One of the toughest parts of realising the dream of owning a home is saving for a deposit. The options 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.

If you’re looking for a creative way to overcome being locked out of the property market by rising prices, buying a house with a group of family or friends may be a solution. It can also be a minefield though, so here’s how to avoid a blast.
While the excitement of banding together in such a life-changing moment can put everyone on a bit of a high, you need to plan for situations in which things might go wrong.

In May 2024, Darwin has some of the cheapest city homes in the country, here is how the numbers add up for a First Home Buyer.

We need to have a quick look at some of the terms:

When you consider that a small flat could set you back half a million dollars at the moment, saving a 20% deposit to buy that flat – $100,000 – can seem an insurmountable task. That’s where insurance can help.

Lenders mortgage insurance (LMI) may be an added expense, but it offers buyers the opportunity to dive into the property market earlier, without saving up an entire 20 per cent of the property’s purchase price as a deposit.