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Save for Your First Home with These 5 Budgeting Tips

The perils of renting are many; for one thing, it’s expensive. In regional NSW, people spend almost a quarter of everything they earn on rent, move to Sydney and that shoots up to around 40%. That means close to half of the money a Sydneysider earns evaporates, paying for accommodation that is essentially temporary. Add the perils of intransigent landlords, troublesome housemates and mouldy flats, and buying starts to look like a pretty great option.

Saving for a Home Isn’t Easy

Saving for a home is a challenge, especially considering you’ll likely be paying rent while you save. Even if you can access financial help, such as a first home owner’s grant, you’ll still need some budgeting tips to get there. You’re usually going to need $10,000 to $30,000 on top of your grant to afford that first deposit. It’s a big task but don’t worry, it’s not impossible – here are some tips to get you on your way.

Save 10%-15% of Every Single Pay Cheque

Although this advice is quite basic, it really is effective and quite easy to do. Do some budgeting to decide on a percentage you can afford to quarantine each week or month then take the following steps:

  • Set up a savings account, preferably in an account you can’t access until a given date. You could also try a high-interest account that rewards you for not withdrawing.
  • Set up an automatic transfer of 10%-15% for the same day you are paid – this will stop you from skipping transfers.
  • Think about your costs and make sure you have ways to keep life going with the temporary pay-cut – maybe you’ll have to cut back on alcohol or eating out, but it will be worth it in the long run.

Have a De-Cluttering Sale

Chances are you have plenty of belongings around the house that you don’t really need anymore. Think movies, CDs and books, jewellery you never wear, clothes that don’t fit anymore, furniture you don’t need, instruments you never play. De-cluttering ahead of moving into your new home is a great idea anyway, but don’t just throw stuff away – turn it into capital! Use eBay, Gumtree, and garage sales to sell off as much as you can, for as much cash as you can. It could be a great boost to your savings.

Pay off Your Debts

Paying off your debts makes sense for two main reasons: it will increase the amount of money you can borrow, and it will free up your cash for mortgage repayments. While this will cost you money initially, you’ll be saving on interest repayments. This should be one of the first things you do before you start your hardcore saving or even think of approaching lenders.

Limit Your Luxuries

It’s horrible but true: cutting back on the finer things is an effective strategy for saving money for your first home deposit. You can start by eliminating or downgrading the luxuries from your life, using the cost savings to fund a savings account. You don’t need to become an ascetic monk but just look at ways to find savings – no alcohol this month, pack your own lunches, no eating out or ordering in, and so on.

Work Hard for the Money

If you’re serious about saving and your finances are already stretched to capacity, consider looking for extra work. By working a few evenings a week, you could easily add $1,000 a month to your savings. Think babysitting, freelance writing or graphic design, tutoring high school students or teaching English to foreigners.

Consider Every First Home Option

You don’t want to limit yourself for an extended period of time just to waste your hard-earned savings. When it’s time to buy, consider building an affordable, contemporary home in Sydney. You are in charge of the specifications, budget and appearance while receiving expert advice every step of the way. Contact New Living Homes today on 1300 366 766 or visit our design page for more information.


Building a New Living Home has given me confidence that I can easily embark on building a home rather than buying a place, and get a better house/ home rather than a small flat. But you have to choose a builder that KNOWS how to build, that builds exactly how the design dictates. A builder who can deliver what they say, when they say. A house that won’t look daggy in years to come is important too, and New Living Homes did just that. The overall investment has worked out well too, growing in value is a short period of time.


”The idea of our brand new home is still really sinking in as we never dreamt of building or ever own. A VERY big thank you to New Living Homes for giving us a brand new home! You’ve made our dreams real!”- Grevillea 4.1, Elegance Facade

L & M King

We would just like to say a massive thank you once again for all your help with the house. We moved in on the weekend and we are loving it ! So thank you for being part of the team that made our dream come true.

Belinda, Jordan Springs, Acacia 4 Urban

I love that my new home is mine!!!! There is nothing I don't love about it. The finishes are great and it is just perfect! I love showing it off to people and all of my friends and family love it and always compliment the design and workmanship.

B.M - Spring Farm  

‘’From the very beginning, our experience with New Living Homes has been nothing but amazing. From our very first meeting at Spring Farm, to the accounts team, to the pre-construction team, and our Construction Manager on site, nothing was ever an issue, or a question too stupid’’.

Rebecca & Steve - Jordan Springs 

‘’I have been extremely happy with my experience with New Living Homes and have told anyone and everyone about our build. Everything went smoothly and yes there were a few problems but our site manager sorted them out as quickly as he could.. Throughout all the build, nothing was too much trouble for our site manager’’

Debbie & Brian - Jordan Springs 

After hearing some horror stories of people building their homes we were fairly nervous to see how it would all
unfold however from the very first dealing with New Living Homes we could not fault a single thing. I would like to
give special mention to Emma from the Brooks Reach Display who was very accommodating with us pestering her
with what seemed like every week as we would be checking different things in the display home.

Tim & Kara - Flinders

My experience was excellent. This was the second house I have built in 4 years and the whole experience was a pleasure from start to finish. All of the sales team were very helpful and very responsive to each and every enquiry I had.

Damian & Lauren - Spring Farm 

Building with New Living Homes has been a pleasant and enjoyable journey so far, and we know we have Sandra to thank for this. Her customer service is second to none, and has made all the difference in building this time round. My husband and I just wanted to make sure recognition and praise was given where it is due. Thanks again for everything Sandra! We are looking forward to more builds with NLH. 

D.E, Marsden Park 

I always thought that building a house in Australia would be a nightmare like everyone told me but it was more than a pleasure as I was never troubled about anything. The process was as smooth as a butter.

Thank you guys, its because of your amazing team work, good flow of communication and the zeal to work hard to let people achieve their dreams, has gotten us what we really wanted. -

Monika & Mayur, Elara 

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