7 saving tips to fast-track your home deposit

If you’re dreaming of owning your first home, the deposit is often the biggest hurdle. And with the cost of living on the rise, saving can feel like a never-ending battle.

But with a few smart habits (and some government support you might not know about), you could fast-track your deposit and be on your way to homeownership sooner than you think.

Here are our top savings tips for first home buyers.

1. Track your spending

Start by understanding where your money goes. Review your recent bank statements to calculate your average weekly spend on essentials like groceries, bills, and subscriptions. It’s the first step to gaining control.

2. Create a budget

Use our free budget planner to map out your income and expenses. Once you’ve got the full picture, you’ll spot areas to cut back and find money you can redirect toward your deposit.

Budget tip: The 50-30-20 Rule

Need a basic framework to follow?

50% of your income → Needs (rent, bills, food)
30% → Wants (dining out, subscriptions, fun stuff)
20% → Savings

It’s a simple guide that can help you structure your budget and keep savings on track.

3. Set savings goal

Whether it’s $10,000 or $40,000, define your deposit goal. Then break it down into weekly or monthly targets. Seeing your progress — even in small wins — helps keep you motivated.

4. Keep it separate

Open a dedicated savings account for your deposit. Avoid linking it to your main spending account so you’re less tempted to dip into it. Out of sight, out of swipe.

5. Automate it

Set up an automatic transfer from your everyday account into your savings each payday. Even small, regular amounts build up fast. Some banks also offer “round-up” features to help you save without thinking.

6. Boost income

Sell items you don't need or consider a side-hustle like freelancing, dog sitting, or weekend work. Every little bit helps. That extra $100 a week could shave months off your savings timeline.

7. Review often

Saving is all about consistency. Check in on your budget each month, track your progress, and make adjustments where needed. Don’t worry if you have slow weeks — what matters is sticking with it.

Bonus Tip

Did you know you can save for your deposit through your super?

The First Home Super Saver Scheme (FHSS) was introduced by the Australian Government in 2017 and allows you to make voluntary contributions into your super fund specifically for your first home deposit.

You can contribute up to $15,000 per year
And up to a total of $50,000 across all years
Both before-tax (concessional) and after-tax (non-concessional) contributions are allowed

When you're ready, you can withdraw these funds to put towards your deposit

Summary

Saving for a deposit doesn’t have to be overwhelming. With the right strategies — and maybe a boost from something like the FHSS — you can build momentum and make your dream of owning a home a reality.

If you're ready to explore your options and see how close you are to buying your first home, take our free assessment today.

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