When 2019 arrived, did you decide that this was going to be the year you started saving to buy your own home? The start of a new year is often the perfect time to sit down and work out your savings goals by taking an in-depth look at your finances to figure out how you can quickly and efficiently save a deposit to build or buy your first home. While it can be overwhelming to think about how long it might take to save a sizeable deposit, we’ve broken it down into manageable goals to set you on the path to home ownership!

Your Finances

The first step is to look at your finances and work out how much you earn versus how much you spend each month. This will highlight areas where you can cut back on spending, such as your morning coffee habit, buying lunch each day, or that gym membership you’re not using, and enable to you reduce costs incrementally. Implementing new habits like bringing a latte and your lunch from home, or joining a group fitness program to share the cost will add up in the long run. You’ll also start consciously monitoring how much you spend each month and your habits will change once your monthly budget is defined.

Set Manageable Goals

Instead of big-picture goals, break down your goals into smaller, achievable targets. Rather than having one singular goal of buying a home, create bullet point goals that will set you on the path to your overall goal of home ownership. Things like starting a separate savings account, allocating a set amount of money aside each month, cutting back on one or two personal expenses a month, or aiming to pay off existing debt will feel more attainable if you take it one step at a time.

Existing Debt

Many of us have existing debt that can hinder our ability to start saving. Instead of trying to save money and pay off debt simultaneously, focus on paying off existing debt first. Car loans, university tuition fees, personal loans, and credit card debt can be paid off faster if you direct more payments towards them each month. Instead of paying off the minimum each month, allocate a slightly higher amount of money to decrease any interest accumulating and repay the debt faster.

Do Your Research

Use this year for research while you save. Speak to a financial advisor and a mortgage broker to find out how much you can afford to spend on your first home. Start exploring suburbs you like and pay attention to the property sale prices each month. Look at a house’s advertised price, versus how much they actually sell for to give you an idea of which areas you can afford. You may also want to start researching house and land packages in more rural areas and consider how much it costs to build a brand new home instead of purchasing an existing home. Visiting display homes and going to open for inspections, as well as chatting to builders and real estate agents will help you understand the process involved in purchasing a home and the costs involved. When you’re ready to make a real estate purchase you’ll have the knowledge and information you need to make an informed decision.

With some careful planning and patience, you can start 2019 off on the right financial foot by creating attainable goals that set you on the path of saving for a house deposit. By putting these goals in place, you’ll be able to put aside money each month to save money to build or buy your own dream home. Visit the Hotondo Homes website for more great home ideas and tips, as well as house and land packages and home designs currently.

Hotondo Homes is not an authorised financial institution and we recommend home buyers always seek the advice of a registered financial professional before purchasing a home.

Buying a house is an exciting and memorable milestone. It can also be a life-changing step towards financial freedom.

Saving for a house deposit can be an arduous task, often taking years to do. However, it’s important to remember that it’s worth it in the long term.

The more you save, the less you have to borrow. The less you have to borrow, the less you will have to pay in interest over the life of your loan.

There are many different ways to save for a deposit, many of which don’t require a drastic change to your lifestyle. Nonetheless, it does take some discipline, determination and often sacrifice.

If you’re focused on saving for your first home (or even a holiday overseas) follow our simple saving tips that will help you get there faster.



Setting goals is the best way to eventually buy your own home. It’s important to be realistic when setting saving goals for yourself or your family as a whole. If your goals aren’t achievable then you won’t ever get to where you want to be.

Set short terms goals. For example, calculate the amount you need to spend on rent, bills, food and transport for the week, as well as anything else you might need. When you know this, you can then set yourself an amount that you’re going to save each week.

These short term goals will allow you to then set long term goals because you will know how much you can potentially save each year.


If you write down your saving goals you can continue to asses and reassess them throughout the saving process.

This is an easy way of keeping track of how much you’re spending and how much you’re saving. It will also give you an idea of the things you’re buying, but don’t necessarily need.


Some things you may be able to cut back on are buying your lunch, going out for expensive dinners, buying a coffee every morning or paying for a gym membership you don’t use.


If buying a house is your long term goal, it’s important to know and understand the property market before you enter it. The property market is always changing, therefore it’s important to educate yourself and stay up to date.

You can do this by going to auctions, reading the property section in your local newspaper or monitoring online real estate websites.

Don’t forget to also talk to people who have been through the process. Your parents and friends can be a wealth of information and they can talk from experience.


When saving for a home loan it’s important that you don’t have other debt holding you back. This can be a barrier to achieving your saving goals.

Credit cards and personal loans can often have very high interest rates. Don’t get lured into this trap. Remember, it’s always better to spend money you actually have in the bank.


There’s no doubt that saving for a home with two incomes is easier than one. This will allow you to get into the housing market sooner, as well as having less financial stress when managing your home loan.


Don’t assume just because you qualify for a home loan that you can afford it. Go back to your plan and work out exactly how much you can afford to pay towards a home loan each week or month. Ensure that you will be able to pay your mortgage, as well as being able to do special things every now and then, like going on a holiday.