Most homebuyers plan to save for just two years before purchasing their first property, believing that sacrificing aspects of their lifestyle is necessary to acquire the funds they need.
This is according to the 2013 Mortgage Choice Future First Homebuyer Survey, which shows 83% of homebuyers plan to save a deposit over one to two years and that one in four buyers are only saving 10% of their net income.
Mortgage Choice spokesperson Jessica Darnbrough said the survey results are surprising given that it also revealed that almost one in three buyers are concerned by rising prices.
The research, which surveyed 1,000 Australians, further found that 60% of future first home buyers would be willing to miss out on a holiday if it meant they could get on the property ladder sooner.
An additional 24% of respondents said they are happy to delay having children, 19.4% would move back in/stay living with parents or in-laws in order to save on rent and 8% were willing to move to share accommodation.
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