How Long Does It Take To Save For A Deposit?

It might not be as long as you think!

How Long Does It Take To Save For A 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 New South Wales for couples to save for a house is 6 years, which is the longest wait time in the country!

But thankfully here in the Hunter it's slightly less!

The figures show couples earning the average joint yearly income of $116,881 in Newcastle have to save for about 4.82 years for their first home deposit.

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.

Newcastle: Avg. joint income of $116,881 - 4.82 years.
Port Stephens: Avg. joint income of $101,995 - 4.81 years. 
Lake Macquarie: Avg. joint income of $111,907 - 4.73 years.
Cessnock: Avg. joint income of $103,030 - 3.25 years.
Dungog: Avg. joint income of $107,535 - 3.30 years.
Singleton: Avg. joint income of $134,632 - 2.84 years.
Upper Hunter: Avg. joint income of $117,136 - 2.46 years. 
Muswellbrook: Avg. joint income of $122,602 - 2.30 years.