Being your own boss can make it hard to save a home loan deposit. Here’s 6 steps to help you reach your goal.


Save more when you’re doing well
Keep your eye on the end goal and don’t be tempted to splash out on unnecessary things when there’s more money around! You will earn more interest on a larger amount of funds in your savings account – that’s the real reward!

Set targets for yourself
While it is technically possible to get a loan with only 5% deposit you will be hit with extra fees. First, decide where you want to live, then work out how much you will need to save to achieve a 20% deposit for that area. Make sure you allow for the extra costs for any hidden fees.  Reaching that target of 20% will help to avoid some of those extra fees.

Track your progress
We all respond to visual reminders – not just kids! Keep you progress front of mind by designing a wall chart showing your savings target and watch it grow each time you make a deposit.

Be Tax Smart
Speaking with a professional about tax deductions can go a long way in helping you to save money. There may be many business related expenses you’re able to claim when self-employed, such as home office expenses. A qualified tax professional or an accountant will be able to help you with this information. 

Put something away all the time, even if it’s small
The saying “a little goes a long way” definitely applies here. It can be difficult to save regularly when your income is different each month but, getting into the habit of always putting money aside will help you reach your financial goals quicker.

Income Protection is a must!
ASIC’s Money Smart website is well worth checking out as it offers some great tips and general information on income protection insurance. You never know what’s around the corner and if you need time off due to illness or injury, income protection insurance can help cover some of your costs instead of having to dip into your savings.


Bird and Young provide a range of loan solutions including home loans, business loans and loans for special financial circumstances.  Call us today on 1300 469 667 or visit and find out how we can help you achieve your financial goals.



Disclaimer: Content is not intended to imply any recommendation about any financial product(s) or to constitute tax advice. If you need financial or tax advice you should consult a licensed financial or tax adviser. The information in the article is believed to be reliable at the time of distribution, but neither Bird and Young nor its accredited brokers warrant its completeness or accuracy. For information about whether a non-bank loan may be suitable for you, call us on 1300 469 667