How first-home buyers, upsizers and borrowers can get ahead in 2021

After a tumultuous year, home owners are exploring new possibilities, which may challenge established ideas.

“The coronavirus pandemic has changed people’s attitudes away from units towards houses, and the regional centres over inner-city areas, which is contrary to the trend of the past 20 or so years,” says AMP Capital chief economist Shane Oliver.

“Working from home will be a trend that will keep going, which means that people are less constrained in where they locate themselves.”

Economic shifts coupled with societal changes have presented upsizers with the opportunity to make a move.

“There’s always young families and couples wanting to upgrade from one property to another,” says mortgage broker and Wealthful founder Chris Bates. “COVID has made them question their home a bit more.”

In addition, “First-home buyers are getting a good deal because of the various government incentives,” says Oliver.

Those incentives – including the First Home Loan Deposit Scheme that allows buyers to purchase with a deposit below 20 per cent without paying lender’s mortgage insurance – can affect the total amount buyers need to save.

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