Why Saving $5,000 Feels Impossible for Renters Trying to Buy Their First Home

Renters are doing their best, but it’s not enough

Many Australians are working hard, living frugally, and managing to save a little each month. But in today’s property market, even saving $5,000 doesn’t feel like progress. That amount, once seen as a strong start, now barely scratches the surface when it comes to buying a home.

If you’re renting and saving, but still feel stuck — you’re not alone.

The cost of entering the property market keeps rising

Property prices have risen faster than wages for years. Upfront costs like deposits, stamp duty, and legal fees can easily exceed $100,000 in major cities.

For many renters, this creates a painful reality:

• Rent takes up most of the paycheck
• Living costs keep climbing
• Home deposits keep growing
• Savings feel like they’re standing still

Even if you have a solid savings habit, it can take years to reach a traditional deposit — and by then, prices may have gone up again.

Young people aren’t bad with money

Social media is full of renters sharing their stories. Some have $5,000 in savings, some more, and many are frustrated. The message is clear: being responsible with money isn’t enough anymore.

Aussies are budgeting, cutting back, working multiple jobs — and still feel behind. The traditional path to buying your first home just doesn’t work the way it used to.

It’s not about personal failure. It’s about a broken system that assumes everyone has access to tens of thousands of dollars upfront.

A new way to buy off the plan property

What if there was a way to secure a property now, without needing the full deposit upfront?

That’s exactly what buying off the plan can offer. And platforms like Coposit make it more accessible than ever.

Here’s how Coposit works:

• Secure a new property with as little as $10,000
• Pay the rest of your deposit in weekly instalments while the property is being built
• No need to apply for a home loan until construction is complete
• Continue renting while building your deposit — without pressure

This model gives buyers the time they need to prepare, without falling behind in the market.

How Coposit makes home ownership achievable

Coposit was designed for renters and first home buyers who are ready — just not rich. If you can afford your rent and have saved even a small amount, Coposit can help you enter the property market sooner.

With Coposit, your savings don’t sit in a bank while you wait. They go to work immediately. You secure your future home now and pay the rest over time.

This is especially useful for people buying off the plan, as construction timelines give you space to save without the pressure of a loan or ongoing repayments.

Don’t let the market leave you behind

The longer you wait, the harder it can be to catch up. But you don’t need to wait years to start your home ownership journey.

Whether you have $5,000 saved or more, there’s a better way to break into the market.

Start your property journey with Coposit today

Find an off the plan property that fits your budget — and secure it from just $10,000 upfront.

Source: Yahoo Finance AU