minimal confidence in understanding and choosing the right home loan features for themselves.
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Article reproduced from Nest Egg by Cameron Micallef