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How much should you save for a home loan deposit?

By Louise Morrin

Save up for a home loan is the first thing you need to give some serious thought towards before looking into your local real estate market. After all, it isn't every day you decide to buy a home – especially due to the sheer amount of money needed for this venture. 

If you're hoping to purchase property in Carlton in the near future, you will need to save up at least a 20 per cent deposit for your home loan. This is the usual amount expected from buyers across Australia, with your lender fronting the remaining 80 per cent. 

But saving up 20 per cent of a property's value can be difficult. If the home is worth $500,000, your deposit will need to be at least $100,000 – no small feat. This could mean making some concessions in your day to day life, in order to save up the funds. 

For example, cutting out your digital television subscriptions could contribute heavily towards your home loan deposit. Getting rid of any superfluous spending and dedicating these funds to your saving efforts is a great way to start chipping away at your deposit. 

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