New research from Genworth reveals that it is those who have recently completed their tertiary education that are doing the best when it comes to saving for a new home.
The findings highlight how recent university graduates spend less time saving for a deposit than the average Australian. A reason for this could be their lower level of debt. Only 26% spend more than 50% of their income on debt compared to the national First Home Buyer (FHB) average of 28%.
University grads are also quicker at compiling their savings. Just 13% spent more than four years saving for a deposit, compared to the recent FHB average of 16% and the national average of 22%.
However, when it comes to repayments graduates were not faring quite as well with relatively high levels of mortgage stress than other FHBs. Almost one in ﬁve (19%) of the surveyed recent graduates had experienced difﬁculty meeting repayments in the past year, well clear of the FHB average of 13%.
Finally, when it comes to buying property, recent university graduates are particularly likely to be interested in investing. Among surveyed graduates, 12% say they own only an investment property, while the overall national average is just 5%.
*Statistics taken from ‘Streets Ahead – The Genworth Homebuyer Confidence Index, Fifth Edition, September 2012.