Mark Smyth, Chief Growth & Experience Officer

As COVID-19 turned our world upside down, Victorians were not immune to its
impact. Many of our members were on the frontline of the pandemic and other
members adapted to what was a very different situation for us all. Many of us
will now be revisiting the goals and plans that were put on hold last year and
may be cautiously optimistic for what 2021 will bring.

As a mutual bank, we’re focused on how we can champion the financial wellbeing
of our members to improve their livelihoods. We know that their downtime
should be spent with loved ones, doing the things that are important to them.
If buying a property is something you’ve been wanting to do, now is a great
time to explore your options. As of December 2020, interest rates were at an
all-time low, making buying your first home or an investment property that little
bit easier. The Victorian property markets remained remarkably resilient during
the COVID-19 pandemic and as the Victorian economy continues to recover, we
expect the new year will bring with it a continued sense of confidence for buyers
looking for their next purchase.

While forecasting can be difficult, we can say that the property market outlook
for 2021 right now is looking positive. As Victoria emerged from stage four
COVID-19 restrictions, auction clearance rates and property listings have been
steadily increasing and there are more buyers and sellers in the market. Our
housing markets are underpinned by consumer and business confidence, which
we expect to see improve throughout 2021, should these and other economic
conditions such as jobs creation continue to improve.

BankVic was born to serve Victoria Police. We are also the bank for emergency
and health services, serving over 115,000 members. Because of this, we
understand our members. As a Victorian-based bank, we also know that we have
been through something unique, tough and different last year and we are here
to help. Our Victorian-based Contact Centre and lending team is flexible to your
needs and available to discuss your financial wellbeing.

As we welcome the new year, we welcome you to contact us and help you realise
your property dreams!

About the Author

Updates about how BankVic is investing in its members communities to drive positive change