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[MoreMore Insights] 6 Reasons 2021 Might Be The Time To Buy Property

Updated: May 7, 2021



The start of 2020 was tough. Several economic factors induced by COVID affected the property market, which resulted in people’s hesitation to enter. Though buying a property has pros and cons at any given time, 2021 might be a good time for you to involve this consideration. Here’s what’s going on in the current property market and 6 reasons why you might start to consider buying a home.


Low interest rates

To boost the economic recovery, the borrowing cost in the current market has never been lower. It might be the main reason considering buying a home.

Renting price vs. repayments

The cost to pay off a mortgage is getting closer to paying in rent in some cases. It might even be cheaper to get a mortgage, depending on where and what you buy.


Savings

Due to COVID-induced social restrictions, people’s expenses on travelling and social activities have decreased. It thus might be time to figure out how to use those savings in a meaningful way.

Shifted perspective on where to live

With improved work-from-home capabilities, people are changing the way how they look at their living places. It might be a time for upgrading to adapt to this working arrangement.


Incentive schemes

The government extends the First Home Loan Deposit Scheme into 2021, allowing first-home-buyer to buy a home with a deposit of as little as 5%. Also, CommBank offers the lowest ever advertised fixed rate for first-home-buyer. There are even incentives available for those thinking of upgrading.


The ending of financial support schemes

The JobKeeper scheme and the HomeBuilder package will wind down at the end of March 2021. While the overall impacts are likely to be minimal, house prices are increasing now. Making the purchase as soon as possible to avoid the expense of idea home rising too fast. Besides, investors are returning to the market, and banks are lending more easily.



MoreMore Finance will help you to get started. Contact us today for expert advice at no costs. We help you to decide with a bit of confidence, to save more, borrow more.




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