What Gets Australians Moving?
People move house for a variety of reasons. For some, moving is associated with moving to a bigger or better house, to be closer to family (or sometimes further away), or for a change in lifestyle such as to be closer to attractions, the coast or cafes and shops and to gain greater independence.
We were interested in what is prompting Australians to move these days so we asked our customers and found that most home owners would consider moving for a change of lifestyle instead of upgrading or downgrading their home.
In the survey, 44 per cent of respondents said they would most likely change their address for a change of lifestyle. Upgrading a home was the next most popular reason (31 per cent) and 7 per cent of the 618 respondents said they would relocate based on their proximity to family members.
The decision to move is never an easy one and it appears that many Australians are most likely to move to accommodate lifestyle changes such as to be closer to the city. With low rates and strong rental yields, the idea of leasing out a current property and buying a new property closer to the city is proving popular among home owners looking to reduce work travel times.
An 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.
Are you thinking of moving?
It is a relatively simple process to establish a new home loan when purchasing a new home and the key is to understand any fees and the changes in your repayments.
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. In some instances, home owners can pay off the house much quicker if they can keep repayments at the level of 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.
Everyone’s situation is unique which is why you should talk to your Loan Market mortgage broker to get the right information for your needs.