Save for a House Deposit

3. Know what’s available for first home buyers

The First Home Loan Deposit Scheme, First Home Owner Grant and First Home Owner Assistance Scheme are in place to help you land your first home. If you’re saving for your first home, research the schemes available to see if you’re eligible to apply as they can reduce the amount you pay in stamp duty or how much you need for your deposit.

4. Start with the basics

Many small changes can make a big difference when saving. Take some time to sit down and analyse the basics in your lifestyle that can be tweaked to more cost-friendly options. This could be as simple as making your lunches and daily coffee at home, sticking to a shopping list or using public transport.

5. Build your budget plan

Once you have your house deposit goal, start planning your budget to get there. Set yourself timeframes for your saving milestones, know how much you must put into savings each week and schedule monthly check-ins to assess your budgeting.

6. Revamp your banking

Storing and tracking your savings is key when saving for a house deposit. Ensure that you’re keeping your savings in a saving-friendly account with beneficial interest rates, and separate your spending and saving accounts to minimise the risk of temptation and consolidate your current debt.

7. Rent smart

Renting while you are saving for a house can be tough. In this case, there are multiple changes you can make to your renting situation to help. Monitoring your appliance usage, comparing your energy suppliers to ensure you’re getting the best deal and recruiting a housemate are some examples of how you can make renting easier while you save.