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How to save for your first property

Saving for a house deposit doesn’t have to be a daunting ordeal…

With property prices sky-rocketing at an exponential rate it is getting harder and harder to save for a house deposit and purchase your first property. It seems the longer you take to save your deposit, the higher the price your house is going to be when you do get around to buying it.

Posted: 11/08/2021

So, can it be done?!

Saving for a house deposit doesn’t have to be a daunting, lengthy ordeal.

The first thing on the checklist is to clear all your non-deductible debt such as credit cards and car loans – there’s no point in paying that back slowly because you’ll only lose money in the longer term. Cut up the credit card once this step is complete, and never look back!

Now for a lifestyle overhaul…

There’s no need to follow the ‘just eat baked beans and 2-min noodles’ mentality or force yourself to live so frugally that you’re reading bank statements as if they were novels. However it’s important to be wise with your money. Learning to balance out short term gratification with long term objectives is a great way to get on the forefront of your savings.

You must be accountable to yourself.

We’ve included below some simple lifestyle swaps you can implement in your day-to-day life that will help you cut down on the things you may not need to spend on. You might be surprised…

Please note all data below is based on average Australian outgoings.

Getting started, and staying on-track

Essentially, if you want to save money you can’t keep doing the same things you’ve always done. You have to either eliminate spending or simply swap out certain expenses and habits with less expensive ones.

It’s important to remember, emotions play a huge role in saving money, if you are miserable you will splurge, if you are happy then you will continue saving.

Don’t underestimate how much you can save by making small changes. If you’re in a position where you’re thinking about taking the next step and purchasing your first property, please get in touch.

We currently have a highly attractive investment opportunity that starts at only $60k, reach out to learn more.

Or find our contacts below, and live chat in the lower corner 

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