07 Feb First Home Buyers on the Rise
Budding home owners are out in force, with the number of first home buyers taking out loans surging to a six-year high.
The proportion of first-time buyers in the home loan market has risen to 18.3 per cent.
According to CommSec chief economics Craig James, first home buyers are celebrating the greater choice of properties on the market, more attractive prices and super-low interest rates.
But getting into the property market is a huge financial commitment that can cost new home buyers more than they might expect.
One-in-five people under 35 save less than 10 per cent of their after-tax income, and 17 per cent save nothing at all, research from financial comparison website Canstar found.
The first step towards reaching a home-ownership goal is committing to a savings plan to reach a 20 per cent deposit plus additional purchase costs.