Term deposits 'can help with first-time property buying'

By Mozo ·

Term deposits are a good option for first-time home buyers aiming to enter the property market within a relatively short period, it has been claimed.

In their regular column for News Limited, David Koch, host of Kochie's Business Builders on the Seven Network, and his wife Libby, noted that a number of confusing signals are currently being sent out regarding Australia's property market.

"Last week the QBE Housing Report forecast capital city property prices would rise 9-20 per cent over the next three years," they observed. "The following day the National Australia Bank's quarterly residential property survey forecast growth of just 1.5 per cent over the next year. It is incredibly confusing."

The pair suggested that people use this time of uncertainty to save up for a home so that they can take advantage and buy when the time is right.

Indeed, they urged first-timers looking to buy in less than three years to compare term deposits and grow their savings, particularly as there is "simply not enough time for shares and managed investments to work properly" in that time-frame.

The news comes after OneVue, a service provider to the financial advice industry, recently announced the launch of a transactional term deposit "hub" aimed at making term deposit switching easier.

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