Sometimes, saving for a home loan can be so much hard work that it feels as though it would be easier to just build a house from scratch yourself. Then, your laptop dies, your mate announces his engagement and overseas wedding plans, and the price of your favourite scotch goes up.
Despite these little games life plays with us, it's still possible to save for a home, you just have to know how to do it.
The first step is to find out how much you're aiming for. Most lenders will require a 20 per cent deposit (although there are ways around this with Lenders Mortgage Insurance) so if you can attain a ball park figure of the home value you wish to purchase, you can easily calculate an approximate savings goal. Base this on the area, age and size of house you're after.
That said, the more you save for a deposit, the less you'll end up spending in interest later, so there's no reason you can't aim for as high as 30 per cent, or more.
A rule of thumb many people aim for is to spend 30 per cent of their income on their housing. Have a look at the money coming in, subtract how much is going out in current rent and bills, then aim to save the rest for a deposit.
Are you eligible for any grants?
Don't forget to have a look at the grants available in your state. Most States have First Home Owners Grant which - depending on the area - will offer you a significant helping hand if you're looking to buy a brand new property. While some states still offer grants to those purchasing a pre-existing home.
When it comes to saving, don't try to overdo it. Set clear, achievable goals and have patience while you're looking to buy. When you have to make the decision between that new dress (even if it's on sale) or that bottle of scotch, think about how that money could be going towards all the things in your shiny new home instead.
Do you have any tips for saving for that first home?