One in five Australians is hoping to purchase a property in the next 12 months, while one in three existing homeowners wants to refinance to get a better deal.
Record-low interest rates and a shift in people’s mindsets, post the outbreak of the COVID-19 pandemic, are behind more Aussies looking to buy property, or refinance existing home loans, according to data from financial comparison group Finder.
Population surveys revealed the remote-working revolution has led homebuyers to look at options they mightn’t have considered previously, while the pandemic has made people more conscious of where their money is going, driving greater interest in finding better home loan deals.
Data from Finder indicates that around 20% of Aussies are hunting for real estate or planning to do so in the next 12 months, with the greatest interest displayed by Generation Y1.
Aussies looking to purchase property by age group:2
Meanwhile, regional property values have been outperforming those in capital cities, which is in part due to COVID-19 triggering multiple lifestyle changes, including where people want to live, particularly as working from home has become the new norm for many employees3.
As for those who already have a home loan, one in three is looking to refinance in the next year to get a better deal with their existing provider, or a new provider4.
Finder said the pandemic has made people assess where every dollar they earn goes and refinancing a mortgage could lead to a leap in savings5.
There are a number of reasons why you may look to refinance, with saving money and reducing your loan term often two of the big ones, not to mention getting access to better home loan features.
At the same time, it’s important to make sure the financial benefits outweigh the costs. For this reason, it’s a good idea to investigate where costs may apply or be negotiable.
Learn more about refinancing your home loan and how it could save you money. Please contact us on |PHONE|
1-3 Finder – Real estate rush: 3.8 million Australians plan to buy property over the next year – November 2020
4-5 Finder – Refinancing avalanche: Australians to save $389 million
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