Saving for a Home: A Longer Slog for Australian First-Home Buyers
Tuesday, 8 October 2024
The dream of homeownership is becoming increasingly difficult for Australians, with the time needed to save a deposit rising significantly in recent years.
Key takeaways:
- Nationally, it takes an average of 5.6 years to save a 20% deposit. This is a 14% increase compared to a decade ago.
- New South Wales takes the longest (6.5 years), due to its high median house prices (Sydney: $1.1 million, regional NSW: $722,000).
- Western Australia offers the fastest saving timeframe (3.8 years).
- Government initiatives like the First Home Guarantee Scheme can help by allowing smaller deposits (5%) without LMI, but with limitations (e.g., property price caps).
- Some states offer stamp duty exemptions for first-home buyers on properties under a certain value.
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