Interest rates are going up! Why is it getting harder to save?
Putting together a deposit should be getting easier. Banks are desperate for our deposits but where are the amazing deals?
Despite the highest official cash rates from the RBA since 2007, the national savings rate is falling. In the latest official figures from the ABS, national income was up 12%, household income up 7.7% but the household savings rate fell to just 4.5% from 11.2% at the start of the year.
If saving for a home deposit is your goal, don’t give up! Our Leg Up can help to keep your goals within reach. Our Leg Up can assist you receive home loans on as little as a 5% deposit.