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The marathon to a mortgage


Young Aussies now need more than a decade to save for a home deposit - but don't despair!

It won't come as a shock to anyone still looking to enter the property market, but new Finder research* shows how much of an uphill battle first home buyers face when trying to buy a home.

It now takes a first home buyer 12 years to save for the average deposit on an apartment and 14 years to save for the average deposit on a house.

This blows out to more than 2 decades for home buyers in NSW, 17 years for those in Tasmania and 16 years for Victorians.

By the numbers

  • $299,868 - the average deposit needed to buy a house.
  • $188,523 - the average deposit needed to buy a unit.
  • 14 years - the amount of time it would take to save enough for the average house deposit.
  • 12 years - the amount of time it would take to save enough for the average unit deposit.

What can I do about it?

The most important thing if you're saving for a home is to not be disheartened. There are things you can do to help reduce the time you'll need to save for a home:

1. Budget

"Having a realistic budget and getting into a good savings habit early on – even if it's just small amounts each month – will put you on the right track," says our home loan expert Richard Whitten.

2. Cut down your expenses

One of the most effective ways to save quicker is to cut down how much you spend. This could be everything from cutting out your daily coffee or weekly night out, to moving back home to save on rent.

Anything that leaves more money in your pocket each week will help you save for a house sooner.

3. Get the most out of your savings

Whether you've only just started saving or almost have enough for a deposit, you should be keeping your excess savings in a high-interest savings account.

Use our complete first home buyer guide to make your first home purchase as stress-free as possible.


  • Finder's analysis is based on a 3.5% annual growth on home prices, 3% average savings interest rate, 3.5% annual growth in the median household income.
  • Analysis assumes households save 25% of their income after spending on rent, groceries, utilities, internet, phone and transport.
  • Property prices are based on CoreLogic data from March 2023.
  • Income figures from ABS data Average Weekly Earnings, Australia.

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