Melbourne first home buyers turn to Geelong’s $45,000 incentive
In the first half of 2020, Victorian First Home Buyers (FHB) represented 33% of all FHB loan commitments in Australia, according to the Australian Bureau of Statistics.
Victorian FHB loan commitments outnumbered NSW, the next most popular state for FHBs, by more than 4000 up to June 30.
If the enquiries to Loan Market Geelong of late are a true indication, a considerable number of FHB applications are for purchases in Greater Geelong.
Of the new clients that contacted our team in the last month, the majority were FHBs who are looking to make the break from Melbourne.
COVID-19 has made us prioritise our health and safety. But, on a secondary level, it’s also made many rethink what they want from their work and personal lives.
From March to June, employees proved they can be productive without the boss being two feet away. (In fact, with social-distancing, the boss can no longer be two fee-away!)
As Stage 4 restrictions are implemented in Melbourne, spare bedrooms and the far-end of the dining table have reverted to makeshift home offices for the majority in the city and Mitchell Shire.
But even prior to Stage 4, flexible work – a day or two in the office with the rest of the week spent working-from-home (WFH) - had become an ongoing agreement in many workplaces, especially those that want to present a modern, appealing culture.
But beside work, Geelong and the Coast’s affordability have made it a real consideration for FHBs, which is why our phone has been ringing hot.
One Melbourne-based couple got in touch with us recently, wanting to break the rent cycle and become homeowners. They were paying $2000 a month rent in a Melbourne apartment and wanted a house.
A real selling point for Geelong - apart from the fact it’s the place to be - is the city’s 'Regional’ classification under the Andrews Government’s First Home Owner Grant scheme. FHBs can receive $20,000 for building a home or buying a newly completed home in Geelong and surrounds.
But added to that is the Morrison Government’s newly announced $25,000 HomeBuilder incentive, which is part of their economic response to the coronavirus.
So, it’s no wonder most of the new appointments we’re hosting (remotely, of course) are from FHBs.
However, significant financial incentives aren’t enough to make someone change their life. If the area has little appeal in the form of employment, schools, shopping and lifestyle amenities, money alone will not convince people to move.
We believe Geelong’s attributes are making the financial incentives from the Federal and State governments even sweeter:
Employment opportunities - from the imminent arrival of the Spirit of Tasmania to the residential construction boom in greenfield areas including Armstrong Creek and Lara in the north which will contribute to an eventual population of 500,000;
Schools – a growing array of public, Catholic and Independent schools that are meeting the current and future population growth of the area.
So, if you’re wanting to break out of the city and enjoy the lifestyle that Geelong, Golden Plains and the rest of the Bellarine has to offer – and put a huge $45,000 in your pocket – contact the team at Loan Market Geelong today on 03 5224 2125 or 0411 847 417.