How to Save for a Home While Renting

Saving for a home can feel difficult, especially when you’re already paying rent. But with the right plan, discipline, and strategy, it’s possible to build a deposit while renting. Whether you’re planning to buy your first home or an off the plan apartment, small consistent actions can make a big difference over time.

Understand Your Financial Starting Point

Before you begin saving, understand where your money is going.Start by tracking your expenses for a month. Identify what you spend on rent, food, transport, entertainment, and subscriptions.

Once you have a clear picture, you can decide how much you can realistically save each week or month.Many first home buyers find it useful to open a separate savings account just for their property deposit.

Quick tips to get started:

• Write down every expense for 30 days.
• Separate needs from wants.
• Set a clear savings target and timeline.
• Use budgeting apps or online tools to stay accountable.

Knowing your baseline gives you control and confidence to plan ahead.

Murcia Residences | Off the plan East Brisbane | Secure with $10k and $809 x 86 weeks

Create a Realistic Savings Plan

A good savings plan should be practical, not extreme.Start small and build momentum. Even saving $100 to $200 a week can add up faster than expected.

When creating your plan, include:

• Your total goal (for example, a $50,000 deposit).
• How much you’ll save weekly or monthly.
• How long it will take to reach your goal.

If you receive bonuses, tax refunds, or extra income, add those directly to your savings. Automating transfers on payday also helps you save without thinking about it.

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Reduce Living Costs Without Compromising Comfort

Renting in Australia can be expensive, but small changes can free up more money for savings.

Consider:

• Moving into a smaller apartment or sharing with a roommate.
• Negotiating your lease when it’s time to renew.
• Cooking at home more often instead of eating out.
• Cancelling unused subscriptions or memberships.
• Shopping for groceries during specials or using loyalty rewards.

Each dollar saved is a step closer to your first home. Even if the savings seem small, consistency is what matters most.

Harlyn | Off the plan Perth | Secure with $15k and $363 x 100 weeks

Take Advantage of Government Support

First home buyers in Australia can access several grants and schemes that make saving easier.

Some popular options include:

• First Home Guarantee (FHBG): Buy with as little as a 5% deposit without paying Lenders Mortgage Insurance.
• First Home Super Saver Scheme (FHSS): Use your super fund to save money for your first home deposit with potential tax benefits.
• State-based first home buyer grants: Each state and territory offers its own programs for new and off the plan properties.

Research which schemes apply in your area and include them in your financial plan. They can reduce the total deposit you need or speed up your savings journey.

Senso | Off the plan Epping | Secure with $15k and $561 x 108 weeks

Explore Off the Plan Options

Buying off the plan can be a smart choice for renters. It allows you to secure a property at today’s price while paying the balance later, often after construction is complete.

The main benefit is time. You can continue saving during the building period, which could be one to two years. By the time settlement arrives, you’ll have a larger deposit and be in a stronger position with your lender.

Off the plan homes also tend to include modern energy-efficient features that reduce future living costs.

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Coposit: A Smarter Way to Save While Renting

For many renters, saving a full 10% or 20% deposit is the hardest part of buying a home. That’s where Coposit makes the process easier.

With Coposit, you can secure a brand-new property with just $10,000 upfront, then pay the rest of your deposit in weekly instalments while the property is being built.

This helps renters transition into ownership without needing their full deposit right away. You can continue renting while gradually paying off your deposit over time.

Coposit offers a transparent, structured approach to buying off the plan homes across Australia. To explore available projects, download our app.

Building Your Path to Home Ownership

Saving for a home while renting is achievable with patience and planning. Track your spending, create a steady savings routine, and make the most of government schemes.

Look into off the plan options and explore innovative solutions like Coposit to make your journey smoother.

Every saving decision brings you closer to owning your first home — and with the right approach, that goal may be closer than you think.

Cosmopolitan, Parramatta | Off the plan Sydney | Secure with $10k and $521 x 122 weeks