FHB incomes dedicated to deposit saving, rent: RAMS
Almost nine in 10 prospective home buyers are having to pay rent while they save for a home loan deposit, a new survey has found.
According to RAMS’ First Home Buyer Pulse Check, released today, 86 per cent of prospective home buyers are paying rent to a landlord or family member whilst they try to save towards entering the property market.
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Furthermore, 64 per cent of respondents to RAMS’ survey said they were seeking to enter the property market in order to avoid expensive rents.
The survey also found that would-be home buyers are working hard on growing their savings quickly. One in five respondents said they were allocating more than 20 per cent of their income towards saving for a home while one in 10 were committing half of their income or more.
