Saving up for a deposit on a new home can seem like an impossible task, especially while renting. But, with a little focus and a financial plan, homeownership is not as out of reach as you might think.

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The journey to owning your own home doesn’t have to be hard and challenging. Here are some easy steps that can help you save your hard-earned money, re-evaluate your spending habits and get you into your new home faster: 

Limit unnecessary expenses

Buying a coffee every day on your way to work and eating out for lunch can add up financially. Try to change these spending habits and make your coffee at home and bring your homemade lunch to work.

Have a look through your bank accounts and track your spending. Cancelling unused monthly memberships and cutting down on your utility bills by turning lights off when you leave a room and reducing your shower time are also clever ways to minimise costs. 

Set a goal and create a budget

Home loan deposits are typically 20% of the value of the property you are looking to buy, so it is a great idea (and a lot of fun) to start by researching the price of houses in the areas you would like to live.

Once you have an idea of how much you need to save, we suggest you create a detailed list of your income and expenses each month (rent, groceries, bills, transport), making sure you include unexpected expenses such as vet bills or car repairs. Once you have mapped out your finances, it’s easier to see where money can be saved.

Don’t be afraid to ask for help

Buying a house is one of the biggest purchases you will make in your life so don’t think twice about seeking professional advice. Speaking to financial professionals and new home specialists can help you understand home loans, Government grants, credit scores and help you create a complete savings plan.

At Start Point, our team is ready to assist in any way we can. From connecting you with our finance partners who can help you understand what you can borrow, all the way to designing and building your home.

Set up a dedicated savings account

Create a ‘Home Loan Deposit’ account and allocate money into it every pay cycle to help track your progress.

Setting up direct debits into this account is also a good way to manage your funds and avoid the temptation to spend money unnecessarily.

Take advantage of first home buyers grants

There are many government assistance loans to help eligible first home buyers into their home and at Start Point, we’ll help you understand and make the most of these grants.

With options such as the First Home Loan Deposit Scheme, HomeBuilder and First Home Super Saver Scheme, now is the best time to build your first home and start your journey to home ownership. 


In the beginning, it may seem like you’re saving very little but after some time and financial discipline, you will notice your efforts adding up. Every bit of savings counts and applying for government concessions can help you reach your financial goal faster and move into your own home in no time.

Tip: The home ownership experts at Start Point Homes have handy checklists to help you quickly find out if you can apply for government incentives. And you could unlock the door to your new home with just 5K deposit!

Disclaimer: *Start Point and Simonds Homes do not determine the eligibility of customers for government buyer assistance programs. To qualify for government buyer assistance programs, customers must meet the eligibility requirements of the relevant agency and apply through an approved agent or the relevant agency.

Start Point Homes

Start Point Homes is a new business designed specifically to assist first home buyers, who have been previously been locked out of the property market. As part of our Start Point service, we have leading financial advisors and financiers that provide first home buyers with exceptional opportunities. They will take you by the hand and guide you through the processes.