Dreaming of breaking free from the rental cycle and stepping into your first home? With property prices on the rise, it might feel daunting—but with the right plan and some smart strategies, you can fast-track your way to home ownership. Here are 9 tips to help you get there sooner:
1. Set a Clear Goal
Work out how much you’ll need for a deposit (generally 5–20% of the property price) and set a savings target. Having a clear figure makes the goal feel real and achievable.
2. Track and Trim Your Spending
Go through your expenses and cut back on unnecessary subscriptions, eating out, or impulse buys. Every dollar you save brings you closer to your deposit.
3. Create a Separate Savings Account
Open a dedicated savings or offset account for your deposit. Automate transfers on payday so saving becomes effortless.
4. Take Advantage of Government Grants
Check what you’re eligible for, such as the First Home Owner Grant (FHOG), First Home Loan Deposit Scheme, or state-based stamp duty concessions. These can save you tens of thousands.
5. Consider Rentvesting
If buying where you want to live feels out of reach, buy in a more affordable area and rent where you prefer. The rental income from your property can help with the loan while you build equity.
6. Boost Your Income
Look for side hustles, freelancing, or even casual weekend work. Extra income—even temporarily—can supercharge your deposit savings.
7. Pay Off High-Interest Debt
Clear credit cards and personal loans as soon as possible. Lenders look at your overall financial position, and reducing debt improves your borrowing power.
8. Buy Smarter, Not Bigger
Your first home doesn’t need to be your forever home. Consider an apartment, townhouse, or property just outside your dream suburb to get on the ladder faster.
9. Get Professional Advice Early
Talk to us about your borrowing capacity and strategies to strengthen your application. Knowing what lenders are looking for will help you prepare in advance.
Bottom line: The rental trap doesn’t have to last forever. With discipline, support, and smart choices, you can take control of your funds and be moving into your own home before you know it!