How I saved for a house deposit while renting


Credit Union SA

Member Experience Team

24 Aug 2020

| Home Loan

It might seem like an impossible feat to save for a house deposit later in life while renting and raising two children.

But against all odds, long-standing member Matt did just that.

So, we decided to sit down with Matt to find out his top tips.

Hi Matt! Congratulations on buying your first home. Are you able to tell us how your buying journey began?

Well, I met my wife when I was 21 and not long after, we decided to rent a place together.

But it wasn’t until our first son was born that we really started to think seriously about saving for a house. We were both 26 by then and sick of paying off someone else’s mortgage.

Plus, we really wanted to make memories in our own house together as a family.

It wasn’t easy as we didn’t have a lot of savings, so we had to be realistic with our timeframes and goals.

We had a few set backs along the way but we were determined to make it happen. We’re now 38, and have an amazing home to call our own.

So, can you tell us what you did to save for your house deposit?

1. Super savings

My wife and I put $100 a month into a Super Growth Bond for 10 years. These funds were invested and grew over time. This was all tax-free after holding the account for 10 years – so it was a perfect long-term savings plan for us.

2. Moving home

We were lucky enough to move in with my Mum for a few years to save additional cash. This really helped with reducing our expenses and babysitting costs, which was very handy.

3. After school care

Again, we had family help out with after school care, which saved us from spending $200+ per week on OHSC.

4. Netsave Account

We also set up a Netsave Account and transferred as much as we could into there each week. Unlike our Super Account, our Netsave Account allowed us access to our money and didn’t penalise us for making withdrawals.

5. State Government First Home Owner Grant

We received the $15,000 State Government First Home Owner Grant because we were building a new house. 

Doing it as a land and build meant less deposit up front was needed because we could use the grant to help cover some of the costs. 

6. Ditching the luxuries


I had a collection of Penfold wines that I sadly sold at auction which netted around $4,000.


I love coffee and would normally buy one every morning.

I know it’s only a little cost but it was adding up, so I started to make coffee at home instead (but I do treat myself to a bought coffee on weekends). It was a change I didn’t really want to make but it did help us save some cash, and the weekend coffees taste so good now!

Take away

Instead of paying for takeaway my kids and I would make food menus for the weekend and we would all cook together, which saved us money and was also a lot of fun.

Did you still have some form of a life while you were saving for your house deposit?

Having two young kids means we don’t go out partying on the weekend, but we do make time to spend together and make sure we have family time playing games or seeing movies. We still set aside cash for these things, so the kids aren’t just stuck at home all the time. We are MASSIVE Crows supporters and go to each home game.

Thanks so much for sharing your story with us Matt. We hope you and your family enjoy your new home!

Want to find out more?

If you would like to find out more about your home loan options, we’re more than happy to walk you through the process. So why not make an appointment with one of our friendly Mobile Lending Managers who can come to your home or office at a time that suits you. Or call us on (08) 8202 7777 or visit us at 400 King William Street, Adelaide between 8am – 8pm weekdays or 8am – 2pm Saturdays.

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