Brighter And some

Rental pressure driving Aussies to fast-track home deposit savings

by Kate Watt, Marketing Manager 10 August 2023

Aspiring first home buyers have increased their deposit savings despite cost-of-living pressures in a move which shows just how determined some Aussies are to break free of renting.

A new survey from Canstar shows Aussies have turbo-charged their savings by $188 per month this year, reports

This takes average monthly savings to $1605, which is 13% higher than last year.

“First home buyers being able to save more in a cost-of-living crisis shows how determined Aussies are to get off the renting treadmill,” says Canstar Editor-at-Large Effie Zahos.

“Property prices are continuing to rise but rents are also rising to historic highs. Renters are no doubt feeling the pressure to get a foot on the property ladder.”

The survey showed first home buyers were realistic about their buying power. Just over half, 51%, had a conservative budget of under $600,000 for their first home.

While 28% were budgeting $600,000 to $800,000. That figure dropped to 21% for those aspiring to an $800,000+ first home purchase.

Aspiring buyers were also turning to their family for support. Almost a third of deposit savers (29%) were receiving some kind of support from their parents.

“Parents are certainly preferring to offer assistance in ways that don’t require them to put their hands in their own pockets,” Ms Zahos said.

This could include offering no rent while living at home (7%).

“It’s far less risky to have your kids live at home rent-free to help them save for a deposit than to just give them a deposit or put your house on the line,” she said.

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