Skip to primary navigation | Skip to content | Skip to footer

Tips to help you save

Dreaming of building your own home?

A blank canvas for you to make your mark – to paint, decorate and design as you see fit. Building your savings towards this purchase can be a challenge.

As a guide, you will need approximately 10% of the total purchase price of your new home as a deposit.

Don’t forget, your deposit may come from savings and potentially some of the grants and incentives available. The Queensland Government’s First Home Owners Grant offers an excellent opportunity with $15k towards your property purchase. You may also be able to access other grants and stamp duty exemptions.

Top 5 tips to save a deposit sooner

  • Put 10% of your pay check aside, potentially even in a separate bank account
  • Consider selling items you don’t need anymore
  • Pay off your debt, particularly credit card debt
  • Eliminate luxuries and non-essential items – pay TV, eating out, memberships
  • Look for extra ways to make money – babysitting, tutoring, teaching English to foreigners, part time job

How to get started

The MoneySmart website is an excellent place to start. It's packed with fantastic resources for first home buyers including a mortgage calculator and budget planner.

Download one of the free easy-to-use award winning apps: choose from TrackMyGOALS or TrackMySPEND.

Source: ASIC’s MoneySmart website,, 23 July 2015. Reproduced with permission of ASIC

CALCULATE: Use an online calculator to help you determine how much you can borrow.

RESEARCH: Meet with your bank and financial institution to understand your borrowing capacity, repayments, etc.

BUDGET: Create a budget and stick to it as much as possible.

MANAGE: Manage your debts.

REVIEW: Review your current banking, including interest rates, fees and charges. Shop around for the most competitive offer.

Other Tips

  • Be smart with your money: remember every little bit counts so make sure you maximise your opportunities to save.
  • Set up a dedicated account for your deposit savings, one that rewards you for regular deposits and no withdrawals.
  • Set a realistic budget for your first home purchase: a lower priced home may mean you can get into the market a little more quickly.
  • Look at options to lower your weekly spend on groceries, rent and other household expenses.
  • Postpone holidays and other major expenses until you’re settled in your new home.
  • See if anyone would be willing to help with your deposit. 

Don’t forget the extra costs

Don’t forget that when buying your home there are a number of associated costs and fees that you may incur along the way. When setting your budget, don’t forget to research and budget for the items below.

  • Solicitor/conveyancing fees
  • Loan application fees
  • Property valuation fees
  • Stamp duty - Transfer duty and first home buyers grant estimator
  • Moving costs
  • Insurance for building and contents
  • Mortgage protection insurance
  • Phone line, internet & electricity connections
Top 5 tips to help save a deposit
Download one of MoneySmart’s free easy-to-use award winning apps: trackMyGOALS or TrackMySPEND.