Saving for a home deposit? Here’s how much more you’ll need, despite the downturn
- realestateprotips
- Feb 14, 2023
- 1 min read
Australians saving a house deposit need to have tens of thousands of dollars more than they did just three years ago, even as prices fall in the market downturn.
The savings required for a 20 per cent deposit ballooned during the pandemic property boom, which saw house prices skyrocket in Sydney and Melbourne, and are still up on 2019 levels.
It has left a growing number of buyers asking for help from “the bank of mum and dad”, experts say. Others are willing to pay lenders’ mortgage insurance, required for deposits of less than 20 per cent – which now sit at more than $200,000 for the median-priced house across Australia’s combined capital cities.
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