Data from the Mortgage Choice Home Loan Report shows three quarters of wannabe buyers are scratching together a deposit from personal savings alone.
The findings, published by Mortgage Choice, show differences in the proportion of buyers across different age groups who funded their deposit alone:
- 74 per cent of Generation Z (18-28 years)
- 70 per cent of Millennials (29-44 years)
- 69 per cent of Generation X (45-60 years)
But savvy buyers are making use of available help where they can get it.
Generation Z were the most likely to use the First Home Guarantee and First Home Super Saver schemes.
Generation Z were also the most likely to receive a cash gift from family to help turbo charge their savings (22 per cent), compared to 16 per cent of Millennials and just 8 per cent of Gen Xers.
The findings paint an interesting picture of the different pathways buyers are taking to home ownership.
They highlight that it’s not a one-size-fits-all approach.
If you’re contemplating your pathway to buying a home, start with some solid, independent financial advice to learn about deposit saving hacks, borrowing options and to set a realistic buying budget.
Then talk to local agents for form a clear view of what your money can buy.
Ready to start the journey? Contact us for a chat about anything real estate.
