Home Owners Most Likely to Move for Lifestyle

Most home owners would consider moving for a change of lifestyle instead of upgrading or downgrading their home, according to a survey by leading mortgage broker Loan Market.

Loan Market corporate spokesperson Paul Smith said a survey of its customers found 44 per cent of respondents said they would most likely change their address for a change of lifestyle.

Mr Smith said that 31 percent of the 618 respondents said they would move to upgrade their home and only 7 per cent said they would relocate based on their proximity to family members.

“The decision to move is never and easy one and it appears that many Australians are most likely to move to accommodate lifestyle changes such as moving closer the city,” he said.

With low rates and strong rental yields, the idea of leasing out their current property and buying a new property closer to the city is proving popular among home owners looking to reduce work travel times.

“The encouraging aspect of these results is that Australian home owners don’t appear to be as pressured to move due to economic factors and are more likely to move to improve their quality of life.”

Mr Smith said that it was a relatively simple process to establish a new home loan when purchasing a new home and that the key was to understand any fees and the changes in your repayment.

“If you’re moving into a property that’s worth less than your existing one, you could find yourself free of charges such as Lenders Mortgage Insurance. And for some home owners you can pay off your house much quicker if you keep your repayments at the level you had at the previous property.”

“One of the biggest advantages existing home owners have when they move into a new house with a new home loan is that they’re conditioned and educated around making repayments and budgeting around the expenses that arise as a home owner.”

Survey Results:

What factor would most likely lead you to finding a new home?

a) An upgrade                                     31%

b) Downsizing                                     18%

c) Lifestyle change                              44%

d) See family more (or less)               7%