This year, young Australians are more enthusiastic about buying homes than ever before. Experts warn many buyers that they have no knowledge of first home buyers, and they show a clear lack of awareness of the additional costs associated with buying properties and obtaining loans.
A national survey conducted by Westpac on the parents of children aged 18-29 across the country also found that 51% of people said that the epidemic made them realize that their children did not have good financial management concepts. The study also reflects that the number of young Australians talking about money with their families during the epidemic has increased by 68%, and has inspired 42% of people to start saving money for their first home.
Anthony Hughes, general manager of Westpac’s home loan business, said that the pandemic has prompted people to take advantage of historically low interest rates to more actively participate in financial activities. Banks have found that first buyers have increased in the past year. This optimism continues into the new year. Buying a house will become the most important thing for young Australians seeking financial security and stability.
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