Tags :AustraliaBusinessConsumerfinancehousingPROPERTYReal estate
According to data provided by the Australian Bureau of Statistics (ABS), the average deposit needed to secure a mortgage loan was $106,743, This is an increase by 16 percent compared to January 2019.
Finder’s First Home Buyers Report 2021 predicts that some first-home buyers will need to save 20% more than a decade.
Research found that buyers in the ACT felt a greater need for a home deposit.
The Nation’s Capital average home buyer deposit is $117 790. That’s enough to get a loan of $471161. This is an amazing increase of 24% from 2019.
NSW is still the best-ranked state for buyers who have the highest amount of debt. First-time homebuyers can borrow $513.876, and save $128.469 on average.
Below is a breakdown of each state and the average loan amount.
Sarah Megginson, Finder’s home loan expert, stated that saving money for a down payment on a house can be a major financial hurdle.
Ms Megginson stated that potential buyers are left confused by a volatile property market that isn’t slowing down.
“Low interest rates make it cheaper to pay down a mortgage. This has made it harder to save for a deposit as the property prices have risen.
These findings come as Australia’s property markets record their strongest growth in nearly 5 years. The average residential home now costs more than $720,000
The median home in Australia is growing at the fastest rate in 32 years.
Ms Megginson stated that first-time buyers can take advantage of incentives to help them get on the market, even if it seems impossible.
Ms Megginson stated, “The First Home Loan Deposit Scheme” allows eligible buyers to apply with a mortgage with a deposit of 5%.
This means that you will only need $30,000 to save on a property worth $600,000.00. This is much more affordable than a six-figure sum, and can help younger buyers get into the market early.
Although this could increase the cost of your mortgage over the life of the loan through interest, the potential returns that you can make as the property’s values rise over time could be more than the additional interest costs.
AVERAGE FIRST HOMEBUYER DOWNLOAD STATE BY-STATE
|State||Average first home buyer loan||Average first home buyer deposit||Increased since 2019|
|ACT||$471,161||$117,790||24 per cent|
|NSW||$513,876||$128,469||23 per cent|
|NT||$400,000||$100,000||20 per cent|
|TAS||$325,751||$81,438||17 per cent|
|VIC||$452,369||$113,092||16 per cent|
|WA||$371,048||$92,762||14 per cent|
|QLD||$383,136||$95,784||13 per cent|
|SA||$342,840||$85,710||8 per cent|
|Australia||$426,971||$106,743||16 per cent|
Source: Finder, ABS loans data
These are the best rewards points offers:
You can redeem $100 grocery gift vouchers to determine the value
|Lender||Name of the card||Register points||Burn rate $100 egift card||Value of points||Annual fee||Annual fee (s) minus the value of pts||Rate||Pay attention||Other perks|
|Citi||Prestige (Citi Rewards)||200,000 points||20,900||$957||$700||$257||21.49%||High annual fees||By accumulating points or continuing rewards, you can get travel deals.|
|Bank of Melbourne St George, BankSA||Amplify Signage – Rewards||2 years, 200,000 points||22,800||$878||$279||$320||19.74%||To obtain total pts you will need 2 annual fees||Ongoing rewards points, 2 lounge passes / yr, insurances.|
|ANZ||Black Rewards||180,000 points||22,225||$810||$0 in Year 1. Then $375||$810||20.24%||High annual fees will apply if your card is not cancelled within one year. High interest rates||Insurances and ongoing reward|
|Westpac||Altitude Black (Rewards).||150,000 points||23,500||$638||$250||$388||20.49%||High interest rates and an annual fee||Ongoing rewards pts, insurances, 2 lounge passes /yr|
|Citi||Premier||130,000 points||20,900||$622||$150 in yr 1 and $300 in yr 2.||472||21.49%||High interest rates. High cancellation fees after one year.||Insurances and ongoing benefits|
|NAB||Rewards Signature Card||120,000 points in 2 years||19,230||$624||$295||$34||19.99%||You will need to pay two fairly high annual fees in order to get your total points||Insurances and ongoing reward|
|CBA||Diamond Awards||120,000 points in 2 Years||20,650||$581||$349||-$117||20.24%||To receive your total points, 2 annual high fees will be required. High interest rates||Insurances and ongoing reward|
|ANZ||Rewards Platinum||120,000 pts||22,225||$540||$0 in Year 1. $95 thereafter||$540||20.24%||High interest rates||Insurances and ongoing benefits|
|Bankwest||More World Mastercard||115,000 Points||40,000||$288||$270||$18||19.99%||The minimum card spend for bonus points is $84K per annum. Sometimes, points are worth half as much as other reward programs.||Ongoing rewards, 10 lounge visits, insurances|
|Suncorp Bank||Clear Options||100,000 points||20,900||$478||$129||$349||20.74%||High interest rates||Insurances and ongoing reward|
This website is intended to provide general information only and not to be a source or financial advice. This information was not prepared taking into account your financial situation, personal goals, or specific needs. Before you act, make sure to evaluate the suitability and relevance of any information on this website in light your financial situation, objectives, needs, and goals.