July 12, 2010, Australia – The second annual Bankwest First Time Home Buyer Report, found thousands of Queenslanders were being forced to rent or live with their parents for an extra six months as they struggled to save for a 20 per cent deposit. According to the news, the said first time home buyers have been moving even further than reach with first-home buyers needing to set aside on the subject of $84,800 to purchase a home for sale at the median house price. In Brisbane, it took even longer with buyers having to save for about 4.7 years to secure a deposit of $92,200. A year ago it took 4.2 years to save. However in Queensland, it took the best ever to accumulate for those deficient to pay money for in Noosa – 6.8 years, followed by Caloundra and Maroochydore – 5.8 years.
Bankwest retail chief executive Vittoria Shortt said saving to buy in coastal and mining towns took the longest.
Even though 10 percent was the only amount needed when it comes to money deposit on banks. Mr Molloy said that had grown to 20 per cent in the past 12 to 18 months because of stricter criteria as a result of the global financial crisis.
Source: Couriermail News
