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Kyal and Kara’s tips on saving for your first home

11 May 2020

Kyal and Kara savings tips - that savings target might be achievable sooner than you think.


I was 16 and Kyal was 17 when we first started going out, we were just literally babies and basically all we had was like this much money in our bank account.

I was actually in year 12 and you'd just finished. 

Yep and all I could think about was honestly making surfboards for a living.  And I was thinking about studying physiotherapy. I needed a study desk, you needed some furniture.

I literally just moved down from interstate with nothing but clothes and surfboards in my car.  We'd go second hand furniture shopping and find an old desk and make it new, sand it back, and I'm pretty sure that's where our love for transformations began. 

We knew pretty early on that we wanted to buy a house, but I think you'd just started your carpentry apprenticeship. That's it.  Like freshly started an apprenticeship,  we're talking $250 a week and a mortgage is definitely not on the forefront of your mind. 

At the ripe old age of 19 and 18 we set up our joint savings account. We started with a direct debit of $30 a week each into that account, and you know it wasn't much but that eventually contributed to our house deposit. Having a savings goal definitely spurred us on to work harder, watching our savings grow was that motivation that we needed to get to our goal. Even though it was in small amounts I think watching that account snowball and grow, definitely gives you the drive.

Fast forward a few years, that little account finally grew to enough to buy a house, and in 2008 we found the one. 

The house was nothing special, it was a little fibro shack on a big block, but we loved the area, we saw the potential to renovate and do something really cool.

It can definitely be overwhelming, Kara and I know exactly what that's like but my advice would be, if you're saving for your first home is:  

1.     Understand your weekly budget and expenses. 

If you're not good with numbers and spreadsheets there are some great resources online like the RAMS budget calculator,  that can really help. 

2.  Set up a regular direct debit into a savings account

 Start with a realistic amount that you can save each week.  We started with just $30 a week but as time went on we were able to reassess and put that little bit more in. And it's so satisfying to watch that savings grow. 

3. Review your memberships and subscriptions

Make sure you're getting the best deal. This is a great way to reduce your overall weekly expenses.

4. Speak to a RAMS Home Loan Specialist

 Speak to a RAMS Home Loan Specialist to they can better understand your savings goals and help you with what's required when you are finally ready to apply for a home loan. 

It's a great way to set yourselves that savings target which might be achievable sooner than you think.


Speak to a home loan specialist