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How to save for house deposit on $45,000 pa

I'm going to claim my ftb as lump sum at end of financial year to help, that's around $3,500. But trying to find ways to save each pay. What does everyone else do? I was hoping to save $10,000 by start of July but that might be unrealistic.
My rent $320 a week, power bill about $300every two months, car/internet/phone about $200 a month.
How do others make this work for themselves ☺


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Answers (9)

I'd talk to a broker, they can help identify how much you need etc. I'd look at your expenses and try and cut down the mobile and internet, then the electricity have tv free nights, do all your washing etc at night time. You can do this but from everyone Ive spoken to they all did massive sacrifices

Barefoot invested

 Yes read the book & the money instantly appear in your bank account 💥
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I have heard that people save by paying more tax then they need to. It is just taken out of their pay before it even hits their account and when they do their tax return they get it all back as a lump sum. It seems to be an easy way to save and there is no chance that you will spend it.

OP I've recently changed my tax to do this also, so hopefully it helps! I selected to pay an extra $100 per week. ☺
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 I do this, I earn 50k and don't check the tax free threshold box, I get a 7k return if that helps OP, I do it because I can't save.
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We have $30,000 it's still not enough, we're trying buy regional too. It's fu****g ridiculous.

OP What's ur income like
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 Hubbys on $55,000 at the moment. Daughter goes into preschool next year so i can get back into part time work - was working but we moved recently. Last year $97,000 - this year will be less.
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 We had 100000 saved
Wasn’t enough, trying to buy In Sydney.
Have 4 kids under 6, im not working. Husbands wage is about $160k
It was the one income and too many kids that didn’t allow us to borrow as much as we need

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OP I'd be buying regional WA, where houses are $250-350 on the lower side.
I do have 10k but it's money I've had for ages saved up and I haven't been actively adding to it and wanted to get serious this coming year. I've been in the same rental for 3 years but it's now too small with two teenagers and a baby. I was hoping I had some chance of buying if I really tried saving hard! Doesn't seem very positive now though. 😂
I work 40 hours a week Monday to Friday already too. Seems dismal

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You need to work on increasing your income, learning to manage money & wiping any other debts (including credit cards) first. No bank will give you a loan because 45k won't even meet the new lending rules for minimum expenses before they'll look at a loan. If you do apply, the rejection goes on your credit record, so don't try until you can afford it.
Also, if you're only able to save through forced strategies like overpaying tax then you're not ready for a mortgage. I also doubt banks will see overpaid tax as a savings record.

 What's the minimum then?
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 Yes how do you find out the new lending rules?
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 Not the op of this response. When we went in for a chat with our bank they showed us the data thing they put your details into to work out how much they can lend you. There was a figure for expenses (it was a while ago so I have no idea what the figure was). They can play around with the figures to show how much you need to earn to get the loan you want, or advise what loan you can currently apply for (if any). Chat to your bank, they should be able to help.
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How many kids have you got ?

 I never thought about that factor but obviously it comes under expanses
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 Yep, and the more you have the more the bank assumes you spend. In our case they factored in childcare expenses too, even though I'm a sahm.
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 I have 4! 3 teenagers and a baby. It's looking glum for me haha
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Can you increase your income at all? Even cleaning a house or babysitting - an extra $50 a week would be $2600 a year. you will need to be really focused and save every cent you can for quite a while to achieve this.

OP I probably could but I have a baby and work full-time now as it is
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