• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The Interiors Addict

Heart Your Home

@interiorsaddict on Instagram   @interiorsaddict on Facebook   @interiorsaddict on Pinterest  
Subscribe
  • Job Board
  • About
  • Before & Afters
  • RENO ADDICT
  • Kitchens
  • Bathrooms
  • Kids Rooms
  • Bedrooms
  • Living Room
  • Shopping
  • Expert Tips
  • Recipes
  • Parenting
  • Travel
Interiors Addict
  • Job Board
  • About
    • Our Story

      Australia’s largest interior design, styling and renovation blog for the everyday Aussie. By former journalist and magazine editor Jen Bishop, the original interiors addict!
      READ MORE

      We’re big on Instagram!
      @interiorsaddict

      • About
      • Contact Interiors Addict
      • Work with Interiors Addict
      • Advertise / Find a job in Interiors
      • Press
    • Get Your Free Ebook

      This field is for validation purposes and should be left unchanged.
    • bookcover-jens-reno
  • By Room
    • Browse by Room

      Where you can search for all our posts about a specific room. Only interested in kitchens and bathrooms? We got you!

      • Kitchens
      • Bathrooms
      • Kids Rooms
      • Bedrooms
      • Living Room
      • Home Office
      • Dining
      • Laundry
      • Outdoor & Exteriors
      • Renting
    • bookcover-jens-reno
  • Before & Afters
    • Before & Afters

      Who doesn’t LOVE a good before & after? If you want to be inspired by the whole reno process, and not just the shiny photos at the end, this is the place for you!

      View Articles

      • Before & Afters
      • Jen’s reno
      • Real Renos
      • RENO ADDICT
    • DSC_0257Designing Wandarra: Breathing new life into a 1980s homestead
    • 20240206_185022-01Before & after: tiles steal the show in 90s kitchen revamp
  • Reno Addict
    • RENO ADDICT

      Looking for reno inspo? Find it all here, from other people’s projects to the latest trends, tools and products, whether you’re DIY-ing or employing trades.

      View articles

      • Reno Products
      • The Block
      • DIY
      • Reno Trends
      • Before & Afters
      • Real Renos
    • AUS_TVC_DanishBlue_LadyGreyBT_2025_003_LRThink a beautiful kitchen has to cost a fortune? You’d be wrong!
    • Copy of Gallery Image Greylac KitchenStone Ambassador’s success story goes truly national
  • Shopping
    • Shopping

      Want to know where to buy the latest furniture, homewares, rugs, art and more? We’re always sharing our latest finds and telling you where you can buy them.

      View Articles

      • Furniture
      • Homewares
      • Art
      • Smart Home
      • Appliances
      • Reno Products
    • kuddlava-table-lamp-pleated-white__1416409_pe975547_s5.jpgWhat’s new in furniture and homewares: June 2025
    • 20250516_DinosaurDesigns_SH_13_2035 2Vases the heroes in new Dinosaur Designs Bones collection
  • Inspiration
    • Inspiration

      While Jen’s a legitimate interiors addict, she’s no design professional, so she calls on an army of the country’s best to share their expertise with you. Be inspired by their stories too!

      View Articles

      • Decorating 101
      • Interviews
      • Expert Tips
      • Before & Afters
      • House Tours
      • Designers
      • Styling
      • Renovating
      • Real Renos
      • Covet my coffee table
    • r+r-coolangatta_rachaeltagg-0343A luxurious slice of Italy on the NSW South Coast
  • Lifestyle
    • Lifestyle

      We’re mostly about the home but Jen also likes to share other things she thinks you’ll love, like food and travel.

      • Recipes
      • Travel
      • Parenting
    • Easy roast chicken with lemon myrtle, pepper berry, and pepper leaf p. 78Foodie Friday: Easy roast chicken with an Australian touch
    • Muse marrakech Retreats Co Riad Botanica courtyardAussie in Morocco launches design retreat in Marrakech
  • Jobs
    • Advertise on our job board
    • Job Board FAQs for advertisers

How to save a deposit for your first home

By Phoebe Bates •

FacebookPinWhatsAppEmailTweet

By Veronica Morgan

Although house prices around Australia have stalled slightly this year, it’s still tough out there for many Gen Ys and Millennials to scrape together a deposit for their first home.

Ideally, you’ll need to save 20% of the asking price plus purchasing costs, but might get away with 10% plus costs if you’re prepared to pay lender’s mortgage insurance.

A question I am often asked by many young people keen to get on the property ladder is how exactly do you come up with such a large amount of money?

