7 Ways to Save and Secure Your First Home Deposit in Australia

For many Aussies, saving for a home deposit feels impossible. But the truth is, there are multiple pathways to make it happen, some you may not have even heard of.

Buying your first home is one of life’s biggest milestones, but the deposit is often the toughest hurdle. Whether you’re struggling with high rent, rising living costs, or just not sure where to start, the good news is that there isn’t just one way to get there.

At Pink Elephant Home Loans, we work with first-home buyers every day who thought they’d never save enough. The reality is, there are seven different strategies you can use to gather your deposit, and depending on your situation, one (or a combination) could help you get into the market sooner than you think.

Here’s a snapshot of the 7 ways:

1. Sacrifice and save hard: the traditional route.
2. First Home Super Saver Scheme (FHSSS).
3. The Bank of Mum & Dad – gifted deposits.
4. The Bank of Mum & Dad – equity release.
5. Home Loan Guarantor support.
6. Parents assisting through a reverse mortgage.
7. A funds-to-complete loan.

Over the coming weeks, we’ll dive into each of these strategies in detail so you can understand exactly how they work, their pros and cons, and whether they could be the right fit for you.

On a personal note, my first home loan deposit came from a myriad of sources including making sacrifices and saving hard, allocating a portion of our gross income into the government’s First Home Super Saver Scheme (this was extremely helpful), and cashing in some investments that had and hadn’t yet yielded returns on my capital invested. Yes, it was a hard pill to swallow when I needed to cash in those investments that were in the red, but there’s no doubt in my mind that it was the correct decision looking back. Because without doing that, and taking that loss of capital invested, I never would’ve been able to buy my first house that’s allowed me to create an Air Bnb business on my property, then use that income to help purchase my next property. Time in the market has been the ultimate judge that sacrificing to save, using government schemes to help, and even cashing in assets at a loss if needed to get that almighty home loan deposit together was the best move, I could’ve made.

So please stay tuned for coming blog articles in this series dedicated to helping you and others get a little bit more creative on ways to get that all important home loan deposit together.

Read about strategy 1 - Sacrifice and Save Hard https://pinkelephanthomeloans.com.au/articles/sacrifice-save-hard-the-classic-way-to-get-your-ho/130

💡 Tip: You don’t need to figure this all out on your own. Speaking with a broker can help you match the right strategy to your circumstances.

👉 Ready to explore your options? Contact us at Pink Elephant Home Loans today and let’s chat about how you can take your first step into the property market.