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Survey: Aussies ready to crack on with newfound optimism in 2021

A new survey by home loan platform Lendi suggests 2021 will be a busy year for many Australians with newfound optimism reigniting aspirations and goals.

According to the survey of 1,100 Australians*, 84% of people believe 2021 will be better than 2020.

50% of people surveyed say they were forced to reset their financial goals during 2020 however 48% feel more optimistic about hitting their financial goals in 2021 and only 22% feel less optimistic.

42% of people think they will be able to save more money and 33% think they will be able to earn more money in 2021 compared to 2020.

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David Hyman, Lendi co-founder and CEO, said; “The events of 2020 saw many Australians forced to put life on hold but 2021 looks like we’ll be seeing plans reignited with a greater sense of enthusiasm and perhaps even security.

“Whether it’s taking holidays, renovating, moving or having kids - it seems Australians are keen to crack on with it and get things back on track during 2021.”

survey-infographic-lendi-covid-19-property-buying

Around two in three (61%) people say that COVID-19, the government stimulus and broader economic environment has not impacted their property ownership goals. Meanwhile, 17% say they have become more ambitious and 22% say they have become less ambitious.

Hyman added; “The great Australian property dream appears to have survived the pandemic and only 22% of people say their home ownership goals have become less ambitious in the current environment. This buoyancy is in part due to low interest rates which, for those with a secure income, are making it a great time to buy rather than rent.”

When asked what their biggest financial concerns were for 2021, the top issue was utility costs (23%), followed by rent (15%) while mortgage repayments came in third place (14%) alongside food and grocery costs (14%). Stagnant wages came in as the key concern for 10% of people.

“Low interest rates have certainly helped ease the pressure for many Australian households and in 2021 we will see more Australians consolidating their debts to pay them off faster,” said Hyman.

Nearly half (47%) of people surveyed say they will consolidate or reduce their debt in 2021.

*Online survey of 1,100 Australians adults conducted 18 to 20 December 2020

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The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.

Tags: refinance, interest rate, home loan, lender, new purchase, first home buyer

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Important legal stuff

Lendi is the trading name of Lendi Pty Ltd (ACN 611 161 856), a related body corporate of Auscred Services Pty Ltd (ACN 164 638 171, Australian Credit Licence 442372). We will never sell your email address to any third party or send you nasty spam, promise.
# Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
Lendi is a privately owned and operated Australian business. Our mission is to change the way Australians get home loans by providing a faster, smarter and more secure home loan experience designed around the customer’s convenience and needs. Although Lendi compares over 1600 products (2,500+ products including feature and pricing variations) from more than 35 lenders, we don't cover the whole market or compare all features and there may be other features or options available to you. While Lendi is 35% owned by founders and employees, we have also been supported by some great minority shareholders including Bailador, Macquarie Bank Ltd and a number of Australian sophisticated investors.
*WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates are based on a loan amount of $150,000 over a loan term of 25 years. Fees and charges apply. All applications are subject to assessment and lender approval. Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
IMPORTANT INFORMATION: Loan terms of between 1 Year and 40 Years are available subject to lender and credit criteria. Maximum comparison rate will not exceed 14.99% (see comparison rate warning above). Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn't take into account any product features or any applicable fees. Our lending criteria and the basis upon which we assess what you can afford may change at any time without notice. Savings shown are based on user inputted data and a loan term of 30 years. All applications for credit are subject to lender credit approval criteria.
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