How to fast track saving for your home

Published 12 July, 2023


Saving for the deposit to buy a home is a long term endeavour for most property buyers. With property prices trending upwards over the long term it can sometimes feel like those goal posts are constantly getting further away. It’s time to bring those saving goals back within reach.

Here are our top eight tips to help you fast-track saving for a deposit to buy a home…


1. Generate extra income

Are you leveraging your skills to maximise your income? Have you considered a side hustle? Never has there been a better time to monetise your valuable skills as the global freelancing world is awash with opportunity. Those additional valuable dollars could make all the difference to your long term deposit savings.


2. Plan your spending

Are you the type of person who enjoys impromptu purchases? By developing a spending plan, you’re likely to reduce your monthly expenditure thereby improving your savings rate.


3. Ditch the credit cards

Are you relying on credit to fund your lifestyle? If you are, it’s time to repay your credit card debts thereby ending the extortionate interest payments to your bank. Not only will this help you save for your deposit, it will also boost your borrowing capacity when it comes to applying for a loan.


4. Consider flat sharing

Many renters are dismayed by the huge rent increases witnessed across Australia’s property markets over the past two years. The good news is there’s a way to economise with your rent. Have you considered flat sharing while you’re saving for a deposit? It could save you many thousands of dollars.


5. Ask your boss for a pay rise

With inflation on the rise, many workers are realising their market rate is also rising. Is it time you sat down with your boss to ask for a raise? Even a 5% pay rise could make a big difference in your deposit saving journey.


6. Consider downgrading your car

Investing in an expensive car is a sure-fire way to reduce your savings capacity due to the high cost of depreciation vehicle owners face. By selling your costly vehicle and making do with a cheaper second hand model, you could help fast-track your savings rate.


7. Check your direct debits every few months 

How many of us set up direct debits and then forget about them until we realise we’ve been paying for a range of services we aren’t using? It’s time to stop this. By checking your direct debits regularly you’re likely to save yourself plenty of lost savings.


8. Automate your savings 

To ensure you are stepping toward your savings goals, calculate how much you can save each month and set up an automatic transfer into a savings account. By automating this process, you’re more likely to follow through each and every month.


As Landen’s Head of Wealth, Malcolm Strain explains:

‘Saving to buy a home can be fast-tracked by making a series of small changes which add up to significant long term change. We find our clients are generally able to save more than they anticipated with a simple savings plan. These eight strategies are simple but effective ways of ensuring you’re on the housing ladder ahead of the next upward move.’


If you need assistance with financial planning, Landen Wealth specialist may be able to assist you with achieving your financial goals.