10 Smart Tips on How to Save for a House Deposit: Gold Coast Home Buyer’s Guide

Saving for a house deposit can feel overwhelming, especially with Gold Coast property prices rising every year. Owning a home isn’t just about having a place to live—it’s a long-term investment that builds financial security and stability. Without a clear strategy, saving can take years, and unexpected costs can slow you down. 

That’s why planning ahead and making smart financial decisions is crucial. Mortgage brokers like LM Edge help buyers understand their deposit options, take advantage of government grants, and explore loan choices that suit their financial goals. With expert guidance, first-time buyers can maximise their savings and move closer to homeownership faster. 

Let’s explore 10 smart ways to save for a house deposit and make buying a home on the Gold Coast a reality.

10 Tips to Save for a House Deposit

Saving for a house deposit on the Gold Coast requires planning, discipline, and smart financial strategies. With property prices climbing and living costs on the rise, first-time buyers need to be proactive about their savings approach. 

Here are 10 practical tips to help you build your deposit faster and move closer to owning a home.

#1  Set a Realistic Savings Goal

Before you start saving, figure out exactly how much you need for a deposit. Gold Coast property prices vary by location, with units averaging $690,000 and houses around $1.04 million in 2024 (CoreLogic). 

Most lenders require a 10-20% deposit, so for a $700,000 home, you’ll need at least $70,000-$140,000, plus stamp duty and other upfront costs. Setting a clear savings goal gives you a target to work towards and helps you plan your timeline.

#2  Create a Budget and Track Expenses

Knowing where your money goes is key to saving efficiently. Start by listing your income sources and essential expenses like rent, bills, groceries, and transport. Use budgeting apps like Frollo or YNAB to track spending and find areas to cut back. 

For example, if you’re spending $150 a week on dining out, cutting it down to $50 could save you over $5,000 a year—money that could go straight into your deposit fund.

#3  Reduce Unnecessary Spending

Cutting back on non-essential expenses can accelerate your savings. Cancel unused streaming services, cook at home instead of eating out, and switch to cheaper phone and internet plans. 

Instead of buying new clothes and gadgets, consider second-hand options or wait for major sales. Even small savings add up—reducing your daily $5 coffee habit can save $1,825 per year.

#4  Open a High-Interest Savings Account

A high-interest savings account can help your deposit grow faster. Banks like ING, UBank, and Macquarie offer accounts with bonus interest rates if you meet certain conditions. 

Choose an account with automatic transfers so a portion of your income goes straight into savings. Keeping your deposit in a separate account also helps prevent impulse spending.

#5  Take Advantage of Government Schemes

The Queensland government offers several grants and incentives to help first-time buyers:

• First Home Owner Grant (FHOG) – $15,000 for buying or building a new home.
• First Home Guarantee (FHG) – Buy with just a 5% deposit, no LMI.
• First Home Super Saver Scheme – Use voluntary super contributions to save for your deposit faster.

Check your eligibility at QLD Government. These schemes can reduce your upfront costs and help you enter the market sooner.

#6  Increase Your Income with Side Hustles

A side hustle can provide extra money to boost your savings. Consider:

• Freelancing (writing, graphic design, tutoring).
• Gig economy jobs like Uber, DoorDash, or TaskRabbit.
• Selling unused items on Facebook Marketplace or Gumtree.
• Renting out a spare room on Airbnb.

Even an extra $200 per week could add up to $10,400 per year, significantly increasing your deposit savings.

#7  Reduce Rental Costs

With Gold Coast rents averaging $600-$900 per week, lowering your rental expenses can free up more savings. Consider:

• Moving in with family or friends to cut costs.
• House-sitting for free accommodation.
• Finding a cheaper rental in suburbs like Coomera or Nerang, where rents are lower.
• Negotiating your rent—some landlords may offer discounts for long-term tenants.

If you can save even $300 per week, that’s an extra $15,600 per year towards your deposit.

#8  Make Smart Investment Choices

If you have savings sitting in a regular account, consider low-risk investment options to help your money grow. Popular choices include:

• High-interest term deposits for guaranteed returns.
• Exchange-traded funds (ETFs) for steady, long-term growth.
• Micro-investing apps like Raiz or Spaceship for small, automated investments.

