No cash - infographics

There are a number of ways to get into a property without saving for a cash deposit.

If you already own a home, consider using available equity in that home for refinancing as a deposit for your next property, rather than letting the equity just sit there.

If you don’t own your home, consider asking your parents for help – they may be able to raise a loan against their own home that you can use, then pay them back down the track. Or, if you have a wealthy (and trustworthy!) friend who is willing to lend you money, consider taking the opportunity up.

These methods have the advantage of being a lot quicker than saving your cash. Because if the market moves and you have already bought your property, you will make money. But if you are spending that time still saving for your deposit, you will miss that opportunity to make money.

If all else fails, saving for a cash deposit isn’t the end of the world! It just takes a little time and a lot of discipline. There are special government allowances and grants that you can use towards your first property if you meet certain requirements, and there are some high-interest saving accounts options available as well.

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