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How to save a deposit for your first home

By Phoebe Bates •

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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.

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June 26, 2018

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Popular This Week

  • New Kaboodle range embraces vibrant colour for kitchens
  • Darren Palmer Darren Palmer’s new sustainable, ethically made rugs
  • Australian kitchen dimensions: standard sizes for every last detail
  • Basic new build transformed into coastal dream home post handover
  • Steph & Gian’s almost perfect Block master bedroom score

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Located in Melbourne’s Elsternwick, this stylis Located in Melbourne’s Elsternwick, this stylish home was renovated recently with @keenarchitecture and @studio_esar at the helm. Brimming with fun, functionality and colour, the home is shared by ex MasterChef contestant Peter Kritikides, his wife Erica and their two children. 

Occupied by the family since 2015, the renovation brief called for a sympathetic yet modern upgrade to the heritage listed original home as well as the demolition and rebuild of the back of the residence.

Want to see the kitchen? Head to the blog via link in bio.

#elsternwick #melbournehome #melbournehomes #masterchefaustralia #masterchefcontestant #masterchefcontestants #chefskitchen #heritagearchitecture #heritagehome #heritagerenovation #monochromehome #colourfulhome #bookshelfstyling #bookcasestyling #colourfulbooks #fireplacedecor #velvetcouch #livingroomstyle #livingroomart
GET THE LOOK. All the finer details of Sunday's Bl GET THE LOOK. All the finer details of Sunday's Block master bedroom walk ins on the blog now.

Which was your fave?

Via latest posts link in bio now.

#walkincloset #walkinwardrobe #walkinrobe #wardrobes #wardrobe #wardrobe #bedroomstorage #masterbedroomdesign #mastersuite #theblockroomreveals #theblock #theblock2023 #kinsman #kinsmankitchens #kinsmanwardrobes #dressingroom #dressingtable
A home that got all its extra special details AFTE A home that got all its extra special details AFTER handover with stunning results!

When Emma Fuller built her family home five years ago, she went with the ‘basic’ package with a view to elevating the spaces in a more budget-friendly manner down the line. Knowing that she couldn’t afford her entire wish list upfront, she made allowances within the plans so that she could add all the special details later.

“Although the builder could have incorporated every detail we asked for, we knew it would have blown our budget, but that didn’t mean I was going to let the dream go,” says @hamptonsinhighfields 

Patience and hard work have definitely paid off and today on the blog we are showing you how she did it from adding a fireplace, bench seat, wallpaper, french doors, a mudroom, built in bookcases, fretwork, kitchen island trim, IKEA wardrobes and more!

Via link in bio now.

#newbuild #hamptonsaustralia #hamptonsnewbuild #fretwork #benchseat #benchseating #fireplace🔥 #fireplacedecor #ikeahacks #diymudroom #mudroom #kidsroomwallpaper #frenchdoors #frenchdoor #hallwaydoors #frenchdoorpantry #butlerspantrydesign #newbuildupgrades
Flatpack definitely doesn't have to be basic or bo Flatpack definitely doesn't have to be basic or boring!

The latest @kaboodlekitchen trends release, in collaboration with stylist @jono.fleming, are anything but. These are just 4 of 6 new colours for the brand, sold in Bunnings.

Head over to the blog via link in bio to see the others (hint: one of them might be pink! 🩷). You'll also find out how to get a free copy of the latest Kaboodle edit magazine sent to you, chock full of inspiring real projects like my navy laundry!

Which of these is your pick? Would you venture outside of a white kitchen? What colour is yours?

#kaboodlekitchen #kaboodlelaundry #kaboodle #flatpackfurniture #flatpackkitchen #bunningskitchen #flatpackcabinets #budgetkitchen #ontrendkitchens #colourfulkitchen #colouredcabinets #kitchencolourtrends2023 #colourtrends2023 #boldkitchen #jonofleming #interiorsblog #interiorsaddict #bunningsdiy #heartyourhome #realreno #realrenovations #kitchenbeforeandafter #kitchenonabudget #colourfullaundry #flatpacklaundry
Block judge @darrenpalmerofficial launched his own Block judge @darrenpalmerofficial launched his own rug range this week and they're a bit gorgeous! 😍 These are the kind of beautiful, neutral, textured, natural, ethically and sustainably produced rugs that will stand the test of time.

Pop over to the blog via link in bio to read our chat with him.

“I believe in the democratisation of good design,” says Darren, who wanted the rugs to be affordable. “It was very important to me that they were ethically made, and they are all Good Weave certified ensuring that no child labour is involved in their creation."

#darrenpalmer #darrenpalmerofficial #darrenpalmerinteriors #theblock #rugshopping #rugdesign #ruggoals #rugmaking #naturalrugs #sustainablerugs #ethicalrugs #jute #juterug #juterugs #handcarved #interiorsaddict #theinteriorsaddict #heartyourhome #goodweave
Steph and Gian's master WING won them an almost pe Steph and Gian's master WING won them an almost perfect score on the Block last night.

Even if their bedsides weren't exactly generous, they were bigger than most last night. What was going on there?!

As ever, love to know your thoughts. See more, read the judges' comments and shop the looks via link in bio now.

#theblockroomreveals
#theblock #theblock2023 #blockshopper #masterbedroomdecor #masterbedroomdesign #mastersuite #mastersuites #walkincloset #walkinwardrobe #walkinrobe #theinteriorsaddict #interiorsaddict #jenbishop #heartyourhome #realreno
The latest pieces from @mockaaustralia are designe The latest pieces from @mockaaustralia are designed to give your home an endless summer feel ☀️

The Dilllon rattan bedhead is $399, the Blair buffet (swipe) is $469 and (swipe again) the rattan Canyon cabinet is $259.

See more on the homepage now via link in bio.

#rattanlovers #rattan #rattanfurniture #rattandecor #rattanbed #rattanbedhead #timberbuffet #mockaaustralia #mocka #affordablefurniture
My home is not always photoshoot ready, guys! Bu My home is not always photoshoot ready, guys! 

But check out my navy laundry looking perfect in the new issue of @kaboodlekitchen's edit magazine (and the reality!).

Two years on, we're still loving this room!

You'll also see the entertainment unit we created with the same Berry Blue Kaboodle.

Get a free hard copy sent to you (it features many other gorgeous projects using Kaboodle flatpack) or download the digital version via link in my bio now. Enjoy!

#kaboodlekitchen #kaboodle #kaboodlelaundry #flatpack #bunnings #interiorsaddictfamilyhomereno #interiorsaddict #theinteriorsaddict #jenbishop #barndoor #laundryroomdecor
▶️ Swipe for before! Bathroom of my dreams 😍

Overcrowded with fixtures and with very little natural light, this main bathroom was in need of an update. The existing window was removed and replaced with custom steel bi-fold doors with clear glass above and ribbed for privacy below. “They provide an abundance of natural light and connection to the beautiful garden and incredible view. Indoor or outdoor bathing is now optional!” says Darren Genner of @studio__minosa 

Head to the blog via link in bio to see this home's KITCHEN transformation.

#outdoorbath #outdoorbathroom #outdoorbathtub #gardenbathroom #gardenviews #bifolddoors #steelbifold #blacksteeldoors #blacksteeldoors #bathroombeforeandafter #studiominosa #bathroomdesigninspiration #interiorsaddict #theinteriorsaddict #jenbishop #heartyourhome  #indooroutdoorflow
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About Phoebe Bates

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

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