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By Brett Warren

6 things that are stopping you from saving for a deposit

We hear it time and time again: it’s tough to save for your first home deposit.

And I’m not going to argue with that.

It is tough. calculator coin money save debt

Saving for anything big takes a fair amount of self-discipline, dedication, and hard work.

But it’s not impossible.

There are many reasons why now is a good time to save for a home deposit.

For one, well-located properties in most of our capital cities are likely to increase in price again this year, while interest rates remain at extremely low levels.

And it’s easier than ever to choose from a competitive range of lenders (no sitting down with the serious-looking bank manager anymore) and many offer excellent financial incentives to sign up.

Having said all that, many people still struggle to save for a deposit.

It makes me wonder what’s holding them back.

Some common factors may be:


For some young people, saving is something that their parents did but it’s not something they feel they need to worry about.

However, they’re going to end up in big trouble, as this devil-may-care attitude will see them fall behind in life financially.

They’ll wake up one day and realise they have no assets accumulating wealth, and they have spent their money on expensive cars and nights on the town.

Be honest with yourself: do you spend too much?


All of us want to own the best house in the best suburb, but very few of us start there.

Your property journey often starts in a slowly gentrifying suburb with good prospects for capital growth.

If you can’t afford to buy in the top blue-chip suburbs, very few can, you need to start looking outside of those areas.

Perhaps look in surrounding suburbs which will benefit as house price growth “ripples” to adjoining suburbs

Slow and steady wins the race.

You can’t expect to start off in the type of property it took your parents 30 years to acquire.

So don’t give up just because you can’t afford your dream home NOW.


It may sound harsh, but how much money do you spend on keeping up with others?

Do you spend because you need to and you genuinely enjoy your purchases or are they ‘status buys?’

Only you can answer this question, but it’s important, to be honest with yourself.

If you’re spending to keep up with others, you’ll have real trouble saving for a deposit because there will always be something that you need that someone else has.


This is a more common problem than many realise.

Many people don’t go to the effort of saving because they never had great financial role models.

Perhaps your parents lived from week to week or you were simply never shown how to budget or save for a big purchase.

It’s a skill that can be learned, however, and it just takes a bit of education and a shift in the mindset.


Ask yourself: why do you really want to save for a home?

The answer should be much deeper than ‘I want to own something.’

Look a little further inside yourself and ask yourself what home means to you, what it signifies, and how homeownership would change your life.

Do you want to be able to provide for your family?

Do you want the security that comes with not having to rent?

If you can identify a deeper reason for your desire then it will act as a long-term motivator and will help keep you on track.


Sometimes the reason is wholly practical.Debt

Maybe you simply don’t earn enough yet.

Or you have a large debt you’re paying off first. 

This doesn’t have to mean the end of homeownership, however.

All it means is the goal is a little bit farther down the track.

The main thing is: stay on that track.

In fact, none of the above reasons are too big to overcome.

We often tell ourselves there is a huge reason as to why we can’t do something, an external problem that’s out of our control.

But in truth, the real reason is often staring back at us in the mirror.

About Brett Warren Brett Warren is National Director of Metropole Properties and uses his two decades of property investment experience to advise clients how to grow, protect and pass on their wealth through strategic property advice.
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