It takes years for a savings account to hold enough money to buy a house - but how long?
Putting money in a savings account is the traditional way numerous people build up funds for a deposit to buy their first home.
However, while new research from Bankwest recently found that the average purchaser needs about 4.5 years' worth of savings to get on the property ladder, Justine Davis of news.com.au discovered that in certain parts of the country it could be a lot longer.
Bankwest retail chief executive Vittoria Shortt said those who want to buy in Sydney will need to deposit money in their saver account for over six years before they have enough cash for a house. When it comes to acquiring a medium unit, Melbourne is the most unaffordable, she added.
"Nowadays you really do need the double-income lifestyle to maintain a mortgage," Ms Davis suggested.
Those who need to maximise their nest egg may benefit if they compare accounts and obtain the best interest rate possible.
Posted by Kate Guthrie
