Building Your Deposit Faster
Saving a deposit is often the biggest hurdle. These strategies can accelerate your progress.
Government Assistance
First Home Guarantee: Buy with 5% deposit without LMI. Limited places annually.
First Home Super Saver Scheme: Withdraw up to $50,000 from super for deposit.
Regional First Home Buyer Guarantee: For regional areas.
State Grants: $10,000-$25,000 depending on state and property.
Superannuation Strategies
Consider accessing super through FHSSS or other provisions, but carefully weigh long-term retirement impacts.
Shared Equity
Family Guarantee: Parents use home equity as security
Co-Buying: Pool resources with friends (requires legal agreements)
Shared Equity Schemes: Government/organizations contribute for equity share
Maximizing Savings
High-Interest Accounts: Bonus rates for meeting conditions
Automated Savings: Transfer immediately after payday
Side Hustles: Dedicate income exclusively to deposit
Rent Out Rooms: If renting, sublet with approval
Sell Assets: Convert unused items to deposit funds
The 50/30/20 Budget Rule
- 50% needs (rent, food, utilities)
- 30% wants (entertainment, dining)
- 20% savings (deposit fund)
Adjust to 50/20/30 or 50/10/40 for faster saving.
Tax-Effective Saving
Salary Sacrifice: Pre-tax income to super for FHSSS
Tax Offsets: Claim all eligible offsets, direct refunds to savings
Remember to build an emergency fund alongside your deposit. Financial stability requires both.
