10 Smart Ways to Save for a House Deposit Faster in Australia

In today’s property market, saving for a house deposit can feel like climbing a mountain in thongs. Rising property prices, higher interest rates, and increased cost-of-living pressures make it especially tough for first-home buyers.

But here’s the good news: it’s not impossible. By making smart, manageable adjustments to your spending habits and financial strategies, you can significantly accelerate your savings process. The key lies in having a clear savings goal and following a structured, realistic plan.

Let’s explore ten proven strategies to help you fast-track your home deposit and take one step closer to your first property.

Stop Guessing. Get a Custom Deposit Plan That Works for You. If you’re planning to purchase a home in North Brisbane, our experienced mortgage Brokers at Kelly Brothers Finance can help analyse your income, savings, and financial goals to determine a smart and achievable deposit target. Call us today at (07) 3847 9450 to get started. 

1. Set a Realistic Savings Goal

Begin by researching the average property price in your desired area. In most cases, you’ll need at least 20% of the property price for your home deposit. Use a house deposit calculator to understand how much you need to save.

Don't forget to include home buying costs like stamp duty, legal fees, building inspections, and Lenders Mortgage Insurance (LMI). If your deposit is below 20%, you may need to pay LMI, which protects the lender, not you. Many first home buyers underestimate these additional costs, so factor them in early.

Online tools like a borrowing power calculator or expenses calculator can help estimate how long it'll take based on your financial situation.

2. Open a High-Interest Savings Account

A high-interest savings account can give your savings a solid boost. Look for options with compound interest, where your interest earns more interest over time.

Types of accounts to explore include:

• Online saver accounts with bonus interest for regular deposits
  
  
• Offset accounts linked to your home loan (once approved)
  
  
• First Home Super Saver Scheme (FHSSS) accounts

A well-chosen account can significantly accelerate your savings process and help build genuine savings, which many mortgage lenders require.

3. Automate Your Savings

One of the most effective savings strategies is to set and forget. Schedule an automatic transfer to your savings account the day you get paid. This eliminates the temptation to spend and removes the decision-making process.

Treat your savings plan like a non-negotiable bill. Even a small, consistent amount builds up over time. Automation ensures you're saving for a deposit without relying on willpower.

4. Cut Unnecessary Expenses

Start by reviewing your last three months of spending. Use an expenses calculator or budgeting app to identify leaks.

Cancel unused subscriptions and rethink luxury expenses like daily café coffee or takeout. Simple changes like meal prepping, using public transport, or shopping second-hand can save hundreds monthly.

Every dollar saved adds to your house deposit, improving your financial situation and future borrowing power.

5. Get Rid of Debt

High-interest debts, especially from credit cards or personal loans, can seriously slow your progress. These debts reduce your borrowing capacity and often carry higher interest rates than any savings return.

Prioritise repaying these first. Consider using the debt snowball method (smallest debt first) or the avalanche method (highest interest first). Reducing debt increases your chances of loan approval and lowers the amount of Lenders Mortgage Insurance you might need to pay.

6. Reduce Your Rent

Rent is often the biggest monthly expense. If possible, move to a cheaper area, downsize, or live with family temporarily. Even saving $100 a week on rent equals over $5,000 a year towards your deposit. Sharing with roommates can also dramatically reduce your living costs.

Remember, this is a short-term sacrifice for long-term home ownership.

7. Boost Your Income with a Side Hustle

Explore freelance work, tutoring, delivery driving, or offering services online. Use existing skills, whether it's graphic design, copywriting, or dog walking, to generate extra income.

Dedicate 100% of your side hustle income to your specific savings account for a home loan or home deposit. Even $200 per week can supercharge your savings plan without changing your main job.

8. Sell Unused Items for Extra Cash

Take a weekend to declutter and list unused items for sale. Use platforms like Facebook Marketplace, eBay, or Depop. Old electronics, furniture, clothes, or gym equipment can fetch hundreds.

Set a goal to earn at least $500 from things you no longer use. Put the money straight into your high-interest savings account or a First Home Super Saver account.

9. Use Government Grants and Schemes

Australia offers several helpful schemes for first home buyers, including:

• First Home Owner Grant (FHOG)
  
  
• First Home Super Saver Scheme (FHSSS)
  
  
• First Home Guarantee
  
  
• Family Home Guarantee
  
  
• Regional First Home Buyer Guarantee

These can significantly reduce the deposit required or boost your borrowing capacity. Check eligibility by working with a mortgage broker, such as Kelly Brothers Finance. Combining grants with your own savings reduces or eliminates Lenders Mortgage Insurance.

10. Keep Your Savings Off-Limits

Create a dedicated account that’s not linked to your daily banking. Avoid debit cards and don’t check the balance too often. This mental barrier helps make your savings feel “untouchable.” Out of sight, out of mind often equals faster saving.

Consider naming your account “Home Deposit” as a daily reminder of your goal.

Saving for a Home Loan Deposit? Let’s Maximise Your Progress. We help you align your savings with realistic loan options, so your efforts go further, faster. Let the trusted North Brisbane mortgage brokers at Kelly Brothers Finance support your journey. Book a free consultation by calling us today at (07) 3847 9450. 

FAQs

What is the fastest way to save for a house deposit?

The fastest way is to set a clear savings goal, automate your savings, reduce expenses, boost your income with a side hustle, and take advantage of government grants.

How long does it take to save up for a home deposit?

On average, it can take between 3 and 7 years, depending on your income, expenses, property price, and how much you save consistently each month.

Is $30,000 enough for a house deposit?

It can be, especially for properties under $500,000 or if you’re eligible for First Home Guarantee or First Home Super Saver Scheme. You may still need to pay Lenders Mortgage Insurance (LMI).

How much do you need for a $500,000 house deposit?

A 20% deposit equals $100,000, which helps you avoid LMI. Some lenders may accept as little as 5% ($25,000), but additional costs apply.

How much do I need for a house deposit in Australia?

Most lenders prefer a 20% deposit, but many accept 5–10% with conditions. Don’t forget to include extra costs like stamp duty, legal fees, and inspections.

What is the First Home Super Saver Scheme?

The FHSS Scheme lets first home buyers save for a deposit through their super fund using voluntary contributions. You can withdraw up to $50,000, with potential tax benefits.

Do I need genuine savings?

Yes, most mortgage lenders require genuine savings, money saved consistently over time (typically 3–6 months). Gifts or one-off deposits usually don’t qualify.

Final Thoughts

Saving for a house deposit in Australia may seem overwhelming at first, but with the right mindset, structure, and a solid savings plan, it becomes a realistic and achievable goal. 



If you're unsure where to start or want tailored support for your home loan journey, the experienced team at Kelly Brothers Finance is here to help. As trusted North Brisbane mortgage brokers, we can guide you through everything from understanding genuine savings to improving your borrowing power and finding the right loan for your situation.

Call us at (07) 3847 9450 to book a free consultation and get one step closer to owning your first home.