Buying without the ‘Bank of Mum and Dad’: Is it possible for first-home buyers?

Zara, a communications professional, purchased her first property in Sydney’s inner-west in late 2023 with a 12 per cent deposit and assistance from the government’s First Home Guarantee scheme. Despite drawbacks, she believes it was worth it to start building equity. Research shows Australians are saving less for deposits, with essential costs rising, leading to longer saving times. To combat this, experts suggest cutting expenses, seeking better deals, and utilizing high-interest accounts for faster deposit accumulation.

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