Brighter And some

How to bust the gender pay gap to home ownership

by Kate Watt, Marketing Manager 11 September 2019

So we groaned out loud when we read a recent headline that it takes women two years longer than men to save for a house.

Looks like that pesky gender pay gap hasn’t yet up and left us.
It’s getting better, says Property Update who published the research, based on ABS data. But it’s not dead yet.
“There has definitely been movement in gender equality overall,” it reports.
“However, the wage gap is still around 14.1%, meaning women take home about $240 less every week on average.”
This means it would take a woman, on average, an extra two years to save for a home deposit.
So until the world shakes off the shackles of the gender pay gap, what can savvy women do to turbo charge their path to home ownership?
Your Mortgage offers these tips to “double your deposit in half the time”. We’re not sure about their maths, but the principles are sound: optimise your saving and wrangle in your spending.
Do a budget and cut out discretionary spending where you can… yes, the smashed avo shaming hasn’t gone away.
Manage your debts, don’t be a slave to your credit card.

  1. Optimise your banking. This means a no fee transaction account and a high interest savings account, where interest is calculated daily.
  2. When you have a few thousand saved, put it in a term deposit to get the maximum interest you can.
  3. Use your social network: ask your parents if they can help towards the deposit or live with family rent-free to help you save. Or sign up to house sit for friends, family or through house-sitting services.

Done the hard work and ready to buy? View our current listings for sale.