Which states take the longest to save a first home deposit?
South Australians and Tasmanians are the most efficient.
One third of Australians spend more than five years saving for a deposit, while the majority take over three and a half years to amass enough for a down payment on a house, according to new research.
A finder.com.au survey found it takes most Aussies, on average, 3.7 years to save for a home deposit.
More than one in ten (11%) have saved for 10 years or longer just to have enough money.
Prospective home owners in New South Wales and Queensland, on average, spent a whopping 47 months (four years) saving for a home loan deposit.
Comparatively, Victorians take an average 45 months to save enough dough, while Tasmanians take around 37 months to bank the cash needed for a security deposit.
South Australians take the least time to save, with almost three quarters (72.27%) taking under five years.Despite Aussie boys being better savers than girls, women save quicker for deposits.
On average, women take 43 months to save enough money, while men take 45 months.
Considering record high capital city home values, sluggish wages growth and property investors being advised to look elsewhere, it's easy to understand why it takes so long to save.
Taking out a loan? It's beneficial to understand how much you'll need as a down payment. Use our specially tailored home loan deposit calculator and consider low income, low deposit or no deposit loans.