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A mortgage broker has given away $50,000 to the lucky winner of their facebook competition.
The competition, which was jointly sponsored by mortgage broker eChoice Home Loans and realesate.com.au, asked the 3,300 entrants to determine various ‘mystery properties’ featured on realestate.com.au.
The winner, 36 year old mother of two Chloe Dresdon, said the majority of the cash prize would go toward “increasing space and upgrading her property by giving it a facelift”.
According to eChoice Home Loans, the majority of the competition’s contestants said they would use the $50,000 on a home deposit of renovations.
In a survey last month from eChoice, less than 1 out of 5 Australians who were looking to purchase their first home had savings of more than $50,000.
Only 22 per cent of NSW first-home buyers said they had at least $50,000 for their first deposit, which itself would not cover a 10 per cent deposit on a $500,000 property purchase once transaction expenses were taken into account.