First Home Buyers Reval Their Savings Plans

Most first home buyers were prepared to sacrifice lifestyle and save for just two years before buying their first home, a Mortgage Choice survey revealed.

The 2013 survey, which recorded first home buyers’ future intentions, found that 83% were prepared to save over one or two years for a deposit with one in four stating that they are putting away only 10% of their net income.

The figures were surprising given that one in three first home buyers surveyed revealed concern over rising house prices, said Mortgage Choice spokesperson Jessica Darnbrough to Your Investment Property Mag.

The survey of 1,000 first home buyers revealed that 66% would be prepared to forego a holiday if it increased their chances of owning a property sooner. A further 24% stated that they would be happy to delay starting a family and 19.4% revealed that they would move back in or stay with parents or in-laws if it meant they could save on rent.