How long does it take to save for deposit?

Hint: It's a while.

How long does it take to save for deposit?

It's the question on every first home buyer's mind - how long will it take me to save for a deposit?

A new report released by Bankwest today reveals the average length in for Coast couples to save for a house is 5.8 years, which is the longest wait time in the country!

The figures were calculated with the estimation the average joint income for Coast couples is $105,586, and a deposit of 20%.

While it would take the same couple 4.48 years to save for a deposit on a local unit.

The average deposit-saving length for NSW overall is also six years. It comes as no surprise that this is the longest wait time of any state or territory in the country.

Bankwest's General Manger for Personal Banking, Donna Dalby said the increase in house prices compared to the rise in people's wages, don't add up.

"All this means the average savings time for a NSW home is 1.4 years more than the national average," she said.

 

Stats on house deposits from other areas:

Lake Macquarie: Avg. joint income of $111,907 - 4.73 years.

Newcastle: Avg. joint income of $116,881 - 4.82 years.

Hornsby: Avg. joint income of $131, 518 - 5.3 years.

Camden (Southwest Syd): Avg. joint income of $126,468 - 3.9 years for a UNIT (shortest time in Sydney area).

Mosman (North Shore): Avg. joint income of $173,638 - 20.42 years (longest time in Sydney area).

Bogan (Northwest NSW): Avg joint income of $119,279 - 1.2 years (shortest in NSW).

Sydney: Avg of 8.2 years to save for a house.

Melbourne: 6.4 years to save for a house.

Brisbane: 4.5 years.

Adelaide: 4.2 years.

Canberra (Unit): 3.1 years.

Capital Cities average: 4.9 years.

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