{"id":833,"date":"2022-04-06T23:02:18","date_gmt":"2022-04-06T23:02:18","guid":{"rendered":"https:\/\/mortgagecrushers.com.au\/?p=833"},"modified":"2022-04-06T23:02:18","modified_gmt":"2022-04-06T23:02:18","slug":"how-to-save-a-first-home-deposit-in-just-over-a-year","status":"publish","type":"post","link":"https:\/\/mortgagecrushers.com.au\/?p=833","title":{"rendered":"How to save a first home deposit in just over a year"},"content":{"rendered":"

It\u2019s taking young couples roughly five years on average to save for a 20% home loan deposit, according to new research. Want to hear something crazy, though? We know how to quarter that timeframe\u2026<\/b><\/p>\n

<\/p>\n

Real talk: it\u2019s never been tougher to save up a deposit for your first home.<\/p>\n

In Sydney the average timeframe is 8+ years. In Melbourne 6.5 years. And most other places across the country, 4 to 6 years.<\/p>\n

That is unless you happen to know a finance professional who can help first home buyers purchase a home with just a 5% deposit \u2013 and not pay any lender\u2019s mortgage insurance in the process.<\/p>\n

And how do we do that?<\/p>\n

Well, if you\u2019re eligible, we can hook you up with the First Home Guarantee (FHG) scheme \u2013 which will release 35,000 places from July 1 (more on this below).<\/p>\n

By getting in early on this scheme and reserving a spot, you can quarter the amount of time it takes you to save up for your first home deposit.<\/p>\n

Don\u2019t believe us, check out these stats<\/h3>\n

Below you\u2019ll see how long it\u2019s currently taking first home buyers across the country to save for a 20% home loan deposit (according to\u00a0Domain data<\/a>), compared to saving just 5%.<\/p>\n

Sydney:\u00a0<\/b>8 years 1 month (20%), down to 2 years (5%).
\nMelbourne<\/b>: 6 years 6 months (20%), down to 1 year 7 months (5%).
\nBrisbane:<\/b>\u00a04 years 10 months (20%), down to 1 year 3 months (5%).
\nAdelaide:<\/b>\u00a04 years 7 months (20%), down to 1 year 2 months (5%).
\nPerth:<\/b>\u00a03 years 7 months (20%), down to 11 months (5%).
\nHobart:<\/b>\u00a05 years 10 months (20%), down to 1 year 5 months (5%).
\nDarwin:<\/b>\u00a04 years 3 months (20%), down to 1 year (5%).
\nCanberra:<\/b>\u00a07 years 1 month (20%), down to 1 year 9 months (5%).
\nCombined capital cities:<\/b>\u00a05 years 8 months (20%), down to 1 year 5 months (5%).
\nCombined regionals:<\/b>\u00a03 years 10 months (20%), down to 11 months (5%).
\nAustralia-wide:<\/b>\u00a04 years 5 months (20%), down to 1 year 1 month (5%).<\/p>\n

So if you\u2019ve been saving towards a 20% for at least a year, you could be ready to hit the ground running when the 35,000 FHG schemes become available July 1.<\/p>\n

Tell me more about the First Home Guarantee scheme!<\/h3>\n

Ok, so the First Home Guarantee scheme (previously the First Home Loan Deposit Scheme) allows eligible first home buyers to build or purchase a home with only a 5% deposit, without forking out for lenders\u2019 mortgage insurance (LMI).<\/p>\n

This is because the federal government guarantees (to a participating lender) up to 15% of the value of the property purchased.<\/p>\n

Not paying LMI can save buyers anywhere between $4,000 and $35,000, depending on the property price and deposit amount (it\u2019s also worth noting that\u00a0property price caps apply<\/a>).<\/p>\n

But places in this scheme are on a first-come, first-served basis.<\/p>\n

So don\u2019t let the recent expansion to 35,000 spots lull you into a sense of complacency.<\/p>\n

They\u2019ll go fairly quickly, which means if you\u2019re interested you\u2019ll want to get in touch with us asap to ensure you\u2019re ready to lodge the application come July 1.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s taking young couples roughly five years on average to save for a 20% home loan deposit, according to new research. Want to hear something crazy, though? We know how to quarter that timeframe\u2026<\/p>\n","protected":false},"author":2,"featured_media":834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/mortgagecrushers.com.au\/index.php?rest_route=\/wp\/v2\/posts\/833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mortgagecrushers.com.au\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mortgagecrushers.com.au\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mortgagecrushers.com.au\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/mortgagecrushers.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=833"}],"version-history":[{"count":1,"href":"https:\/\/mortgagecrushers.com.au\/index.php?rest_route=\/wp\/v2\/posts\/833\/revisions"}],"predecessor-version":[{"id":835,"href":"https:\/\/mortgagecrushers.com.au\/index.php?rest_route=\/wp\/v2\/posts\/833\/revisions\/835"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mortgagecrushers.com.au\/index.php?rest_route=\/wp\/v2\/media\/834"}],"wp:attachment":[{"href":"https:\/\/mortgagecrushers.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mortgagecrushers.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mortgagecrushers.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}