The average Australian’s mortgage payment is more than double the national average.
But it can take more than four years for your deposit to reach the official figure, meaning you’ll need to pay a significant premium.
How can you save?
Here’s what you need to know about the cost of buying a house.
How much does it cost to buy?
Most people pay an average of $500,000 for a house, and it’s only worth the deposit when the deposit reaches $1 million.
The official figure is $1.4 million, but you can get more than that with a mortgage.
However, if you’re paying less than the official number, you’ll have to take on additional debt to cover the difference.
Here are some key factors to consider when buying a property: how much interest will you pay?