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Australian first home buyers are prepared to make sacrifices in order to save for a home deposit, according to Homeloans.
A recent survey by the non-bank revealed almost 50 per cent of respondents were willing to start a regular savings plan and put in extra money when possible, plus one in three respondents said they were prepared to set a budget and stick to it.
Almost 42 per cent of respondents said they were willing to give up luxuries such as buying lunch every day, going out for dinner or drinks or subscribing to pay TV.
Furthermore, 30 per cent of prospective buyers also chose to live with their parents or in-laws, while 29 per cent chose to work more than one job and around 33 per cent took advantage of first home owner grants to assist them in buying a home.
“For many people, owning their own home is a dream they are determined to make a reality, and our survey highlights the lengths some will go to,” according to Homeloans national marketing manager Will Keall.
“Many are willing to streamline their social life or pull in their belts to grasp that first rung of home ownership.”
The survey also showed that it took four out of five respondents a year to save for a deposit, while around 39 per cent took two years or more.
“A number said it took five years to have enough money for the deposit,” Mr Keall said.
“This highlights how Australia’s high cost of living makes it challenging to save, and that property prices are stretching home buyers to the limit.”
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