Deposit For Your First Home

The number of first home buyers in Australia is growing, partly due to the slower market conditions in Sydney and Melbourne and less competition from investors.

In fact, according to the Australian Bureau of Statistics, the number of first home buyer commitments as a percentage of total owner-occupied housing finance commitments rose to 17.6 per cent in April 2018 from 17.4 per cent in March. 

But more than 80 per cent of those first-time property owners didn’t have a 20 deposit, according to the Mortgage Choice 2017 First Home Buyer Survey.

The thing is saving a deposit for your first home has always been tough and today is no different, especially considering the strong price growth in some capital cities over the past few years.

The latest data, however, proves that it can be done and that the dream of home ownership is alive and well in Australia.