September 12, 2017 by Chris Kirwan
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Property ownership remains the number one ‘dream’ for Australians, beating out travel, career success and a luxurious lifestyle, new data has revealed.
According to Mortgage Choice’s Evolving Great Australian Dream Whitepaper, 29% of Australians said ‘property ownership’ was their ‘Great Australian Dream’, while a further 16.6% said their ‘dream’ was being able to give their ‘children a head start in life’, and 16.3% said it was ‘having enough money to afford a luxurious life’.
Just over 12% said having the money to travel was their number one dream, while a further 10% said career success was their main priority.
From this data it is clear that home ownership remains the number one goal and priority for Australians.
And, with interest rates hovering around record lows, there really has never been a better time to be a home buyer.
Over the past few weeks, many of Australia’s lenders have started slashing the interest rates charged across their suite of variable, principal and interest, owner-occupied mortgages.
These rate reductions are helping to keep the cost of borrowing at incredibly affordable levels.
And it is not just the new property purchasers who benefit from low rates. For anyone who has been in the same mortgage for more than 12 months, now is the ideal time to shop around and see if there is another, more competitive product available.
Australia’s lenders are aggressively competing for business at the moment – especially in the owner occupied space.
In the last week alone, most of Australia’s major banks have slashed up to 10 basis points from their owner-occupied, principal and interest home loans.
As a result, many lenders are offering home loan interest rates well below 4% p.a.
Regardless of whether Australians are looking to buy their first home or are already in the market, it is fair to say that now is a good time to buy and own property.
Many first home buyers are also being given an additional leg-up by their state government, with both Victoria and New South Wales abolishing stamp duty for some first home buyers.
In Victoria, first home buyers purchasing a home with a dutiable value of no more than $600,000 will no longer be required to pay stamp duty.
Meanwhile, first home buyers who purchase a property with a dutiable value between $600,000 and $750,000 will receive some form of stamp duty concession.
In New South Wales, the story is much the same, with the state government abolishing stamp duty for all first home buyers purchasing a property with a dutiable value up to $650,000. In addition, the Government will offer certain stamp duty concessions to those purchasing a property with a dutiable value between $650,000 and $800,000.
Across the other states there are also changes afoot. Many of the respective state governments are pledging greater funds to improve transport and infrastructure.
This spate of policy and home loan pricing changes has helped make the property and mortgage markets more complex than ever before. But while these markets are undoubtedly complex, they are also filled with opportunity.
For anyone who is looking to buy or already has a mortgage, now is the perfect time to review your financial situation and make sure you are taking the right steps to achieve your ‘Great Australian Dream.’
Speak to Mortgage Choice today to find out how we can help you make better choices to achieve your dreams and ultimately lead a better life.
