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Aussies are saving for 7 years and 7 months on average to afford a new home loan

In this day and age the average new home loan in Australia’s raring hot property market is 600,000 dollars, up 17.7% over the last year.

Combine that the 20% deposit prospective buyers should be aiming for to purchase a house, and you’ll find yourself needing to save 118,096 dollars for an average home loan.

If you save $1000 a month from now, it’ll take you 7 years and 7 months to save up for the required house deposit.

In the December quarter, first-home buyers dropped 7.8% to occupy just 34.1% of the new owner-occupier home commitments in Australia.

A sigh of relief may be heard in the not so distant future though as the RBA is expected to raise interest rates to cool down the hot property market.

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