Struggling to save a house deposit? You’re not alone. For many Australians in their 20s and 30s, the deposit hurdle feels like the biggest barrier to buying a first home — especially with rent, groceries, and life costs piling up.
But the good news? There are smart, strategic ways to boost your savings faster, without living off instant noodles
Why Saving a Deposit Feels So Hard
Let’s be real, in today’s market, scraping together 20% of a $600,000 property (that’s $120k!) can feel impossible. Even a 5% deposit (where eligible under certain government schemes) can still feel a big stretch when you're renting and facing cost-of-living pressures.
That’s why "how to save for a deposit" is one of the most-Googled questions by first-home buyers. And with good reason. Community forums are full of people saying "Saving for the deposit alone is the hardest part".
Small Tweaks, Big Wins: How to Save Smarter
Here are five proven strategies to help you accelerate your deposit savings — even if you’re renting.
1. Automate Your Savings
Set up a separate high-interest savings account (or even better, a First Home Saver account) and set your pay to automatically send a fixed percentage there. What you don’t see, you won’t spend.2. You might consider the First Home Super Saver Scheme
This government program lets you make voluntary super contributions (up to $15,000 per year, $50,000 total) and withdraw them later for a house deposit, some Australians use it to help accumulate a deposit. Note: whether it benefits you depends on your circumstances, and you should seek independent tax advice before contributing.3. Use Budgeting Tools to Find ‘Hidden’ MoneyReview your last 3 months of spending. You might be surprised how much goes to Uber Eats, subscriptions, or impulse buys. Cutting just $100 per week can add over $5,000 a year to your deposit.4. Live Like a Homeowner (Before You Are One)
Start "paying" your future mortgage now by setting aside the amount you expect your repayments to be. It can help you get used to what repayments might feel like, a useful exercise to understand your budget before applying.5. Look Into Shared Equity or Low Deposit Schemes
Some government schemes let eligible buyers purchase with just a 5% deposit, and avoid LMI. Others (like Help to Buy) contribute part of the purchase price in exchange for shared equity. For eligible buyers, certain shared equity or low-deposit schemes may significantly reduce the amount you need to save upfront, but eligibility and conditions vary.
You’re Not Behind — You’re Just Starting
If saving feels slow, don’t beat yourself up. You’re doing what most can’t even begin. Every dollar you put aside now gets you closer to the front door, and there are more ways to get support than you might realise.
Whether you're budgeting solo, saving with a partner, or leaning on family for a boost, you’re not in this alone.
Download the Free First Home Buyer e-Book
Need a step-by-step plan to supercharge your savings? The First Home Buyer e-book includes:
- Budgeting templates
- Government scheme breakdowns
- Savings checklists
- Real-life first-home strategies
Your all-in-one guide to understanding the first-home process, from planning to application.
Download it now and start building your deposit confidence.
Disclaimer — General Information Only
The information provided in this article is general in nature only and does not consider your personal objectives, financial situation, or needs. It should not be relied upon as personal financial, credit or tax advice. Eligibility for government schemes, savings outcomes, loan approval and any associated benefits depend on individual circumstances, lender criteria, and compliance with legislation. You should consider whether the information is appropriate for your situation, and obtain independent financial, credit or tax advice before making significant financial decisions.
