FHB Locked outThe average first home buyer has to wait for 4.9 years to save for a 20% deposit, an increase from the 4.5 year wait of in 2011.

 

These figures come from the 2016 Bankwest First Time Buyers Deposit Report which compares local incomes to house prices. It examines how long FHBs in different capital cities have to wait to save the 20% deposit needed to avoid costly lenders mortgage insurance.

For Melbourne, the time required increased from 5.4 years in 2011 to 5.8 years last year and onto 6.2 years this year.

In fact, figures in all capital cities except for Perth and Darwin have been rising since 2011, creating difficulty for most first home buyers when securing their first property.

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