Saving for a house deposit is one of the biggest hurdles that most home buyers face when trying to get into the property market. 

Whether you’re looking to buy for the very first time, searching for your next home, or considering making a real estate investment, it can be challenging to get the money you need together. For many buyers, it can seem like an unreachable goal, but it is achievable! You may even be eligible for some government help, especially if you’re considering building your home. 

Read on below for some tips on how to start saving for your house deposit. 

Find out how much you need for a house deposit

In order to set realistic savings goals, you’ll want to consider how much you can afford to pay for your home, how much you can borrow and how much your house is likely to cost. When calculating costs, make sure you factor in fees and charges like stamp duty and conveyancing fees. 

Your deposit will typically be around 10-20% of the value of your property. Generally, 20% of the value of the property, plus the funds to cover the other costs associated with buying property is a good savings goal for most homeowners because it allows them to avoid paying lenders mortgage insurance, although there are some instances where you might be able to skip LMI with a deposit that is smaller than 20%. 

Getting help with getting onto the property ladder

There are a lot of ways that home buyers can get help with buying their new home, some may add to their deposit savings, reduce the amount of the deposit required or eliminate the need for LMI. 


Having a family member guarantee your home loan can help to reduce the amount of the deposit that you will require to get into your home. For first home buyers, this can be a great option for getting into the property market sooner. 

First Home Owners Grant

The First Home Owners Grant is a popular government scheme available to first home buyers looking to buy or build a new home. In WA, buyers receive $10,000 towards the purchase of their new home. Eligibility criteria applies, see the website for details. 

Stamp Duty Concessions

First home buyers are also eligible for stamp duty concessions on their new home. For homes under $430,000 no stamp duty is payable for first time buyers, and a concessional rate of $19.19 per $100 or part thereof above $430,000 applies. You can find out more here

Bonus tip: Home buyers who decide to build will save on stamp duty, as they’ll only pay based on the dutiable cost of the land. 

First Home Super Saver Scheme

Did you know that you can use your super to save for your house deposit? This is one of the best ways to save for your house deposit if you’re a first home buyer! The First Home Super Saver Scheme allows first time home buyers to make voluntary super contributions up to the value of $15,000 a year that can be withdrawn to buy your first home. The scheme allows buyers to access the concessional tax inside super to save their deposit faster. Visit the ATO website to find out more. 

First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme allows eligible buyers to buy a home with a deposit as small as 5% and save on LMI fees. Under the scheme, part of an eligible first home buyer’s home loan may be guaranteed by the NHFIC. The guarantee may assist buyers with purchasing land, house and land packages, established homes or off-the-plan residences. You can learn more here.

New Home Guarantee

The New Home Guarantee is government initiative that offers a similar level of support to first home buyers as the First Home Loan Deposit Scheme. With the New Home Guarantee, eligible first home buyers are given a guarantee by NHFIC up to a maximum 15% of the value of the property. This can help reduce the deposit required to as little as 5%. The scheme is only available for newly constructed homes, land for sale and house & land packages. You can find out more here

Saving for your deposit

Here’s a few helpful tips on saving the funds you need for your house deposit. 

  • Set a budget

Once you know how much you’ll need to save for your deposit, it’s time to take a look at your budget and set some savings goals. Calculating your monthly expenses will help you identify how much you have left over each month that you can put into your savings. This will help you to get a realistic understanding of how long it will take you to save your deposit.

  • Get on top of debt

Getting on top of any debt can help you to save your deposit faster, and will help make it easier to get a loan when it comes time to buy or build your new home. Consolidating debt is a great way to save on fees.

  • Set up a savings account

It’s a good idea to set up a separate savings account when saving for a house deposit. Look into high interest account options as this can help you to grow your deposit more quickly.

Start your home journey

If you’re in the process of saving up a deposit to build your first home or forever home, get in touch with us! St Leonards Private Estate offers new home builders the opportunity to own some of Dayton’s best land for sale.