How much can I borrow for my first home?


The best tip is to aim to save a deposit of 20% or more of the purchase price of a home. Sounds like a lot but with that is the latest advice from Aussie regulators.

Achieving a home deposit can take a long time. Start by setting up a savings account and develop a good saving habit.

Transfer money regularly into the savings account each pay based on what your budget allows. Or, better yet, set up a direct debit to transfer the money automatically, so you’re less likely to spend it.

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The best way to save I’ve found is to open an account with a separate bank. This way you don’t see the money in your everyday accounts and therefore are less likely to spend it. The barefoot investor also has some great savings tips!



Great suggestion Maggie, there are also some really good online calculators (most banks have them) that allow you to see how much you can borrow - and in turn how much deposit you need to save.