Saving for a new home
Saving for a new home is one of the biggest financial commitments an Australian first home buyer will make, and knowing where to start makes all the difference. Metricon Homes is Australia's No.1 home builder, with over 50 years of experience helping people reach home ownership across VIC, NSW, QLD and SA.
How Much Deposit Do You Need to Build a New Home?
Most lenders require a 20% house deposit, though the Home Guarantee Scheme offers a low deposit option of just 5% for eligible first home buyers with no lender’s mortgage insurance (LMI) required. Upfront costs like conveyancing fees also affect how much buyers need to set aside beyond the deposit itself.
Borrowing power, income, and a competitive property market all influence how long it takes. For most Australians on an average income, reaching a standard deposit takes three to five years. A fixed price contract with Metricon Homes locks in the full cost before signing, so the deposit savings goal is clear from day one.
Set Up a Dedicated Savings Account for Your New Home
A dedicated savings account is one of the most effective ways to build a home deposit faster. Keeping deposit savings separate from an everyday account removes the temptation to dip into the fund and makes the savings goal easier to track.
A high-interest savings account or term deposit grows the balance more efficiently than a standard account. For those who prefer a daily target, the $27.40 rule breaks the deposit goal into a manageable daily saving of $27.40, roughly $10,000 a year.
Review Your Spending and Find Where to Cut
Most people are surprised by how much their spending reveals when they sit down and actually look at it. Reviewing bank statements at the end of each month shows exactly where money is going, from credit cards and subscriptions to groceries and a car loan.
Cost-of-living pressures mean small changes matter more than ever. Renegotiating utilities, cutting unused subscriptions, and being honest about discretionary spending can free up hundreds of dollars a month. Every dollar redirected toward the deposit brings the goal closer, and understanding the full financial situation is what makes that possible.
Use a Savings Rule to Stay on Track
Having a savings plan takes the guesswork out of the home-buying journey and makes it easier to hit milestones without losing momentum. The 5/20/30/40 rule gives that structure: 5% toward irregular expenses, 20% toward deposit savings, 30% toward living costs, and 40% toward discretionary spending.
For anyone working toward their own home, this kind of framework keeps saving consistent rather than reactive. Pairing the rule with automatic transfers on payday means the deposit fund grows before there's any chance to save money elsewhere first.
Are There Grants That Can Help You Buy Your First Home?
Yes, government assistance is available for eligible first-time buyers in Australia. The First Home Owner Grant (FHOG), backed by the Australian government, offers up to $15,000 in VIC and NSW, $30,000 in QLD, and $15,000 in SA for new builds.
Stamp duty concessions and the First Home Super Saver Scheme can also reduce how much buyers need to save upfront. An offset account linked to a home loan reduces the interest charged over time, stretching every dollar of deposit savings further. As a registered builder, Metricon Homes guides buyers through the FHOG application as part of the building journey.
Why a Fixed Price Build Makes Saving Simpler
Building new with a fixed price contract means the full cost of the home is confirmed before a single loan repayment is made. There's no auction risk, no unexpected cost blowouts, and no guessing how far the deposit needs to stretch.
Home loan repayments, interest rate movements, and deposit scheme eligibility all become easier to plan around when the number is fixed. The HomeSolution range takes this further, giving first home buyers and growing families an accessible entry point with a clear, set price from the start.
How Metricon Homes Supports First Home Buyers
Metricon Homes has delivered more than 65,000 new homes across Victoria, New South Wales, Queensland and South Australia, making it one of the most experienced home building providers in the country. Every first home buyer is assigned a dedicated New Home Advisor who guides them through each stage of the building journey.
The Lifetime Structural Guarantee gives first home buyers long-term peace of mind well beyond handover. Metricon Homes was also named a Product Review 2025 Award Winner, recognised by thousands of Australians for putting customers first.
Book a Free Chat with a New Home Advisor
Your savings goal deserves a clear plan, and a New Home Advisor can help you and your family members map out exactly what you need to get there. Tell us where you're at with your savings and we'll help you figure out the rest, whether you're building in Melbourne, Brisbane, Sydney, Adelaide or anywhere in between.
