Buying a first home has been progressively harder over the years, largely due to rising house prices and lower affordability. But 2020 changed all of that. Buoyed by historic low interest rates, a lack of investors in market, and significant government incentives, first home buyers look set to dominate the property market in 2021.

2020 was a curve-ball year like no other! Not only did COVID-19 change the way we socialize, work and learn, interestingly, it also changed the way we spend and save. A surprising outcome of the pandemic year is the growing number of Australians who are saving more and spending less. Did you notice a change in your spending and saving habits too?

After working through a pandemic year and Australia’s first recession in 30 years, many Australians are wondering what lies ahead in 2021. What is the forecast for Australia’s property market? Will real estate prices continue to rise? We asked some of our mortgage brokers for their predictions for Australia’s property market in 2021. Here’s what they think.

In its December 2020 meeting, the Reserve Bank of Australia left its cash rate unchanged at a record low 0.1 per cent. While that’s bad news for your savings account, it’s good news if you’re a homeowner. The big question now is whether to lock in your home loan repayments by switching to a fixed rate mortgage. Before you decide, here are some important things to consider.

Fixed interest rates have continued to drop this year with some now close to the 2% mark or lower, while variable interest rates have tracked further downwards too albeit at a slower pace. Earlier in November 2020, the Reserve Bank of Australia dropped the cash rate to a new record low, and the Reserve Bank governor urged borrowers to renegotiate or switch lenders if they don’t get a rate cut. Read on to find out why interest rates matter.

For many Australian first home buyers, 2020 has been a year of opportunity. According to the Australian Bureau of Statistics (ABS), around 13,040 first-home buyer loans were approved across Australia in September alone, largely as a result of record low interest rates, backed by several government initiatives. If you’re in the market for the first time, here’s a closer look at what benefits you may be eligible for.

To help more Australians into their own home, the Victorian government recently announced investment that will fund a stamp duty concession of up to 50 per cent for residential property contracts from 25 November 2020 until 30 June 2021. In New South Wales, a proposal to change stamp duty was included in the budget, designed to help stimulate the economy after the COVID-19 recession. Read on to find out what these changes are and how they could impact home buyers in these regions.

Despite the ongoing global pandemic issues and the resulting economic concerns, interestingly there have been a growing number of enquiries into and then sales of vacant land around the country. Surprisingly, a large proportion of these are from first home buyers, keen to take advantage of Government’s HomeBuilder stimulus package. If you’re looking to enter the property market, now may be the perfect time.

To boost new construction projects in the wake of COVID-19, the Federal Government will give eligible Australian homeowners a $25,000 grant to go towards a new home build or a substantial renovation of an existing home. The scheme is aimed at incentivising homeowners to invest in their properties while also providing much needed demand for the construction sector. Read on to find out if you are eligible for the grant.

If you missed out on the initial release of the Government’s First Home Loan Deposit Scheme, there is help at hand. Government has announced a further 10,000 spaces under the scheme will be made available for first home buyers from 1 July 2020 but warns that these are likely to fill up fast. Read on to find out how this scheme could help you into your first home.