Faster to get a newborn to school than save for a unit

first_imgRateCity says new buyers need to consider initiatives that can speed up the process such as FHB grants by state governments for new construction. Picture: Penny Stephens 1 in 4 homeowners would fail new mortgage tests Affordability to spark Brisbane rise More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours ago Twin-floor penthouse to rule them all The savings have to cover a 10 per cent deposit as well as lenders mortgage insurance for FHBs and stamp duty. Sally Tindall, RateCity’s research director, drew hope from the figures saying it proved that getting a foot in the door was tough but not impossible.“As the property market declines and investors dip out, there’s now a real opportunity for first home buyers to get into the market,” she said. How long it takes to save a home loan deposit in Australia. Source: RateCity.“There are a couple of things they can do to maximise their chances of getting a home. They include saving a big enough deposit to avoid paying lenders mortgage insurance and taking advantage of the first homebuyer grants and stamp duty exemptions in your state.”She said two ways first home buyers could reduce the cost of their home loan was to save a 20 per cent deposit to avoid lenders mortgage insurance and to stay under the stamp duty cap to capitalise on any state FHB exemptions.State first homebuyer grants were also a key thing to watch out for, as well as parking savings in a high interest account. The other option was to “look into the federal government’s First Home Super Saver Scheme where you can use your superannuation account as a way to help saving your deposit, taking advantage of tax concessions”. FOLLOW SOPHIE FOSTER ON FACEBOOK Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 9:24Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -9:24 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD288p288pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenCoreLogic Brisbane Housing Market Update – August 201809:25 It can be quicker to get a newborn to their first day of school than save a home loan deposit in some Australian cities, new research has found. Picture: AAP Image / Angelo Velardo.IT’S faster to get a newborn to their first day of school than save for a home loan deposit in parts of Australia, new research has found.New research by RateCity.com.au on how long it takes to save a home loan deposit in Australia found first home buyers looking for a median-priced unit in Brisbane ($382,601) could take just over two years if they put away $400 a week or four years if they made that $200 a week. Only Darwin had a better savings timeline out of all the capital cities — with FHBs there taking one year and seven months to save enough to afford a $303,889 unit which is the median price there.But the shock find was Sydney, where it takes nine and a half years for buyers to putting away $200 a week to afford a median unit ($740,093), and if they doubled their savings — putting in $400 a week — they could have a deposit together in the time it takes to get a newborn to their first day of school: Five years.last_img read more

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