Unfortunately there is no way to sugar coat this, you’re going to have to stop spending and start saving!

I recently met with some very motivated young buyers who had all managed to buy their first property by the age of 25. They shared with me four creative ideas on how to save:

  1. Move in with your parents – if you save $400 a week on rent, that’s over $20,000 per annum!
  2. Give up your morning latte – one a day adds up to over $1400 a year.
  3. Pack your lunch and drink tap water – a conservative saving of $10 for every day of work a year equals $2300!
  4. Save your shrapnel – at the end of the day put all your coins and $5 notes in a jar (it’s surprising how much you can save this way).

If you implement the four steps above your should be able to save over $25,000 in one year with only minor changes to your lifestyle. But it’s still going to take you nearly five years to save enough for a $500,000 property, so here are a few other ideas:

Ditch the car or do a car share

You could save a whole lot more money by getting rid of your car. According to various motoring associations, the annual running cost of a small “micro” class vehicle is over $6,000 per annum (plus registration and insurance). If you really can’t do without your wheels, perhaps you could join a neighbourhood car share scheme. According to Car Next Door, you could make between $2,500 and $10,000 profit per year depending on your vehicle and how often you make it available.

Go halves

Partner up with your sibling or trusted friend and look at the option of a more affordable investment property. Just make sure that you enter into a co-ownerhsip agreement before you commit!

Super size it

Talk to your accountant about the option of using your superannuation to accelerate your saving goals.

Cut up the credit cards

Or at the very least, keep only one card and reduce the limit to $500 for emergencies only! Alarming statistics from budgeting company Fox Symes reveal that a huge 86% of Gen-Yers admit to overspending on everything from groceries to entertainment, clothes and holidays – and often through credit card use.

Stay single

Recently I met with a couple who said goodbye to their dream of home ownership when they decided to spend $60,000 on their wedding. Call me a cynic, but given that the divorce rate is almost 50% in Australia, your money would be better used for a deposit on a home!

The good news

I do have a little bit of good news. A number of recent studies have shown that loan repayments are actually easier to manage today than they were for your parents in previous decades. So once you get over that initial deposit hurdle, you’ll find things ease up (well, a little bit anyway).

Veronica Morgan is the principal of Good Deeds Property Buyers, co-host of Location, Location, Location Australia on Foxtel and co-host of The Elephant in the Room property podcast.

Veronica Morgan on whether you should help your adult children get on the property ladder.

FacebookPinWhatsAppEmailTweet

June 26, 2018

Primary Sidebar

Popular This Week

  • Latest Kmart Home range, coming later this month

  • Australian bathroom standards: dimensions explained by an expert

  • Kmart’s latest homewares have hit stores: the key pieces

  • I tried the latest robot window cleaner and I’m obsessed!

  • Decor + Design 2025: the trade show countdown is on!

Follow us on Instagram

Australia's first 3D printed house is complete! An Australia's first 3D printed house is complete! And this pair of duplexes look pretty stylish too! Ground floor is printed concrete and the top floor is made from lightweight modular panels.

Want to read all about it and see more pix? Comment '3d" and we'll send the article link straight to your DMs! Or find it on the homepage via link in bio.

#3dprinting #3dprinted #3dprintedhouse #3dprintedhome #3dprintedhomes #houseofthefuture #australianhomes #australianhousing
New @kmartaus home coming later this month and her New @kmartaus home coming later this month and here's a few of the standouts, with pricing and more info on the blog now, via link in bio.

Anything catch your eye?

#kmartaustralia #kmarthome #kmartaus #kmartstyling #affordablehomedecor
A custom look on a budget: we love how this rangeh A custom look on a budget: we love how this rangehood cover was fashioned from a piece of American oak benchtop!

This fresh coastal kitchen showcases some of @kaboodlekitchen's latest products to achieve a truly individual space, without paying a small fortune. V groove doors, premium wireware inserts and a concrete look benchtop make for a great combination that's at the same time on trend and timeless. 

See more on the blog now via link in bio and stories.

#flatpackkitchen #budgetkitchen #uniquekitchen #bluekitchencabinets #vgroove #kaboodle #kaboodlekitchen
Swipe for before An interior designer shares the Swipe for before 

An interior designer shares the clever ways they took this homestead from tired 80s to a welcoming country retreat for holidaymakers without spending a fortune or starting from scratch.

This fireplace became a beautiful focal point after a lick of paint, for example.

See more before and afters from @wandarra_homestead on the blog now via link in stories/bio.
How heavenly is AFL star @rhysstanley_'s home he s How heavenly is AFL star @rhysstanley_'s home he shares with wife @kirstenstanley_ and their young kids?!

