Many Muslim Australians consider saving for a house deposit as one of their biggest financial challenges. See how it can be made easier.
We're on a mission to help more Muslims own their own home
Depending on where you’d like to buy, the house deposit amount you’ll need is going to be different.
Generally, you need 20% of the home purchase price for a house deposit, but in some instances, your deposit could be as little as 5% if you can pay for Lender’s Mortgage Insurance.
The average price of residential property in New South Wales is $871,800, which means an average
deposit could be $174,200. In Victoria, the average house price is $736,800 which equates to an average deposit of $147,2000 (as of June 2020 from the ABS). Your loan-to-valuation ratio will also determine how much you need for your home deposit.
Since saving for a house deposit in Australia can cause massive financial pressure, we’ve compared the most popular strategies to help you reach your goals and buy your dream home.
Set a goal amount
Estimating how much you’ll need for a house deposit and other upfront home buying costs can motivate you, as it gives you a set figure to work towards.
To work out your goal amount, look at house prices in areas you’d like buy and use our calculator to see how much you could borrow.
Track your spending
To get a real understanding of your spending habits, look at your transactions over the last 90 days and do a self-audit. By categorising where you spend your money, you’ll be able to see where you can afford to spend less. Even the little details are important.
Set a realistic budget
Let’s face it, if you take away every last treat, you’re actually more likely to fall off the wagon and end up saving nothing. Pick one or two things every month that you’re not going to feel guilty about – a movie, uber eats nights, a night out – and really savour it.
With a more realistic budget, you’ll find that saving for your house deposit doesn’t feel so arduous.
Investing in a predictable investment
Our Hejaz Income Fund offers investors with a predictable return on their invesments, giving you clarity on what you can potentially earn.
Set up automatic transfers to your Investment account
Setting up an automatic transfer from your bank account to your Hejaz Income Fund account every payday takes away a lot of the effort and means you’re less likely to spend your savings on everyday purchases.
Use the calculator and see how the Deposit Builder™ can grow your home deposit.