25% Save Five Years for First Home

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Twenty-five per cent of first home buyers have saved for more than five years before buying a property, according to a survey by financial services provider Mortgage Choice.

Mortgage Choice surveyed 1,000 first-time buyers who had bought property in the last two years.

One in four said they had saved for more than five years before buying their property.

“It isn’t surprising to see first home buyers saving for longer than ever before as property prices are climbing at an impressive rate,” said Mortgage Choice spokeswoman Jessica Darnbrough on Wednesday.

Property prices in Australia’s combined capital cities have climbed 10.9 per cent over the 12 months to September, according to RP Data.

Ms Darnbrough said 40 per cent of first-time buyers were unable to purchase properties in their desired area, and 88 per cent of those blamed rising prices.

The Mortgage Choice survey also found that first-time buyers were comfortable with their mortgage repayments.

Nearly 37 per cent of first-time buyers spent less than 25 per cent of their after-tax income on mortgage repayments.


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