Strategies for Saving Up for a House Deposit on the Sunshine Coast

Achieving the goal of accumulating a house deposit on a Sunshine Coast property can be difficult, however, with the right planning and effort, it is possible to make it a reality.

For first-time home buyers, the process of discovering a suitable residence can be quite daunting. Furthermore, saving up a deposit for a house is a costly endeavour that involves a lot of calculations. Therefore, it can be difficult to understand where to begin.

My 22-year-old daughter bought her first property about a year ago and my 21-year-old daughter is now close to buying hers. 

With a couple of essential tactics, effort, and assistance from key people, getting into the real estate market in the Sunshine Coast becomes less daunting. Our top advice on saving up for a house deposit is here – we are sure they will have you entering the new home quickly!


It is necessary to keep in mind that what constitutes a “downsizing” of one’s lifestyle can vary from person to person. It may involve relocating to a less spacious dwelling, selecting a less pricey area, or cutting out superfluous outlays. Make sure to make sure that the downsizing is something with which you are comfortable and that it does not have a detrimental effect on your mental and physical health or your overall quality of life.

One way to reduce expenses is to downsize, which can help to decrease your outlays for items such as apparel, amusement, shopping, vacationing, memberships, and eating out, among other things.



About 5 years ago a good friend was talking to me about how he would never own a property again after a divorce and other costs. We worked out he could probably save about $200 a week. About $10k a year. Certainly not enough to buy a place.

After 2 years he had about $20k, but something interesting happened. At this point he realised if he house-shared he would save even more. Then he bought and sold a few cars as his level of motivation had changed when he realised what was possible. Along the way he met with a mortgage broker who showed him what he would need and what he could afford. 

My 21-year-old has done this. She met with a broker who explained if she saved X she could probably afford a property for around $400k, based on her income.

It’s not just about saving from today, it’s also about working out what would that look like in 1 year, 2 years and 3 years. Plus seeing a broker now to get focused. 

I work a lot with Chris Wilson a local Sunshine Coast mortgage broker. Reach out to him, mention my name and he will help you. His service to you is free and would be the start to something wonderful.


My oldest daughter did not get access to any of the first homeowners’ government grants. Seems nuts doesn’t it? She bought in the boom. The only way she could secure a property is, we found one where the tenant was locked into a 2 years lease at $420 pw, way below the $600 pw the rent should be. So no buyers were interested. 

Amber bought this below market. Rent is now $600 pw, which covers the mortgage, plus its value has increased over $100k which is far better than any government grant on offer. 


While the above example is not ideal, in Queensland, there are a number of government grants you can take advantage of to drastically reduce your house deposit; applying for them can save you tens of thousands of dollars! Here is a list of some of the grants available.


Eligible individuals may withdraw the voluntary contributions they have made to their superannuation fund for use as a deposit for their first home, taking advantage of the tax benefits of superannuation.


A $15,000 one-time payment is offered to first home buyers in QLD on the purchase of a new property or when they construct a new house.


As part of the Home Guarantee Scheme (HGS), the First Home Guarantee (FHBG) (previously referred to as the First Home Loan Deposit scheme) allows first home buyers in Queensland to purchase a home with just a 5% deposit, without the need to pay Lenders Mortgage Insurance.


The Regional First Home Buyer Guarantee assists regional customers when buying an owner-occupied home in designated regional areas. The scheme covers 15% of the required deposit, meaning eligible buyers can pay just 5% of the purchase price, without having to pay the Lenders Mortgage Insurance premium.

The importance of maintaining a healthy lifestyle can’t be understated. Staying active and eating nutritious food are essential for good health. It’s important to remember that physical activity and a balanced diet can help to reduce the risk of certain illnesses and provide a wide range of other benefits. Additionally, exercising regularly and making healthy food choices can help to achieve and maintain a healthy weight.



A friend of mine has been saving for his first home. I then learnt he had saved $8k but also had a personal loan with $8k still outstanding. My advice to him was to use the money he had saved to pay it off. The interest was high and while it meant his savings went back to zero. He no longer is paying all that additional interest on this loan.

Eliminate any high-interest debt like credit card debt quickly to have more funds for savings. Not only will it reduce the interest charged on these debts, but it can also enhance your credit score which may be beneficial when applying for a home loan.

This should be held in the highest regard since it can have a pronounced effect on your financial status and capability to set aside funds for a down payment on a house.

People are surprised to hear I do not have a credit card. Kath & I got rid of them years ago. If you have one with available funds of $30k, banks see this as a $30k loan because you have access to it. So get rid of all your credit cards, they are dangerous things and learn to live without them.


If you’re looking for ways to save for a house, setting up an automatic home loan savings account is a great option. By having a fixed amount taken from your salary and put into this account, you won’t have to remember to manually transfer the funds every month or allow yourself to be tempted by impulse buys.

Making automatic transfers for savings purposes makes it easier to plan your budgeting around the set amount. This approach helps you gain a better grasp on saving, with improved speed and effectiveness.


You can boost your income in a variety of ways, such as a side job, part-time job, salary raise, or career advancement. Generally, a higher income allows you to deposit more money in their first home buyers savings account.

This could lead to an expansion of your borrowing capacity, potentially allowing you to borrow more money for a home loan. Additionally, it can better your loan-to-income ratio, a tool utilized by lenders to assess your capacity to manage a home loan.


In conclusion, reach out to Chris Wilson at he is local to the Sunshine Coast. 

These are the best strategies for accumulating funds for your down payment. I  trust that my advice will facilitate your process of securing a mortgage on the Sunshine Coast!

The secret to success is to begin early and plan carefully where you allocate your funds. If you require any assistance or guidance, don’t hesitate to contact me.  I’d be delighted to walk you through the process and assist you in accomplishing your aspiration of becoming a homeowner. 

Contact Byron today.

Shoot me an email.

I’m a licensed real estate agent on the Sunshine Coast Qld Australia. I have over 20 years of experience selling residential property and managing & selling investment properties here on the Sunshine Coast.

Let me know how I can help you.