How to Build Your First Home Deposit Faster

Saving for your first home can feel like a slow process, but with the right strategies you can reach your goal sooner. A home deposit is usually the biggest barrier for first home buyers, and finding ways to grow it faster is essential if you want to secure property in Australia’s competitive market.

Understanding How Much You Need

Most lenders require at least a 20% deposit to avoid paying lenders mortgage insurance (LMI). For example:

• $500,000 home = $100,000 deposit
• $700,000 home = $140,000 deposit

Some lenders accept smaller deposits of 5% or 10%, though this often comes with extra costs. Knowing your target amount is the first step to building a clear plan.

Rhodes Bay | Off the plan Rhodes | Secure with $10k and $727 x 106 weeks

Create a Focused Savings Plan

A structured savings plan helps you stay disciplined.

• Set milestones: Break your goal into smaller amounts to stay motivated.
• Automate transfers: Move money into a savings account as soon as you get paid.
• Track spending: Review your budget regularly to find areas where you can cut costs.
• Separate accounts: Keep your savings in a dedicated account so you are not tempted to spend it.

Consistency is more important than big one-off deposits.

Auburn Square | Off the plan Auburn | Secure with $10k and $422 x 102 weeks

Cut Expenses and Boost Income

To build your deposit faster, look for ways to increase savings on both sides of your budget.

• Cut expenses: Limit dining out, streaming services, or luxury items.
• Boost income: Take on extra shifts, freelance work, or side hustles.
• Sell unused items: Furniture, electronics, or clothing can quickly add to your savings.

Every dollar saved or earned brings you closer to your deposit goal.

Cosmopolitan | Off the plan Parramatta | Secure with $10k and $497 x 128 weeks

Make Your Money Work Harder

Choosing the right financial products can speed up your savings.

• High-interest savings accounts help your balance grow over time.
• Offset accounts reduce the interest on your future mortgage.
• Term deposits provide safe returns while locking in your savings.

Even small percentages make a difference when saving over several years.

Horizon Hurstville | Off the plan Hurstville | Secure with $10k and $477 x 48 weeks

Take Advantage of Government Schemes

First home buyers in Australia can access several incentives:

• First Home Owner Grant (FHOG) for eligible new properties
• First Home Guarantee allowing purchases with as little as 5% deposit without LMI
• Stamp duty concessions that reduce upfront costs in many states

These schemes reduce the amount you need to save and help you enter the market faster.

The Markets Residences | Off the plan Canberra | Secure with $10k and $726 x 31 weeks

Consider Off the Plan Properties

Buying off the plan gives you more time to build your deposit while construction is underway. You can secure the property at today’s price and continue saving until settlement. This approach often appeals to first home buyers who need extra time to reach their deposit goal.

Argo | Off the plan Castle Hill | Secure with $10k and $870 x 28 weeks

How Coposit Helps Buyers Save Faster

Coposit makes it easier to enter the property market. With Coposit, you can secure a property with just a $10,000 deposit and pay the rest in manageable weekly instalments. This means you don’t have to wait years to save a full deposit, giving you a faster path to home ownership.

ERA Newcastle | Off the plan Newcastle | Secure with $10k and $736 x 106 weeks

Fast-Tracking Your First Home Deposit

Building your first home deposit takes time, discipline, and smart strategies. By creating a focused plan, cutting expenses, boosting income, and using government incentives, you can reach your goal much sooner. With innovative solutions like Coposit, first home buyers now have even more options to fast-track their way into the property market.