The average first-home buyer in Australia has a deposit of $131,500, according to Money.com.au’s latest Mortgage Insights report. This deposit amount is based on the average owner-occupier loan for first-home buyers of $526,000 and a 20% deposit.
However, the average doesn’t necessarily reflect how much many first home buyers have actually saved up, with many buying a property with less than a 20% deposit.
The latest ANZ CoreLogic Housing Affordability Report found it would take 10.6 years to save for a 20% deposit for the median value home. It also states that 50.6% of the median household income would be needed to service a mortgage.