Investing can be a great long-term strategy, but make sure to research your options and avoid high-risk investments that could set back your savings.

#9  Avoid Unnecessary Debt

Debt can slow down your ability to save. If you have high-interest debt, such as:

• Credit cards with outstanding balances.
• Personal loans with high repayments.
• Buy-now-pay-later services like Afterpay.

Focus on paying off these debts before aggressively saving. Reducing your credit card balances also improves your credit score, which helps with your home loan application process.

#10  Stay Disciplined and Motivated

Saving for a house deposit takes time, so staying motivated is crucial. Keep yourself on track by:

• Setting achievable savings targets (e.g., saving $500 per month).
• Tracking progress with a savings goal chart.
• Celebrating milestones (e.g., every $10,000 saved).
• Surrounding yourself with like-minded savers to stay accountable.

A clear plan and consistent effort will bring you closer to your dream property.

Saving for a house deposit on the Gold Coast may feel challenging, but with the right strategy, it’s completely doable. For expert advice on loan options, borrowing capacity, and smart saving strategies, contact LM Edge today.

Gold Coast Property Market 2025: Why Now is the Perfect Time to Buy a Home

The Gold Coast property market remains one of Australia’s most attractive real estate markets, with strong demand and consistent price growth. In 2024, the median house price on the Gold Coast sits at $1.04 million, while units average around $690,000. 

Prices have risen by 8.7% over the past year, driven by population growth, infrastructure projects, and lifestyle appeal.

Projected Market Outlook for 2025

Experts predict continued price growth in 2025, albeit at a slightly slower pace due to rising interest rates and affordability challenges. Suburbs like Surfers Paradise, Broadbeach, and Burleigh Heads remain in high demand, while Coomera, Pimpama, and Ormeau are popular for more affordable housing.

Why Buy on the Gold Coast?

• Strong Investment Potential – Gold Coast property values have consistently outperformed other regional markets.
• Growing Infrastructure – Projects like the 2026 Commonwealth Games Village and light rail expansion are boosting property demand.
• Lifestyle Appeal – With beaches, theme parks, and a booming hospitality scene, it’s one of Australia’s best places to live.

With property prices expected to rise further, first-time buyers and investors should consider buying sooner rather than later.

Sources: CoreLogic, Domain

FAQs

What is the minimum deposit needed to buy a home on the Gold Coast?

The minimum deposit for most lenders is 5-20% of the sale price, depending on your financial situation. However, first-time home buyers with a sufficient deposit of at least 20% can avoid Lenders’ Mortgage Insurance (LMI), reducing additional costs in the home-buying process.

What types of home loans are available on the Gold Coast?

Gold Coast buyers can choose from variable-rate loans, fixed-rate loans, split loans, and investment loans. An investment loan is ideal for those buying an investment property, while a variable-rate loan can offer flexibility in mortgage repayments.

What are the main costs besides the house deposit?

In addition to the deposit requirement, buyers should budget for stamp duty, loan application fees, legal fees, and inspection costs. It’s important to factor in living expenses and future loan repayments to ensure a stable financial commitment.

How does my credit history affect my loan application?

Lenders assess your credit history and credit report to determine your borrowing power. A strong credit report with a history of responsible spending habits increases your chances of loan approval and better interest rates.

What are some smart investment strategies for property buyers?

Buyers should consider investment strategies like choosing high-growth suburbs, buying below market value, and leveraging an investment property for rental income. A well-planned investment loan can help buyers move up the property ladder while managing loan repayments efficiently.

How do I make an informed decision when buying a home?

To make an informed decision, research property prices, government incentives, and market trends. Consulting a mortgage broker can help eligible buyers understand their financial commitment and find the best loan options suited to their budget and goals.

Final Thoughts

Saving for a house deposit on the Gold Coast in 2025 is achievable with the right plan and smart financial decisions. By setting clear goals, managing living expenses, and exploring government incentives, you can take the next step toward homeownership sooner. Whether you’re a first-time buyer or looking to climb the property ladder, expert guidance can make all the difference. 

LM Edge offers a free consultation to help you understand your loan options, mortgage repayments, and deposit requirements. Call 0401 022 182 or visit LM Edge to start your home-buying process today!