The majority of first home buyers take on average 3.7 years to save for a deposit, new research shows.
Those in Queensland and New South Wales take the longest to save for a deposit at almost four years on average and Victorians take third place, at an average of 45 months spent saving for a deposit.
Over 11% of Aussies have saved for 10 years or more to have enough funds to complete a deposit. South Australians take the least time to save for a home deposit, with almost three quarters (72.27%) taking under five years.
Go Mortgage money expert Xavier Quenon says historic low interest rates are motivating those yet to break into the property market but these long timeframes can be very discouraging.
“It’s definitely not a short-term goal for most. You have to trim expenses and make sacrifices for many years.
“The next generation of home buyers should be realistic about the length of time it takes to save a deposit as well as the financial commitment required to hold and maintain a property.”
“Of course like in everything there can be easier ways to get into your First Home; and this is what our No Deposit Programme is delivering with hundreds of First Home Buyers buying their first home immediately without the need to save for a long period.”
“It is so popular especially in Victoria & Queensland that we are now running FREE workshops to explain our programme & help First Home Buyer jump on the property ladder immmediately”