Bankwest’s First Time Buyer Deposit Report 2010 has outlined that first home buyers across Bunbury require an average 3.5 years to save 20% of their home loan deposit.

The report, released yesterday, depicted that it was taking a lot of time for first home buyers to save for a home compared to the same period last year.

The savings period for Dardanup Shire was found to be 3.7 years, marking a slight fall from last year, while saving for a home deposit in the Shire of Harvey was claimed to be four years.

Shire of Capel hopefuls was revealed to bear an average savings time span of 4.9 years, above the State average of 4.6 years and three months more compared to prices recorded last year.

A spokesman from Bankwest claimed that Greater Bunbury was comparatively affordable to South West address – first time buyers seeking for a home in Busselton or Margaret River will have to save for 5.6 and six years, respectively.

Real Estate Institute of Western Australia Bunbury Chairman, Roslyn Ierace posted that the large variety of property available in Bunbury assisted in making it a more cost effective affair for first home buyers.