Less Time To Save For A Deposit

Over the past year, it’s become significantly easier for first home buyers to save a 20% house deposit, according to new research from Domain.

In February 2022, first home buyers needed an average of 5 years 5 months to save a 20% house deposit. By February 2023, that had fallen to 4 years 11 months.

It’s also become easier for first home buyers to save a 20% unit deposit, with the average time falling from 3 years 9 months to 3 years 7 months.

Domain calculated the average income and purchase price of first home buyers by assuming they were a couple aged between 25-34 years and were purchasing an entry-level property.

The reason first home buyers now need less time to save a deposit is because property prices have fallen over the past year, which means the deposit requirement has also fallen.

I love helping first home buyers enter the market. If you want to buy your first home (or your children do), reach out today so I can explain your options.


Read More

Banks to provide data on property investors to ATO

ATO orders banks to provide data on property investors. Property investors have been put on notice, after the Australian Taxation Office (ATO) said it would scrutinise their tax returns in an attempt to claw back an estimated $1.3 billion in missing taxes. The ATO told The Guardian that it would use “formal information gathering powers” …

Refinance Activity Strong

Refinancing activity keeps going from strength to strength. The home loan refinancing boom, which has lasted for two years and counting, has reached record levels. Refinancing activity has dramatically increased during that time from $13.7 billion worth in February 2021 to $16.2 billion in February 2022 and, now, according to the latest Australian Bureau of …

April Property Market Update

The property downturn may be over. Australian property prices rose 0.6% in March, according to CoreLogic – the first monthly increase since April 2022. But while prices increased at a national level, and in Sydney, Melbourne, Perth and Brisbane as well, they did decline in the four smaller capitals. CoreLogic’s research director, Tim Lawless, said …

    Start a chat
    with Brett today!