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A new report by ING reveals almost half (46 per cent) of Aussie millennial home buyers say COVID-19 has made home ownership more achievable and a third (32 per cent) say they’ll buy a home within the next one to two years.
According to the report, millennials say they have used lockdown to get on top of their property goals by redirecting travel budgets to a home savings account (59 per cent), taking on a side hustle (37 per cent), and moving back in with their parents (36 per cent).
In order to save and buy a house sooner, half (50 per cent) of all millennial home buyers say they would consider living on the city fringes and the outer suburbs (45km or more from the city), the report found. More than one in five (22 per cent) say they plan to buy a smaller property in a cheaper area and rent it out until they can afford their forever home, while one in 10 (9 per cent) say they would consider buying a property with a friend or family member to get on the ladder quicker.
What’s more, millennials seem to be using different tactics and making significant lifestyle sacrifices to save for their future home. Almost half (48 per cent) say they will limit their personal shopping, reduce dining out experiences (42 per cent) and recreational drinking (28 per cent), give up their gym membership (21 per cent), and date less (24 per cent).
ING’s Head of Home Loans, Julie-Anne Bosich says: “What this research suggests millennials and Australians in general haven’t given up on the great Australian dream of owning their own home, they’re just re-thinking how they go about getting there and re-evaluating where they might want to live.”
“It suggests many people, especially millennials are being savvy by taking advantage of record low interest rates, government assistance and a weakened housing market to get on the property ladder.”
“The ING Future Focus: Homeownership report gives an overview of how the pandemic has changed how Aussies feel about their homes and home ownership and offers practical, money saving design tips for those wanting to make better use of space.”
Key findings from Future Focus: Homeownership Report include: 
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<li>The Australian Dream revived and re-defined: most millennial Aussies are setting their sights on owning one home (75 per cent), over flipping houses (8 per cent) and buying an investment property (10 per cent).<img src="blob:https://www.urban.com.au/069ff86b-b910-4d98-a3e4-46b67035260d" alt="page1image5863472" width="17.280000" height="0.480000">
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The new home ‘essentials’: Millennials looking to buy are prioritising fast internet (40 per cent), an outdoor space like a balcony, garden or patio (37 per cent) and space to exercise (27 per cent). They’re also buying for comfort (32 per cent), stability/security (21 per cent) and protecting their future (15 per cent).
</li>
<li>
The home turned ‘Lifestyle Hub’: Since lockdown, a quarter of Aussies (30 per cent) say they now see their home as a ‘lifestyle hub’ and despite public spaces now open, many plan to continue exercising (39 per cent), dining (30 per cent), socialising (29 per cent) and working (25 per cent) more frequently at home.
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Buying property with a partner: Millennials (60 per cent) are notably more likely than Gen Z (41 per cent) or Gen X (35 per cent) to enter the property market with a partner, however one in five millennials (22 per cent) plan on doing it alone.
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j.ballantyne1990-6AQqhLzZaK

Millennials set to take advantage of COVID weakened housing market: ING

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Australia’s fifth largest home loan lender, ING, has dropped rates on several fixed home loans by up to 0.19 per cent. 
The rate cuts affect ING’s 2, 3 and 5-year fixed home loans for owner-occupier customers paying principal and interest. 
RateCity data shows almost half of all leaders have cut fixed rates on over 500 products since the beginning of the year.  
Sally Tindall, research director at RateCity.com.au said the move from ING came on the back of fixed rate cuts from three of the big four banks over the last two weeks.  
“Now that CBA, Westpac, NAB and ING have slashed fixed rates in recent weeks, other lenders may be forced to consider cutting their rates to maintain a competitive edge,” she said.  
“In particular, all eyes are on ANZ who currently has the highest 3 and 5 year fixed rates out of the big banks for owner occupiers paying principal and interest.” 
ING fixed rate changes - owner occupier rates principal and interest repayments
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<tr>
<td valign="bottom" nowrap>
Product
</td>
<td valign="bottom" nowrap>
New rate
</td>
<td valign="bottom" nowrap>
Old rate
</td>
<td valign="bottom" nowrap>
Change
</td>
</tr>
<tr>
<td valign="bottom" nowrap>
2 year - Orange Advantage
</td>
<td valign="bottom" nowrap>
3.59%
</td>
<td valign="bottom" nowrap>
3.75%
</td>
<td valign="bottom" nowrap>
-0.16%
</td>
</tr>
<tr>
<td valign="bottom" nowrap>
3 year - Orange Advantage
</td>
<td valign="bottom" nowrap>
3.64%
</td>
<td valign="bottom" nowrap>
3.83%
</td>
<td valign="bottom" nowrap>
-0.19%
</td>
</tr>
<tr>
<td valign="bottom" nowrap>
5 year - Orange Advantage
</td>
<td valign="bottom" nowrap>
3.99%
</td>
<td valign="bottom" nowrap>
4.09%
</td>
<td valign="bottom" nowrap>
-0.10%
</td>
</tr>
</tbody></table>
Lowest fixed rates – major banks
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<table border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="bottom" nowrap>
 
</td>
<td nowrap>
CBA
</td>
<td nowrap>
Westpac
</td>
<td nowrap>
NAB
</td>
<td nowrap>
ANZ
</td>
</tr>
<tr>
<td>
2 year
</td>
<td nowrap>
3.79%
</td>
<td nowrap>
3.79%
</td>
<td nowrap>
3.69%*
</td>
<td nowrap>
3.75%
</td>
</tr>
<tr>
<td>
3 year
</td>
<td nowrap>
3.79%
</td>
<td nowrap>
3.69%*
</td>
<td nowrap>
3.79%
</td>
<td nowrap>
3.99%
</td>
</tr>
<tr>
<td>
5 year
</td>
<td nowrap>
4.09%
</td>
<td nowrap>
4.09%
</td>
<td nowrap>
4.09%
</td>
<td nowrap>
4.19%
</td>
</tr>
</tbody></table>
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*First home buyer special
Lowest fixed rates – low rate lenders
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<tr>
<td valign="bottom" nowrap>
2 years
</td>
<td valign="bottom" nowrap>
Mortgage House
</td>
<td valign="bottom" nowrap>
3.57%
</td>
</tr>
<tr>
<td valign="bottom" nowrap>
3 years
</td>
<td valign="bottom" nowrap>
Suncorp Bank
</td>
<td valign="bottom" nowrap>
3.49%
</td>
</tr>
<tr>
<td valign="bottom" nowrap>
5 years
</td>
<td valign="bottom" nowrap>
Greater Bank
</td>
<td valign="bottom" nowrap>
3.74%
</td>
</tr>
</tbody></table>
 
  
 
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