One in five Australians is hoping to purchase a property in the next 12 months, while one in three existing homeowners wants to refinance to get a better deal.

Record-low interest rates and a shift in people’s mindsets, post the outbreak of the COVID-19 pandemic, are behind more Aussies looking to buy property, or refinance existing home loans, according to data from financial comparison group Finder.

Population surveys revealed the remote-working revolution has led homebuyers to look at options they mightn’t have considered previously, while the pandemic has made people more conscious of where their money is going, driving greater interest in finding better home loan deals.

House hunting on the rise 

Data from Finder indicates that around 20% of Aussies are hunting for real estate or planning to do so in the next 12 months, with the greatest interest displayed by Generation Y1.

Aussies looking to purchase property by age group:2
  • Generation Z (born 1995 or after) - 24%
  • Generation Y (born 1980-1994) - 32%
  • Generation X (born 1960-1979) - 20%
  • Baby Boomers (born 1959 or prior) - 5%

Meanwhile, regional property values have been outperforming those in capital cities, which is in part due to COVID-19 triggering multiple lifestyle changes, including where people want to live, particularly as working from home has become the new norm for many employees3.

Tips for future home buyers

  • If you’re a first home buyer – check out our eight tips for buying your first home, which includes a snapshot of the upfront and ongoing costs you’re likely to come across
  • For other hints and insights, check out our Buying a home info page, which also explains the difference between fixed, variable and split-rate loans
  • You may also want to check in with a mortgage broker or some potential lenders to find out more about how much money you can realistically borrow, stamp duty costs, repayments and first home buyer incentives you may be eligible for.

More people look to refinance  

As for those who already have a home loan, one in three is looking to refinance in the next year to get a better deal with their existing provider, or a new provider4.

Finder said the pandemic has made people assess where every dollar they earn goes and refinancing a mortgage could lead to a leap in savings5.

Tips for those looking to secure a better deal 

There are a number of reasons why you may look to refinance, with saving money and reducing your loan term often two of the big ones, not to mention getting access to better home loan features.

At the same time, it’s important to make sure the financial benefits outweigh the costs. For this reason, it’s a good idea to investigate where costs may apply or be negotiable.

Learn more about refinancing your home loan and how it could save you money.

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What you need to know

Any advice and information is provided by AWM Services Pty Ltd ABN 15 139 353 496, AFSL No. 366121 (AWM Services) and is general in nature. It hasn’t taken your financial or personal circumstances into account. 

It’s important to consider your particular circumstances and read the relevant product disclosure statement or terms and conditions available from AMP at or by calling 131 267, before deciding what’s right for you. You can read our Financial Services Guide online for information about our services, including the fees and other benefits that AMP companies and their representatives may receive relating to products and services provided to you. You can also ask us for a hard copy.

All information on this website is subject to change without notice. AWM Services is a part of AMP group.All banking products are issued by AMP Bank Limited ABN 15 081 596 009, AFSL and Australian Credit Licence 234517. For more information go to