How 23yo saved $50k in one year for a house deposit

PHOTO: First homebuyers. FILE

When Natasha Osborne, 23, and her partner Dylon Memen, 27, decided to jump on the property ladder, they saved an impressive $50,000 in one year under a strict savings system.

The young couple bought their first home in Salisbury North, South Australia in April after searching for their dream home for six months.

The pair, who both work as pick packers, bought a three bedroom home on a generous 630sqm block for $400,000 at auction with a five per cent deposit and 45 day closing.

Natasha and Dylon (right) saved $50,000 in one year. Picture: Supplied.

Despite initial nerves, Ms Osbourne said her partner did the first bid at $380,000 which “knocked out half the people at the auction”.

“We were pretty keen on the house and before you know it, we were the first and final bid,” she said.

Once the couple knew they wanted to purchase a home, Ms Osbourne said they “saved a lot of money but we were living quite tight.”

“Unlike most couples we had the flexibility and availability to move back home with our parents,” she said.

“We didn’t go out very much, we kept it to a minimum and instead played board games together at home instead of spending $100 on a night out.”

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The couple also kept to a “strict but realistic’’ budget, by keeping a book in their car to help manage and track their spending habits.

“We wrote out everything we spent and at the end of the month we realised ‘OK, we can stop doing this and do this instead’,” she said.

“You’d be amazed at how much that really opens your eyes to what you’re really spending where you’re spending it.”

Despite their savings plan, the couple claim they “weren’t looking too crazy for a home” due to the market being unpredictable and doubts over how much they could borrow from the banks.