Saving for a house? Take these accountant-approved steps

Saving for a house deposit is no easy feat. It won’t take a year, not even two. Housing prices are rising and it’s better to have more in the bank to secure your Australian dream. Here’s a few tips to help you plan, save for and nab that two-bedroom stunner you saw on Real Estate.


  • Sit down with your accountant

Your accountant is your financial strategist, your coach and cheerleader. If you have a goal, they’ll help you get there. Book a meeting to make a proper budget. The accountant will make it realistic enough for you to stick to.


  • Start generating interest

Chances are your bank has a high-interest savings account that slowly boosts your savings. It’s a handy little trick to help you save some passive income. Have an everyday debiting account where you can access your money anytime as well as a high-interest account. Put your savings there and watch the numbers grow.


  • Look into grants

The First Home Owner Grant is a government handout for first-home buyers that will ease the financial burden slightly. Starting from January 2018 the amount goes down to $15,000 but this is still a significant amount that you can contribute to your house deposit. There’s some conditions applicants need to meet in order to get approval.

  • The home must be a new build (off-plan or building it yourself)
  • You or your partner have never owned a home before
  • The total purchase price is under $750,000
  • You’re a permanent Australian resident or citizen


  • Make the occasional cutbacks

Budget is a b-word that most people loathe but it’ll pay off in the long run. Simple switches like meal-prepping for the week and only having one take out coffee instead of a dozen will save you heaps of money annually. Make eating out a treat instead of a ritual habit. Ubereats and Deliveroo is great when you can’t be bothered but save it for Friday night.

Make coffee at the office for a change
  • #hustle

The gig economy is booming and if you have some spare hours, why not charge for them? Upwork is the biggest freelance hire/search site on Google, making it a great place to start. If you already work part-time or full-time it’s going to present a challenge. If you have amazing scheduling and balance skills however this shouldn’t be much of a problem.


  • There’s an app for that

Thanks Apple and GooglePlay for making apps that cater to all our first-world needs, including budgeting. Check Frugal and Thriving for some of the top ranked.

Budgeting apps, budgeting apps everywhere


Need more advice? Read these.