Shock time it takes borrowers to save in some careers revealed

It’s a hard market to get into these days. Picture: Liam Kidston

They are the careers that can cost you a home loan.

New Finder research has revealed which jobs take singles the longest to save home deposits in major Australian capital cities, and it makes for grim reading.

Nurses, teachers, vets and bricklayers could take more than half a century to save a deposit for a median priced house in Sydney, while even professions perceived as having higher incomes, such as dentistry or engineering, would take decades when coming into the workforce at an entry level.

Melbourne singles needed more than 15 years to save a deposit for their first home on average, with junior lawyers among those struggling the hardest to buy alone.

A single person in Brisbane needs at least 28 years to afford a house on their own. In Queensland, the time needed to save for a 20 per cent house deposit has surged by up to six years in just 12 months — a jump exceeding any other capital city and up to three times the national average, depending on salary.

Meanwhile, in Adelaide, workers with a surprising job could expect to get into the market the fastest.

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Finder head of research Graham Cooke said it was “shocking” how long it would take to save a 20 per cent deposit following recent property price hikes.

He noted that prices were climbing in most areas at a faster rate than wages, with prospective homebuyers struggling to keep up.

Finder’s head of consumer research Graham Cooke.

“People think rates are the be all and end all and we hear so much about prices but what’s less discussed is the deposit,” Mr Cooke said.

“People don’t realise just how long it now takes to save a deposit to get on the bottom rung of the property ladder.

“That bottom rung is just getting higher and higher.”

Mr Cooke said the findings showed blue collar workers were in the best position when it came to buying a home.

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Tradies’ apprenticeship pay meant they could start saving faster than white collar workers who often only started to get an income above minimum wage after finishing university, and could also expect some concern over AI disruption, he said.

“Entry-level positions are the most at risk, particularly in creative and white-collar fields,” he said. “On the other hand, you can’t get AI to fix your toilet. Trades still pay well and offer more security.”

Finder’s analysis simulated the expenses of an average Aussie school leaver saving 22 per cent of their disposable income, while living out of home and renting in shared accommodation.

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Creative industry workers were far worse off than tradies for getting into the market

The study factored in university degrees, trade apprenticeships and median graduate incomes, along with annual wage growth of 3 per cent after the first five years.

Mr Cooke was doubtful that the federal government’s expansion of the First Home Guarantee Scheme would radically improve market accessibility for new buyers.

While the scheme now allows first-home buyers to purchase with deposits of five per cent, Mr Cooke said this could actually put buyers in a worse position financially.

This is why single mum Kate Heussler chose to buy before the scheme came into effect, aiming to avoid price hikes and a massive mortgage.

Ms Heussler said she realised her first home loan was going to get even larger if she did not buy when she did.

“Even though I could have been loaned more, I didn’t want to be a first homeowner dealing with a million dollar loan,” she said.

“If I didn’t get something then, I was going to be priced out for another five years.”

Ms Heussler saved up for the best part of a decade, while raising her daughter, before buying her one-bedroom unit in Sydney’s Northern Beaches.

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