FIRST HOME BUYERS ENTERING THE MARKET SOONER

Despite the increase in the national median property price over the past year, it’s actually become slightly easier for the typical first home buyer to get on the property ladder.   That’s because first home buyers have increased their earnings by even more, thanks to higher savings rates and wages, according to Domain research.

Between February 2023 and 2024, the time to save a house deposit fell by two months, to 4 years 9 months, while the time to save a unit deposit fell by one month, to 3 years 5 months.

Domain assumed first home buyers:

Were a couple aged between 25 and 34 years.

Earned an average salary for someone their age.

Bought an entry-level property ranked at the 25th percentile in terms of price (with the 1st percentile being the cheapest home and the 100th being the dearest).

If you want to buy your first home, one way to accelerate the process is to use the federal government’s First Home Guarantee or Regional First Home Buyer Guarantee schemes. These let eligible first home buyers purchase a property with just a 5% deposit, without needing to pay lender’s mortgage insurance. However, not all first home buyers are eligible: income caps apply, as do property price caps.

Want to buy your first home?

Contact Amol from Juice Finance on 0435 040 986 or go to www.juicefinance.com.au and click ‘Get Started’ to find out more.