Millennials set their eyes on the property market
There’re a lot of misconceptions about millennials, especially centred around savings as it’s commonly thought this is the generation that likes to spend money on lifestyle and travel luxuries. However, recent findings from Bankwest and ING found that millennials or those aged between 23 and 38 are the cohort's most focused on home savings.
More than a fifth of millennials (21.18 per cent) set their goals to save for a home. Overall, what Bankwest found over the six months from March to August 2020 was the 49.58 per cent increase in customers saving for a home or other big purchase. Despite the concerns, for many COVID-19 has made homeownership seem more achievable. This comes as people are concentrating more on their savings and together with multiple government initiatives, becoming a homeowner is more achievable than before.
On October 21, Commonwealth Bank and NAB opened their waitlist for the additional 10,000 places under the New Home Guarantee under the First Home Loan Deposit Scheme (FHLDS). With more millennials prioritising their savings towards homeownership and with FHLDS initiative going forward, it is a great opportunity to start looking at what the property market currently offers for first home buyers.
Are you ready for the next step? Get in touch with our mortgage brokers to find out loan options available for you.