
No surprise why 3 in 5 renters can’t save for a home
The majority of Australian renters have all but given up on saving for a house deposit, for reasons that should surprise no one.

The majority of Australian renters have all but given up on saving for a house deposit, for reasons that should surprise no one.

For most Australians, taking out a home loan will be the biggest financial decision they can expect to make. As property prices rise over time, homebuyers must borrow more and more to enter the housing market and save up more and more for that critical first home loan deposit.

This article has been updated to reflect Domain's September 2024 Rental Report , as well as data collected for the 2024 Mozo rental report .
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Caught between high interest rates, a booming property market, and the cost of living crisis, the majority of homeowners in Australia are feeling the heat from their home loans.

With the holidays almost here, it’s a good time for home buyers to regroup. After all, it’s been a challenging time for both those stuck with high mortgage rates and those trying to break in amid lofty prices.

Despite the Reserve Bank putting off much anticipated rate moves, ANZ today made interest rate cuts to its main variable rate home loan.

The Reserve Bank of Australia (RBA) might not have moved on interest rates this month, but NAB has jumped the gun by dropping one of its variable rate home loans.

ANZ has dropped its fixed rate home loans for the second time in just one month, with rates now as low as 5.74% p.a. as the battle heats up between the Big Four for low-risk borrowers.
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Buyers unable to front-up a 20% deposit for a home loan are paying up to an estimated $33,000 extra on an insurance product designed to protect the bank’s bottom line from mortgage defaults.

As we sink our teeth into the spooky season, a spine-tingling cautionary tale about a creature most foul and cunning, confined to the shadowy corners of your finances until it’s time to strike.