How much do I need to save for a house deposit?

The Bankwest Curtin Economics Centre found that the difference between how much savings a young person has and how much they need to put down on a deposit on a house is about $30,000.

To save $30,000, a person earning $70,000 a year needs to put away ten per cent of their net income for about five years.

Growing your savings is easier and quicker if your savings account meets your needs and delivers a good rate. Shop around and compare deals on infochoice.com.au.

Source: Banking Day

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