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5 ways to use COVID-19 to your property-buying advantage

By Tamara Lloyd
  • With the recent revelation that Millennials believe the COVID-19 crisis has made their goals of property ownership more likely to be realised, there are a number of ways would-be buyers can take advantage of the less-than-ideal pandemic.

The report, Future Focus: Homeownership, from ING has revealed that one in four Australians intends to buy a home within the next two years – or 2.37 million people.

It credited the strong desire to jump on the property ladder – and a newfound perception that it is actually a possibility (especially for Millennials) – to low interest rates, a more affordable housing market and new government schemes.

For anyone who has set their sights on a property of their very own, here are some of the tips ING has offered to help you get on the ladder sooner:

  1. Review the things you’re no longer spending money on and consider redirecting those funds towards a deposit.

Were you meant to go on a holiday? Or hoping to? Add that travel fund to your deposit savings!

  1. Re-evaluate what you’re prepared to sacrifice to save for a home.

Did you really miss going out for dinner three-plus times a week during stage 3 restrictions? Or has that become an expense you can now live without?

Maybe you’ve cut back on personal shopping spending, or have decided that that gym membership isn’t really worth it.

Funnel this money towards your deposit savings, too!

  1. Research the home-buying government initiatives in your state to determine whether you are eligible.

The HomeBuilder scheme sits upon some already generous state and territory first home buying schemes.

You may also be eligible for the First Home Loan Deposit Scheme, which sees eligible Australians only need a 5 per cent deposit towards the purchase of their first home.

  1. Shop around for a low interest rate.

With interest rates currently sitting at record lows, and unlikely to go any lower, there’s never been a better time to shop around for mortgages.

  1. Know how COVID-19 has changed your lifestyle and buy accordingly.

You may be able to capitalise on this.

Maybe it means you need a bigger space because you’re entertaining at home instead of going out, or maybe a more flexible workplace now means you can live further from your office?

Australians have recently spent an unprecedented amount of time in the confines of their own home – of course, this will have an impact on your list of requirements for the perfect property.

by Grace Ormsby 10 July 2020
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