High income – low deposit – 2.2% home loan.
It has always been hard to save the deposit to buy a home. Why? Because of amount of money that is required for a housing deposit in Australia these days – 5% to 20%.
You are not alone. Millions of Australians with good, steady careers and incomes still cannot cover the cost of a home deposit.
And it’s not because we’re not financially responsible or good savers. The amount of money required for a deposit for an average home purchase has skyrocketed, while wage growth has been extremely slow.
This means that for new borrowers, it now takes on average, over ten years to save for a home deposit on personal income alone. By comparison, in 1970, the average working Australian could expect to purchase a home after just two years of full-time employment.
So how does anyone buy a house today? Well, more than 60% of first-home buyers in Australia have access to ‘the Bank of Mum and Dad’ to help fund their initial home loan deposit. (see family guarantee)
But what about the 4.5 million Australians – who don’t have access to inter-generational wealth? It’s even harder to get a foot on the property ladder.
As house prices keep increasing, saving the deposit that the banks want just seems less and less attainable. Many feel, the longer you saved, the further away the finish line got. And that isn’t fair.
Many people are stuck renting when we wanted to own our homes and access the long-term benefits and security that come with it.
But, a new lending option creates a new and accessible pathway to homeownership. They have processed over $13B+ worth of applications in a year, with the backing of Australia’s leading home loan lenders and investors: CommBank’s X15, Square Peg, Hostplus and more.
Here at Buy Invest Live we are building an experienced, hopeful and determined team dedicated to making Australian homeownership more accessible.
Lets chat about YOUR options!
