Saving for your first home – top tips from first home buyers.

Saving for your first home might seem like a daunting task, but with a little determination, planning and flexibility, it’s still possible. Especially when you seek advice from some motivated people who have been there and can nudge you in the right direction. Read on to see how real first home buyers (not case studies) got their hands on a deposit, and their feet on the property ladder.

Kiran went out on her own.

‘I open my own doors.’ Powerful words from a determined woman keen to live on her own terms. Kiran took her can-do attitude and went a-house huntin’ – with a few self-disciplined dos and don’ts:

1. Don’t buy that new car you’d like (but don’t need).
2. Do put money away in a home loan savings account that earns bonus interest.
3. Do believe in yourself (always).

Kiran was regimented with her savings and only checked her account every three months to ensure milestones were being met. After a little over a year, the dedication paid off and Kiran had enough to start house hunting. And now, when she goes to sleep in her four-bed home outside Melbourne, she thinks to herself, ‘I am living on my own terms – no compromises.’

Bec and Gil took on a reno.

Bec and Gil always bonded over being dog lovers, but they never had an opinion on possums. Until they bought a disused property and discovered that the furry roof dwellers were their noisy, not entirely welcome, housemates. Pest controllers in, possums out … and the couple are now in full reno mode.

Being realistic with their budget was crucial for them when hunting for the ideal property (‘We went all-in on location instead of a finished, beautiful home to walk into,’ says Gil). So was planning, they say:

1. Do the numbers first (get to love a spreadsheet).

2. Weigh up what’s more important (like location or emotional wants).

3. Set a maximum budget (and yes, stick to it).

Today, they love shaping their own home, even with zero renovating experience. ‘Gil's good with numbers, I'm good with design and we just take our respective roles,’ says Bec. With a baby on the way, their next big role will be as parents. And surely another dog is on the cards too, which should help with the possums.

Alaina and Jono made a tree change.

With Melbourne house prices going up and COVID spreading out, Alaina and Jono decided to spread their wings and relocate to the country. As they went further out the city, the sizes of the properties they could afford got much larger, and they eventually realised the grass really was greener on the other side.

Reaching their big home ownership goal still called for small sacrifices, but the couple has a few tips:

1. Realign your goals (e.g. Melbourne) to fit your budget.                                 

2. Have ‘fakeaway’ nights (like frozen pizza) instead of takeaway.

3. Compare what your mortgage repayments would be to your current rent (you’d be surprised).

Now they adore being in regional Victoria. ‘We just love the lifestyle, the size of the land, even all of our neighbours. Everyone's got a huge front yard, huge backyard. You don't get that in Melbourne.’ After living in a tiny city shoebox, they’ve gone from cooped up to chicken coop. And together with their hens, they’re living happily ever after.
 

Read the full story from Kiran, Bec and Gil, and Alaina and Jono. Plus, get more property buying tips, whatever rung of the ladder you’re on, with House Mate. From ME, the Aussie bank Making Money Good.