First home buyers now need less time to save a deposit
Over the past year, it’s become significantly easier for first home buyers to save a 20% house deposit, according to new research from Domain.
In February 2022, first home buyers needed an average of 5 years 5 months to save a 20% house deposit. By February 2023, that had fallen to 4 years 11 months.
It’s also become easier for first home buyers to save a 20% unit deposit, with the average time falling from 3 years 9 months to 3 years 7 months.
Domain calculated the average income and purchase price of first home buyers by assuming they were a couple aged between 25-34 years and were purchasing an entry-level property.
The reason first home buyers now need less time to save a deposit is because property prices have fallen over the past year, which means the deposit requirement has also fallen.
I love helping first home buyers enter the market. If you want to buy your first home (or your children do), reach out today so I can explain your options.
See how much you can borrow now.
Hit the button below to arrange a conversation with one of my loan specialists to find a deal that’s best for your situation.
We partner with over 50 lenders so you can find the perfect solution
Do you have questions about mortgages or loans?
Ask us in the comments below