If the deposit doesn't get you, the RBA might
As the Reserve Bank of Australia pledges to fight hard against inflation by raising interest rates, buyers are also facing record deposits to get a foot on the real estate ladder.
More than a third (36 per cent) of first home buyers took five years or more to reach a home deposit, while nine per cent needed 10 years or more. (Image source: Shutterstock.com)
Even if you can manage to find the record high amount needed for a deposit on a new home, the threat of further interest rate hikes from 5 July might be the straw to break the property camel’s back.
New research by Finder found that the average deposit size used by first home buyers to get their foot on the market has grown to $119,560.
The 11 per cent increase over the past year means the deposit is 30 per cent more than Australia’s average fu…