When they first set eyes on an expansive acreage on Victoria's Surf Coast, they knew it was the perfect place to build their forever home and embrace working farm life. @studiohallihan helped them bring it all together perfectly!

Take the tour on the blog now, via link in bio and stories.

#modernfarmhousehomes #australianfarmhouse #workingfarm #surfcoastlife #foreverhomes #farmhousestylehome #geelongfootballclub #geelongcats
Brand new furniture in an 1877 house and IT WORKS! Brand new furniture in an 1877 house and IT WORKS!

@castleryau have named the talented stylist @stevecordony as their first Australian brand ambassador and he's curated a capsule of their furniture which he styled to perfection at his stunning country house @rosedale_farm 

I was lucky enough to see the pieces in situ last week and I honestly couldn't believe how well it all worked! They were going for accessible luxury and well, he delivered, and then some!

Head to the blog via link in bio to read more about the partnership.

#castlery #castleryau #stevecordony #rosedalefarm #affordablefurniture #australianstylist
If you pick your restaurants for the interior as m If you pick your restaurants for the interior as much as the food, you might want to add @pinosalmare  by @nicgrahamandassociates to your date night list! 😍

@smartstoneaustralia's stunning Calacatta Viola sintered stone surface features throughout, making a bold statement while being durable enough to be used in the busiest areas.

Inspired by Puglia, Pino's (named after the owner's father) in Cronulla has a real seaside vibe. The Smartstone was also chosen for the outdoor tables due to its UV stability.

#calacattaviola #smartstone #restaurantinteriors #restaurantinteriordesign #italianrestaurantsydney #engineeredstone #sinteredstone
SPA VIBES was the brief for this bathroom and @jas SPA VIBES was the brief for this bathroom and @jasminemcclellanddesign delivered. And then some!

"With a keen eye for design, they wanted their main bathroom to feel calm, spa-like and elevated with more storage, better layout, and soft, layered textures in a neutral palette. Lighting was another big focus, with the goal of creating a space that felt luxurious enough to unwind in, preferably with a glass of champagne in the bath.”

Is it a yay or a nay for you?

Head to the blog via link in bio/stories for all the suppliers as well as a look at the powder room with its bold wallpaper 😍

#spabathroom #zenbathroom #spavibes #bathroomremodels 

📸 @jonathantabensky
Vacuums, mops, empties itself. Slim enough to get Vacuums, mops, empties itself. Slim enough to get under the lowest furniture and beds.

Comment 'enter' and we'll DM you the link to enter for your chance to win this top of the range $1499 robot from @ecovacs_anz, the DEEBOT T50 PRO OMNI.

Good luck!

#robotvacuumcleaner #robotvaccum #robotvacuummop #robotmop #smarthome #houseworkhacks
Follow on Instagram
Visit Jen's profile on Pinterest.

Get Your Free Ebook

Ebook cover

Never miss the latest renovating and interiors products, news and inspo again! Sign up for our newsletter and we'll send you the best bits from the blog, direct to your inbox. Plus you'll get our latest eBook: Just One Thing To Elevate Your Interior, featuring Australia's top design talent.

This field is for validation purposes and should be left unchanged.

About Phoebe Bates

Phoebe Bates is our editorial intern as part of her Law/Media & Journalism degree at UNSW.

More from Expert Tips

Unexpected places to use wallpaper (that aren’t just your walls)

Designing Wandarra: Breathing new life into a 1980s homestead

Throw a Pinterest-worthy party with these styling essentials

Tomorrow’s bathrooms are warmer with more personality: opinion

From neutral to bold: best carpet colours for your living room

How to do colour drenching: the refined version

5 simple hacks to lower your energy bill this winter

How to put together a stain emergency kit for your home

Quartzite is the new ‘it’ stone but it’s more than just Taj…

Promo Area

Footer

Interiors Addict

Interiors Addict

  • About
  • Contact
  • Work with Jen
  • Press
  • Jobs
  • Privacy Policy
  • Disclosure Policy

Browse

  • RENO ADDICT
  • Jen’s Reno
  • House Tours
  • Real Renos
  • Interviews
  • Styling
  • Designers
  • Bedrooms
  • Covet My Coffee Table
  • Expert Tips
  • The Block
  • Art
  • Furniture
  • Recipes

Follow Us

  • Facebook
  • Instagram
  • Pinterest
  • RENO ADDICT

Copyright © 2011–2025 Addicted Media Pty Ltd
Website care by ClickWP · Log in