Research commissioned by mortgage broker Aussie Home Loans has found that COVID-19 has dampened the hopes of many people in the property market, despite the 'perfect storm' of opportunities whipped up by the pandemic. 

The mortgage broking house surveyed nearly 2,800 Aussies in June 2020.

Of those, close to 1,900 had housing plans to achieve within five years, such as buying a new home or downsizing. 

But two thirds of respondents with plans said the pandemic has made them uncertain about reaching their property goals.

More than half said they feel "nervous" about investing in property, with 70% saying job security and saving money are more challenging now.

Over a third are also saying they are focusing more on building their savings than they were prior to the pandemic.

Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Aussie's chief customer officer David Smith said the extent to which the crisis was unsettling Australians could lead to 'missed opportunities' in the property market.

“In a market which sees property prices across Australia’s capital cities continuing to fall, interest rates remaining the lowest on record, a range of refinancing options, access to lender cashback incentives, and a range of government initiatives and grants available, there are many opportunities for both first home buyers and homeowners to secure their goals," he said. 

First home buyers under the pump

Coinciding with Aussie's survey findings, Gateway Bank has revealed 68% of first home buyers have been forced to put their plans on hold during the pandemic.

Gateway's survey also found half of first home buyers have tapped into their deposit during the pandemic, with 80% also reporting they will need to save for an additional year to get their deposit.

Forty five per cent directed their withdrawn funds to day-to-day expenses, while 36% put it towards an emergency fund.

Just over one in ten re-directed their deposit money to sharemarket investments.

Despite the pandemic's hit to first home buyers' savings, Gateway's CEO Lexi Airey said the "dream of home ownership remains alive".

"Some first home buyers are taking advantage of Government Schemes in a bid to circumnavigate the need for a 20% deposit," Ms Airey said.

However, the survey also indicated more than one in five first home buyers were unaware of any available government schemes.

Ms Airey pointed towards various initiatives such as the first home owners' grant (FHOG), the first home loan deposit scheme (FHLDS), the first home super saver scheme (FHSSS), and stamp duty concessions.

“These schemes and other options such as lenders mortgage insurance or a family guarantee are designed to help first home buyers purchase their property sooner," she said.

"Awareness of these measures is generally quite low, and those looking to enter the property market for the first time could be missing out on an opportunity to put their pre-COVID home ownership plans back on track."

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
4.40% p.a.
5.75% p.a.
Intro rate for 4 months
then 4.40% p.a.
$533
4 months
$0
$250,000
$0
$0
Featured
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
0.50% p.a.
Bonus rate of 4.75%
Conditions apply.
5.25% p.a.
$531
$1
$100,000
$2,000
$1
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest
0.10% p.a.
Bonus rate of 5.00%
Conditions apply.
5.10% p.a.
$515
$0
$250,000
$200
$0
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
4.75% p.a.
5.35% p.a.
Intro rate for 4 months
then 4.75% p.a.
$518
4 months
$0
$249,999
$0
$0
Featured
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
0.55% p.a.
Bonus rate of 5.00%
Conditions apply.
5.55% p.a.
$561
$0
$100,000
$2,000
$0
0.10% p.a.
Bonus rate of 5.40%
Conditions apply.
5.50% p.a.
$556
$1
$25,000
$200
$1
0.05% p.a.
Bonus rate of 5.45%
Conditions apply.
5.50% p.a.
$556
$0
$50,000
$1,000
$0
For customers aged 14-35 years
0.50% p.a.
Bonus rate of 4.85%
Conditions apply.
5.35% p.a.
$541
$1
$50,000
$500
$1
  • Maximum Age - 24
0.05% p.a.
Bonus rate of 5.30%
Conditions apply.
5.35% p.a.
$541
$0
$250,000
$1,000
$0
0.30% p.a.
Bonus rate of 4.95%
Conditions apply.
5.25% p.a.
$531
$0
$100,000
$$formattedMinMonthlyDep.format("%,d",$!{product.minimumMonthlyDeposit})
$1
0.01% p.a.
Bonus rate of 5.24%
Conditions apply.
5.25% p.a.
$531
$0
$99,999
$100
$0
Bonus rate of 5.25%
Conditions apply.
5.25% p.a.
$531
$0
$1,000,000
$20
$1
More savings accounts
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of . View disclaimer.





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