How long does it take to save up for a mortgage?

In Australia your whole lifetime. When you can finally afford to buy a house you die.

Depends upon the price of the house and what program you qualify for. FHA doesn't require too much in the way of a down payment (4%?). There are other hurdles like debt to income ratio, are you employed full time, etc.

For an FHA loan, it shouldn't be more than a 3% or 4% down payment.

Depends on what you are purchasing - house, condo, co-op, the approximate purchase price, your income, what mortgage programs you qualify for, among other factors. You may want to reach out to a mortgage lender to see what mortgages and amounts you qualify for and what the down-payment requirements are

In Australia :


Sydney - Let’s say avg home is $1.2 Million

20% deposit preferred.
That’s 240K AUD (approx 161K USD)

Now it is upto you how you many years you need to save that money (single / partner / parents chip in )


Then you will work until retirement to pay off the remaining mortgage.

Wages to house prices are ridiculous.

More than a week.

you cannot afford a mortgage where I am

It’s the down payment you need to save up for and you also have to qualify for the mortgage. The down payment varies depending on the price of the home and the amount of mortgage you qualify for and maybe some other things factor into it. Some places have programs to help you purchase your first home.

All your life until the point you buy

get a commercial loan, buy a four unit property. live in one rent the other three. become your own slum lord in effect!

Without help from family it could take the better part of a decade .

I guess it depends on how much you earn and save and the cost of buying somewhere to live