How to save a deposit: house-sitting

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One of the toughest parts of realising the dream of owning a home is saving for a deposit. The options for obtaining a Darwin home loan seem pretty dismal – subsisting on a diet of beans on toast, never socialising, moving back in with the parents – and are almost enough to prompt a commitment to a life of renting.

To help the savings grow without resorting to these options, many people house-sit while squirrelling away funds.

Dave and Esther Muller, a couple in their mid-20s, have saved almost $25,000 they would have used on bills and rent by house-sitting. It was an especially good financial decision when they were living on a single wage, with Dave working at the local bike shop as Esther finished her final year at university.

Before they started house-sitting, Dave and Esther were renting a small apartment, and they estimate they have saved $22,000 in rent and approximately $2000 in bills by house-sitting, these funds were intended for a Darwin home loan.

Of course, it is much easier if you have flexibility in where you live and for how long, but the real key is an ambition to save.

“Young Australians can adapt easily to new experiences and locations, making them ideal candidates for house-sitting. They usually have few belongings to lug around, so it’s easier to deal with the transition between house-sits. It’s also a great way to trial different areas before committing to buying a home or apartment.”

Of course, you may not have all the comforts of home, but house-sitting can even mean seeing a bit of the world while saving a deposit.

For more information on a Darwin home loan from a Darwin mortgage broker call today on 0447 499 794.

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6 Steps to Fast Track the purchase of your First Home

Buying your first home is an exciting process.

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What loan types are available?
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What if I don’t have a deposit?

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Regards
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First Home Buyers Guide Video - Episode 1

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