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First time buyers struggle to save

By webmaster
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More than one third of first home buyers believe they cannot save for a home loan deposit within the next three years.

According to new data from ING DIRECT, 36 per cent of first home buyers said there is "no way" they would be able to save a deposit for a home in the near future.

Among Queenslanders this rises to 56 per cent, while 57 per cent of single buyers also claim they won't be able to amass a deposit in under three years.

In addition to these statistics, the data found that 41 per cent of potential first home buyers will need a higher paying job or need to take on a second job to fulfill their home ownership dream.

Meanwhile, only one in five say they'll be able to save a reasonable home deposit within the next three years through saving.

The research, which was conducted prior to the November rate cut as part of ING DIRECT's Household Financial Wellbeing Index, found that across all first home buyers, 21 per cent say they will be able to save a reasonable deposit in the next one to three years. This figure rises to 41 per cent of high income earners (household income over $100,000 annually) compared to 8 per cent of low income earners (income below $40,000 annually).

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