Saving for your first home deposit is a huge milestone on the way to buying your first home and can help relieve the stress of increased mortgage repayments down the line. Saving a lump sum of tens of thousands of dollars is no easy feat however, and takes time, commitment and patience. The most important thing is to get started and find the right tools and tips that will help you with your saving journey.
The great Australian dream to own your own home can feel especially hard for first home buyers, now more than ever. Home ownership of individuals aged 25-34 has decreased in recent years from 60% to 48%. With rising costs, lending constraints and increasing house prices, it can be hard not to get overwhelmed. Luckily, as a first home buyer, there are several ways to help you get your foot in the property market door and achieve your dream.