It’s crucial to understand what you can afford to target an achievable amount. For most, the first home acts as a stepping stone rather than a forever home. Typically, you’ll need to save 20% of the home’s purchase price to avoid Lender’s Home Loan Insurance, though this could be less with the help of the Home Guarantee Scheme. 

To determine your goal amount, look at house prices in areas you’d like to buy and use our calculator to see how much you could borrow. 

To understand your spending habits, look at your transactions over the last 90 days and do a self-audit. Review your bank statements to see where your money goes, and use tools like budget planners to structure your savings. 

If you want to reach your deposit goal sooner and clean up your spending habits, this is a great time to reevaluate unnecessary spending, like opting for public transport or biking to work.

Small lifestyle changes can significantly impact your savings rate. Reduce dining out, limit expensive entertainment, and opt for more cost-effective social activities like hosting dinner or movie nights at home. 

Also, cut unnecessary expenses such as unused subscriptions and memberships. With a more realistic budget, you’ll find that saving for your house deposit doesn’t feel so arduous. 

Our Hejaz Income Fund offers investors a predictable return on their investments, giving you clarity on what you can potentially earn.

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.