Owners of Parq on Flinders are allowing first homebuyers to pay off their deposit in installments to ease the pain at the purse.

Colliers International Wollongong managing director Simon Kersten, who also sits on the board of the Property Council of Australia, takes credit for the idea.

He said it didn’t take a lot to convince BRDB, the Malaysian developer creating the 221 apartment complex, to get on board with the idea.

“One of the big issues [the Property Council is] trying to address is housing affordability. We’re aware so many people are struggling to get into the market and buy their first home … the first homebuyer was the one we could address this way,” Mr Kersten said.

“[BRDB] have been developing for a very long time. They take a really long term approach on what they do.

“They wanted to show that they genuinely cared about Wollongong and wanted to show they were here for the long-term and not out to make a quick buck, so they embraced it straight away.”

It comes as a RateCity analysis found singles were being priced out of the market in Wollongong, with the average homebuyer needing a six figure salary to comfortably make repayments on the average house.

The cheapest one-bedroom apartment on offer at Parq on Flinders is $419,000 while the cheapest two-bedroom is at $559,000.

Mr Kesten said BRDB was a large and financially strong company so was fine to fund this type of initiative, though hoped other developers in the Illawarra would take it on board.

Rebecca Osborne, 24, from Woonona was one of the first to accept the offer after two years of looking at off-the-plan homes, buying a one-bedroom apartment with study.

“It’s particularly [concerning] in Wollongong the pricing is so high, it’s so hard to be able to save a deposit and live, particularly if you are renting,” Miss Osbourne said.

“Having the 10 per cent deposit to pay up front, to try and get the lump sum is ridiculous for some people and they end up renting for rest of their lives.”

The law student has returned to university full-time and admitted several years of living at home on a full-time wage definitely helped her savings.

“I did a bit of a budget of what I thought I needed to save and worked out how much I needed to be putting away each week and what was reasonable,” she said.

However saving every spare penny didn’t mean Miss Osbourne had to go without, as long as she planned ahead.

She’s had four overseas trips to America in the past four years, plus shorter domestic stays, as well as treating herself to a new dress and a night out every now and then.

Her advice for others trying to get a foot in the door of the property market is wait until you find something that ticks all of your boxes.

“I think with a couple of the others I looked at I wasn’t really sold on them but I nearly bought them because didn’t think there was going to be something else that came up,” Miss Osbourne said.

“There’s so much development happening around Wollongong, if you’re not 100 per cent happy wait because I think something will come up that you like.

“It’s a huge step, you need to be sure.”

* Singles priced out of the market

* Free first homebuyer seminar

* Bye bye Gateway, Parq on Flinders is ready for takers